Kenya turns to AfDB, China Exim for $2b airport expansion after dropping Adani deal
Kenya plans a $2 billion expansion of Nairobi's Jomo Kenyatta International Airport.
The country seeks funding from international development lenders and agencies.
A securitised bond of $1.36 billion for road construction will be issued next month.
Kenya has invited international development lenders to help finance a $2 billion expansion of Nairobi's Jomo Kenyatta International Airport (JKIA), just nine months after cancelling a deal with India's Adani Group following the indictment of its founder in the United States.
Facing rising public debt and seeking alternative infrastructure financing options, the East African nation will also issue a securitised bond worth 175 billion shillings ($1.36 billion) next month for road construction, Transport Minister Davis Chirchir told reporters.
Chirchir said the government had approached several development agencies, offering them the opportunity to finance the airport project by leveraging JKIA's balance sheet.
Agencies contacted include the Japan International Cooperation Agency, China Exim Bank, KfW, the European Investment Bank, and the African Development Bank, according to Reuters.
The planned expansion will include the construction of a second runway and a new terminal building. Once funding is secured, the government will then seek a contractor to execute the works.
Instead of bringing in a concessionaire to build the airport, Kenya will construct it and consider concessioning it later, contrasting with the previous Adani deal, which would have given the group a 30-year operating lease after construction.
Adani controversy
That arrangement was abandoned last year after U.S. prosecutors charged Gautam Adani and several company executives with allegedly bribing officials to win Indian power contracts and misleading U.S. investors.
President Ruto also ordered the termination of a $736 million, 30-year public-private partnership deal signed with an Adani Group subsidiary to build power transmission lines.
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