Kenya, Everstrong ink $3.6b highway deal

Kenya’s highways authority and US infrastructure investment manager Everstrong Capital have inked a $3.6 billion deal to construct a 440 km (273 miles) highway linking the capital with the port city of Mombasa, according to Reuters citing the company announcement on Thursday.

The longstanding desire for a larger highway connecting Mombasa and Nairobi has persisted across successive governments, all aiming to alleviate congestion on the heavily trafficked route to and from the port.

“The project anticipates attracting investments totalling $3.6 billion, sourced from international investors, development agencies, pension funds and an exceptionally large number of Kenyan private investors, “Everstrong stated in its release.

This agreement coincides with Kenyan President William Ruto’s official visit to the United States, marking the first such state visit by a leader from Sub-Saharan Africa since 2008.