| Work Detail |
Usahihi Expressway Limited, backed by US-based Everstrong Capital, is finalizing the feasibility study for the 440 km Nairobi-Mombasa Usahihi Expressway, which is expected to be completed by May 2025. Once completed, the company will seek final approval from the National Treasury’s Public-Private Partnerships (PPP) Unit to proceed with construction. To fund the project, Everstrong Capital aims to raise KES 129 billion (USD 1 billion) from domestic pension funds and financial institutions. The firm has partnered with CPF Capital and Advisory through a Transaction Advisory and Placement Services Agreement, and the local fundraising process is now underway. The launch of the local fundraising campaign represents a significant milestone in advancing the project, with Everstrong aiming to raise KES 323 billion (USD 2.5 billion) from international investors. This brings the total projected cost of the Usahihi Expressway to KES 468 billion (USD 3.5 billion). Once completed, the expressway is expected to cut travel time between Nairobi and Mombasa to just 4.5 hours, boosting economic activity along the corridor. To support the project’s development, Everstrong has allocated KES 12.9 billion (USD 100 million) for acquiring land along the route. The new expressway, which will run alongside the existing Nairobi-Mombasa highway, will be operated by Everstrong under a 30-year concession agreement. Toll income—primarily from heavy commercial vehicles, which are anticipated to be the primary users—is projected to account for 75% of the projects revenue. Construction is expected to take approximately four years to complete. |
