Kenya has approached major international development lenders to help finance a $2 billion expansion of Nairobi’s Jomo Kenyatta International Airport (JKIA), according to Business Insider Africa.
The move comes just nine months after the government cancelled a deal with India’s Adani Group following U.S. bribery charges against its founder, Gautam Adani.
Transport Minister Davis Chirchir told reporters that the country is in talks with agencies including the African Development Bank, China Exim Bank, the Japan International Cooperation Agency, KfW, and the European Investment Bank.
The project will be financed by leveraging JKIA’s own balance sheet, he said.
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The expansion plan involves building a second runway and a new terminal, with a contractor to be chosen once funding is secured.
Unlike the Adani arrangement—which would have granted a 30-year operating lease after construction—Kenya plans to build the facility itself and may consider concessioning it later.
In addition to the airport project, Kenya will issue a 175 billion shilling ($1.36 billion) securitised bond next month to fund road construction.
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The Adani deal was abandoned after U.S. prosecutors accused the group of bribery and misleading investors.
President William Ruto also terminated a separate $736 million public-private partnership with an Adani subsidiary for power transmission lines.
Adani has denied all allegations, calling them “baseless” and pledging to cooperate with authorities.
Image Credit: Business Insider Africa
