Through its pan-African AIIF4 Fund, African Infrastructure Investment Managers, AIIM, the continent’s largest specialized infrastructure private equity fund, has pledged to invest $34 million in Kenya’s Road Annuity Programme.
From Mota-Engil, AIIF4 has acquired a 74% stake in Lots 15 and 18 of Kenya’s Road Annuity Programme. With its investment, AIIF4 will finance road improvements that will shorten travel times, avoid crowded areas, lower operating costs for vehicles, boost fuel efficiency, and strengthen Kenya’s flood resilience.
In order to advance gender equality, AIIM will also put a strong emphasis on hiring a lot of women for project implementation. “We will upgrade and maintain the Lot 15 and Lot 18 road networks during a ten-year period to increase transportation connections for Kenyans living in ten counties”.
MIGA has provided assurances of US$212 million covering equity by Mota-Engil Africa of Portugal and a company acquired by AIIM, through AIIF4, as well as loans from Stanbic Bank Kenya Limited to support Kenya’s Roads Annuity Program (Lots 15 and 18), which aim to improve the country’s national road network.