The World Bank will raise $2.5 billion (Sh306. 6 billion) for Kenya to finish a number of private-public partnership projects between 2023 and 2027.
President William Ruto’s plan to use PPPs, or public-private partnerships, to construct affordable homes, water projects, roads, and dams. PPP, a method by which the government purchases and implements public infrastructure using private sector resources, has been hailed as the solution to Kenya’s high debt levels, as the nation is quickly running out of room to take on additional loans.
The World Bank is anticipated to push for the adoption of PPPs in order to lower the country’s risk of default by helping to provide these funds over the following four years beginning in 2023.
One of the PPP projects that the World Bank is expected to help finance is the Nairobi-Nakuru-Mau toll road with IFC expected to inject either debt or equity into the 233-kilometre highway.