Thursday, October 24, 2024 – The government of President William Ruto is on the verge of building the game-changing Nairobi-Malaba Expressway.
This is after Treasury Cabinet
Secretary John Mbadi and his Principal Secretary Chris Kiptoo inked the
Public-Private Partnerships (PPP) deal with the International Finance
Corporation (IFC) to finance mega projects including the Malaba
Expressway.
A high-profile delegation led by
Treasury Cabinet Secretary John Mbadi and Principal Secretary Chris Kiptoo met
with senior officials from the IFC in Washington to discuss possible areas of
partnership.
While welcoming IFC's advisory
support, CS Mbadi stressed PPPs have the potential to help Kenya achieve its
development goals through innovative financing of key infrastructural projects.
He also semphasized the
importance of sensitising the public on the PPP model to enable Kenyans to
understand how Kenya can realise untapped opportunities that are there for the
taking.
The Treasury CS also emphasized
the government's goal of utilizing PPPs to shift the burden of major
infrastructure projects off the government's balance sheet, reducing
overreliance on loans and exchequer financing.
PS Kiptoo also expressed keen
interest in asset monetization, identifying the proposed Expressway from
Nairobi to Malaba, at the Kenya-Uganda border, as a prime opportunity.
"The Malaba Expressway
could significantly enhance trade and regional connectivity. Through a PPP
arrangement, we can fast-track its construction and management without
burdening the exchequer," PS Kiptoo stated.
The PS underscored the need for
thorough risk assessment in PPP projects, ensuring they do not place undue
strain on public finances. "PPPs should be reserved for high-priority
projects where the benefits clearly outweigh the risks," he added.
On their part, the IFC officials
outlined several areas for potential collaboration, including asset
monetization, legal reforms, and strengthening the regulatory framework for
PPPs.
The Kenyan DAILY POST
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