Kenya has inked a Sh17.4 billion financing agreement with the Korean government to fund the construction and repair of road junctions in Nairobi to improve traffic flow.
The government turned to the Korean Export and Import Bank for a long-term loan that will be repaid by taxpayers until January 29, 2061.
At a rate of Sh107.85, the Treasury signed two loans totaling Sh10.79 billion ($100 million) and Sh6.59 billion ($61 million) to fund the Nairobi Integrated Transport System (ITS).
Beginning July 20, 2031, the loans will be returned in 60 semi-annual installments.
The Nairobi Urban Core project’s Integrated Transport System and Loop Line are being pursued by the Ministry of Transport.
The government hired Japan International Corporation Agency to provide consulting services for an intelligent transportation system’s design, tender paperwork, and implementation supervision.
The goal of the junction capacity evaluation is to find bottlenecks.
Kenya has spent a significant amount of money in recent years to try to alleviate the notorious traffic jams, particularly at the intersections of 61 metropolitan routes, by constructing bigger lanes.
