Keypoints:
- Kenya seeks $2bn from development banks to expand JKIA
- New approach builds first, then leases operations
- 175 bn shilling bond to fund road projects
KENYA has appealed to international development lenders to help finance a $2bn expansion of Nairobi’s Jomo Kenyatta International Airport (JKIA), just nine months after cancelling a deal with India’s Adani Group following US bribery indictments against its founder.
Partners approached for development lending
Transport Minister Davis Chirchir said the government has written to potential partners, including the Japan International Cooperation Agency (JICA), China Exim Bank, KfW, the European Investment Bank and the African Development Bank, offering them an opportunity to fund the project through JKIA’s own balance sheet.
Build now, lease later
The expansion will include a second runway and a new terminal building. Chirchir explained that, unlike the scrapped Adani plan which would have granted a 30-year operational lease to the Indian conglomerate, the government will build the facilities first before seeking a private concessionaire to operate them.
Road funding via securitised bond
In parallel, Kenya plans to issue a KSh175bn (about $1.36bn) securitised bond next month to fund road construction. The bond will be backed by a portion of the national fuel levy, with half issued domestically and half abroad. Chirchir said the offshore listing venue is yet to be determined.
The previous JKIA expansion plan was abandoned in 2024 after US prosecutors accused Gautam Adani and several executives of paying bribes to secure Indian power contracts and misleading US investors. The Adani Group has dismissed the charges as ‘baseless’ and pledged to cooperate with legal proceedings.
