Kenyan finance minister announces infrastructure investment intentions

19 January 2010

The deputy prime minister and minister for finance Uhuru Kenyatta has presented Kenya's infrastructure investment plans for the coming year.

His speech identified this area as a priority for the country, saying it held the key to "international competitiveness, achieving high quality growth and jobs creation and reducing poverty on a sustainable basis".

With the principal challenge being funding, Mr Kenyatta announced the government's intentions to raise Ksh32 billion (£258.3 million) through infrastructure bonds in the current financial year.

He expressed optimism based on the results from last year's bonds, which saw the one floated in November of 2009 return some 140 per cent more than requested to finance the upgrading of Nairobi's Thika road.

Mr Kanyatta stated the over-subscription was "a clear indication" that their financial market had "come of age".

In related news, the government recently awarded a concession to operate 106 km of Kenya's main highways to a subsidiary of Israel's Skikun Binuy Arison and the Austrian-German Strabag, the Daily Nation reported.

Category: Transport