Kenya: Kenya Borrows Ksh77 Billion From Local Banks to Revive Stalled Roads

Kenya is set to receive a financial boost to fund road projects after Treasury Cabinet Secretary John Mbadi confirmed the acquisition of a Ksh77 billion (USD600 million) loan.

The financing is backed by the country’s road maintenance levy, which is collected from motorists at fuel pumps across the country.

Amid the government’s struggles with a tight budget and rising debt payments, Mbadi revealed the move to securitise the road maintenance levy to enable the Kenya Roads Board to access…