Kenya has appointed the Trade and Development Bank and the Africa Finance Corporation to arrange financing for a $1.2 billion expansion of Nairobi’s Jomo Kenyatta International Airport. The project aims to increase annual passenger capacity from 7.5 million to 22 million and will take three years to complete. The expansion was paused last year after Kenya canceled a deal with India’s Adani Group following the indictment of the group’s founder in the United States. Financing will rely on airport-generated revenue, with arrangers expected to bring in development finance institutions and commercial banks. Planned works include runway and apron upgrades alongside the construction of a new passenger terminal. Kenya is racing to maintain its position East Africa’s leading aviation hub as Ethiopia and Rwanda also invest heavily in new airport infrastructure.
CNBC Africa
