Kenya will use 15 to 20 billion Shillings (up to $155 million) from an initial public offering (IPO) of shares in Kenya Pipeline Company to expand the main Nairobi airport, President William Ruto said this Monday.
The government said last week that it had raised 106.3 billion Shillings ($41.3 million) by selling a 65% stake in Kenya Pipeline Company and that proceeds would be earmarked for projects like highways, railways and ports.
It has also said that Nairobi’s Jomo Kenyatta International Airport is operating beyond capacity and requires modernisation.
“The expansion of the Jomo Kenyatta International Airport will be the first major project financed through this new model of financing under the National Infrastructure Fund,” Ruto said.
“Between 15 and 20 billion Shillings ($155 million) from the National Infrastructure Fund, from the proceeds of the Kenya pipeline IPO will go to financing the seed money for the expansion of Jomo Kenyatta International Airport.”
–Reuters–
