This archive report was first published on 11 October 2021.
On October 12, 2021, it was reported that the Kenyan government had borrowed Sh6.4 billion from the Korean government to finance the Bus Rapid Transport (BRT) project.
The loan, signed on January 29, 2021, is a long-term loan that taxpayers will service until January 29, 2061.
The Treasury signed the Sh6,365,150,000 loan at an exchange rate of Sh107.85.
The loan is expected to attract an interest rate of Sh0.1 percent per annum and a service charge of Sh0.1 percent per annum on undisbursed loan amount, according to Treasury disclosures to Parliament.
The BRT project aims to improve Nairobi's public transport network by introducing high-capacity buses that can hold up to 950 passengers, reducing travel time and cost by up to 70 percent.
The government plans to launch six BRT corridors in Nairobi, including the Jomo Kenyatta International Airport to Likoni, James Gichuru-Rironi and Bomas to Ruiru roads, Ngong Road, Juja, Mama Lucy, T-Mall and Balozi to Imara roads.
