This archive report was first published on 6 December 2019.
On December 6, 2019, the Kenya Roads Board (KRB) announced plans to raise Ksh350 billion through a bond issue to fund roads development, maintenance, and rehabilitation in 2020.
According to the Kenya Roads Board Amendment Act 2019, the board may borrow funds for road development and rehabilitation with the approval of the cabinet secretary for finance.
The KRB is counting on fuel import levies to back the infrastructure bonds, which are expected to be floated in tranches.
Executive Director Jacob Ruwa expects the first Ksh150 billion to be raised in March 2020, following approval from the National Assembly.
Some of the funds will be allocated to settle Ksh80 billion in bills owed to contractors.
