OPIC and Bechtel Move Forward in Developing Nairobi-Mombasa Expressway Project

Posted on : Thursday , 22nd September 2016

The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today signed a letter of interest with the Government of Kenya to begin financing discussions on Breach of Contract political risk insurance of up to $500 million in support of the Nairobi-Mombasa Expressway Project. OPIC President and CEO Elizabeth L. Littlefield and Kenyan Minister of Finance Henry K. Rotich signed the letter on the sidelines of the U.S.-Africa Business Forum in New York.

“Like much of Sub-Saharan Africa, Kenya’s infrastructure is seeking ways to meet the demands of its growing population. We commend the Kenyan Government and Bechtel for their excellent work in developing this vital project which will connect markets to greater economic possibilities and look forward to the opportunity to bolster this effort” Littlefield said.

Several U.S. Government agencies, including OPIC, also signed a letter of interest today with Bechtel to develop the critical infrastructure project.

“Building new infrastructure is critical for every country, especially in Africa where there is an urgent need for the next generation of ports, rail, and highways to encourage the development and diversification of the continent’s economies,” said Andrew Patterson, Bechtel’s regional president for Africa. “With the support of U.S. Government agencies such as OPIC and the Export Import Bank, we can provide solutions to move this critical project forward quickly with a high standard of quality and safety.”

The Nairobi-Mombasa Expressway Project is in line with Kenya’s Vision 2030 and is critical to enhancing the strategic transportation infrastructure along the Nairobi-Mombasa corridor -- a major corridor of national and regional commerce and integration.

OPIC has a long history of supporting private investment in Kenya, beginning with support for OPIC’s very first project in Kenya in 1974. OPIC currently has about $700 million of active financing and political risk insurance commitments across 52 projects in Kenya.

Source : allafrica.com

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