Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News November 19, 2013 at 12:01PM

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VENTURES AFRICA – The African Development Bank (AfDB) has approved a $120 million for the Nairobi Outer Ring road project, which involves the improvement of the existing single carriageway road to a 2-lane dual carriageway.

The 13-kilometer project, on completion is expected to directly enhance the traffic circulation and eliminate traffic bottlenecks to economic centres such as the industrial zone, and the residential areas of Eastlands, according to an official statement.

AfDB Regional Director for Eastern Africa, Mr. Gabriel Negatu confirmed the financing as a mix of grant and loan from the Africa Development Fund (ADF), with the Government of Kenya as the counterpart financier of the project whose total cost in $130 million.

“We believe that this road will not only reduce the travel time from the current 45 minutes to 15 minutes, but will also transform the socio-economic welfare of the people living along the transport corridor,” Negatu said.

The road traverses Nairobi’s East and North districts serving an estimated population of at least 2.2 million representing some 70 percent of the Nairobi County population.

According to data from the Kenya National Bureau of Statistics, the population of Nairobi is estimated at 3.1 million.

The key outcomes of the project would include improved property values arising from reduced congestion, and improved business environment for informal traders owing to access to new market facilities and improved sanitation, Negatu added.






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