US-owned private equity firm Everstrong Capital has clarified on the status of its feasibility study for the proposed Nairobi-Mombasa Expressway, stating that the Kenya National Highways Authority (KeNHA) is still reviewing the report.
In a statement released Thursday, Everstrong confirmed that while the comprehensive “Usahihi” feasibility report was submitted earlier this month in line with the Public-Private Partnership (PPP) Act, it has not yet received official approval from KeNHA.
“The Feasibility Study is still under review by KeNHA and has not yet been approved,” the firm said.
“Everstrong announced only the submission of the Usahihi feasibility study to KeNHA, in full accordance with the PPP Act. We have neither stated nor implied, formally or informally, that the Kenyan Government has approved the project.”
Despite the ongoing review process, the firm expressed optimism about the project’s progress and emphasised its appreciation for the collaborative relationship with KeNHA.
“We await KeNHA’s official assessment and will share any updates with the public as soon as they are confirmed. We’re grateful for the continued support for this transformative project,” the statement added.
“We value the strong partnership with KeNHA and fully respect their leadership in this process.”
The clarification follows an earlier statement by the firm indicating that the planned Usahihi Nairobi-Mombasa Expressway had been declared “investment-ready and execution-worthy”.
The feasibility study, described by Everstrong as the most detailed and transparent ever submitted to KeNHA, addresses the project’s technical, financial, legal, environmental, and socio-economic aspects.
Its approval would signify a formal endorsement of the expressway’s viability, value, and long-term national impact.
The proposed expressway, to be implemented under the Public Private Partnership (PPP) framework, carries an estimated cost of $3.6 billion (approximately Sh464.8 billion).
Once complete, the 485-kilometre infrastructure project is expected to reduce travel time between Nairobi and Mombasa from over 10 hours to approximately 4.5 hours.
It also aims to enhance road safety, bolster regional trade, and generate tens of thousands of jobs.
The financing structure of the project is notable for its innovation.
Lead arrangers JP Morgan and Standard Bank have organised $3.5 billion in equity and debt, including $1.1 billion in anticipated U.S government support through the U.S. Export-Import Bank (Exim Bank) and the U.S. Development Finance Corporation.
Additionally, up to $1 billion in local debt is expected to be raised through the Pack Hunters Club, a consortium led by CPF, comprising Kenyan pension funds, insurers, SACCOs, and Islamic finance institutions.
“The Feasibility Study, submitted to KeNHA, proves Kenya is ready for global investment, zero debt, maximum impact. With Everstrong’s expert analysis, Kenya is setting the standard for smart, transparent infrastructure,” the firm stated.
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