Kenya Seeks Ksh2.4 Trillion for the Housing, Transport Projects
Kenya needs 2.4 trillion shillings to finance projects in transport, infrastructure, Housing, and Urban development between now and the year 2022.
This is according to the latest strategic plan by the Ministry of Transport, Infrastructure, Housing, Urban Development, and Public Works.
On the other hand, the Shipping and Maritime PS Nancy Karigithu added that there is a dire need for integrating the transport policy in a bid to achieve holistic infrastructure development.
However, the infrastructure development in the country lacks adequate financing, inflated land prices with most dealing with land acquisition disputes.
The funds are said to be raised in bits, with 1.6 trillion shillings being from the national exchequer, and the balance of 800 billion shillings to be financed by Public-Private Partnerships.
The government will also be expanding the maritime sector, increasing cargo handling from 30 to 40 metric tonnes in the next five years.
Ministry officials say there is a need for an integrated approach in implementing the strategic plan.
The five-year plan will see the coordination done systematically minimizing duplication of the resources and efforts.
The move further calls for the application of smart approaches in resource mobilization taking advantage of both domestic and external sources of funding.