The government of Kenya, through the National Treasury, has signed a financial agreement with South Korea.
Treasury CS Ukur Yatani on Thursday said the agreement will see Kenya draw funds from the Framework Arrangement to finance its infrastructure development projects.
The projects include the establishment of Bus Rapid Transit (BRT) for Line 5 (Outer Ring Road), a project cost of Sh6.4 billion ($59 million), which aims at improving public transportation once completed.
It will also be used for the Nairobi Intelligent Traffic Systems (ITS) establishment and junction’s improvement Phase I Project, at project cost of Sh6.6 billion ($61 million).
The funds will also be used in phase 2 of Nairobi Intelligent Traffic Systems (ITS) establishment and junction’s improvement at project cost of Sh10.82 ($100 million).
Yatani said the establishment of Phase I and II aim to enhance transport and traffic management.
I today signed Framework of Agreement between the Republic of Kenya and the Republic of Korea covering various Economic Development Cooperation with the latter’s Ambassador to Kenya HE Choi Yeonghan pic.twitter.com/gp5TSyQlCn
— Amb. Ukur Yatani™- EGH 🇰🇪 (@BaloziYatani) August 27, 2020
He added that the projects would enable users to be better informed and make safer, more coordinated, and ‘smarter’ use of transport networks.
“We wish to inform you that the negotiations for the above three projects are at different stages and shall expedite the process to conclude them and also identify other priority projects to be funded under this Arrangement,” Yatani said.
The CS told South Korean Ambassador to Kenya Choi Yeonghan and members of the Korean delegation of the ongoing Kenya Advanced Institute of Science and Technology (KAIST).
KAIST project is being carried out under a loan from Korea Eximbank amounting to Sh9.825 billion.
He also assured them that the government of Kenya will oversee quick and smooth implementation of the identified projects.
“I further call upon the State Department of Infrastructure and other agencies involved in the implementation process to ensure that high standards of project implementation are maintained during the roll out these projects,” Yatani said on Thursday.