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Government is now mulling over next cause of action after an aborted JKIA-Adani upgrading deal.
Prime Cabinet Secretary Musalia Mudavadi today, weighed in on the matter saying it is also possible for the government to finance the project through what he referred to as a ‘Diaspora Bond’.
Mudavadi proposed that their government could opt to float a diaspora bond infrastructure that could help in the upgrading exercise of the international facility, JKIA.
“If we package an infrastructure diaspora bond properly, well backed…the bond can raise more than the Ksh300 billion required,” he asserted.
He added, “Our initial figures show we could raise over Ksh500 billion. That means the diaspora can build that new airport.”
According to Treasury Permanent Secretary Chris Kiptoo, Government requires northwards of Ksh 260 billion, what Mudavadi says can be funded by Kenyans abroad.
The government has been thrown into tailwinds since Ruto announced the cancellation of the Adani Group-led initiatives to upgrade JKIA under a PPP kind of arrangement.
While speaking during Diaspora Day 2024 at the Kenyatta International Conventions Center (KICC) on Wednesday, Mudavadi revealed that analysis from the government showed that an infrastructure bond could raise upwards of Ksh500 billion.
An infrastructure bond is a government-issued debt security specifically used to raise funds for infrastructure development projects that are typically capital-intensive.
