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Details emerge about U.S. firm bankrolling the Sh477B Nairobi-Mombasa Expressway

Kenyans will be paying toll fees to use the road for approximately 30 years

President William Ruto with former U.S. Ambassador Kyle McCarter during a past meeting

U.S.-based Everstrong Capital is spearheading the construction of the Usahihi Expressway, a major project set to transform transportation between Nairobi and Mombasa.

The $3.6 billion (Sh 477.9 billion) venture will introduce a 440-kilometre toll road designed to streamline travel and boost economic activities in the region.

The Usahihi Expressway will feature a 4-6 lane dual carriageway, promising to slash travel time between Nairobi and Mombasa from 10.5 hours to 4.5 hours.

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The Kenya National Highways Authority (KeNHA) signed the Sh477 billion deal with Everstrong Capital as President William Ruto was in the U.S. for state visit.

According to the company, construction of the road is scheduled to start in March 2025.

This ambitious project will be developed under a 30-year concession and is expected to be completed within 3-4 years.

Key elements of the expressway include rest stops, wildlife observation points, and electric vehicle charging stations powered by renewable energy.

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The expressway will be financed through a public-private partnership (PPP) model, with funding structured as 70% debt and 30% equity.

Everstrong Capital, along with a consortium of U.S. companies, is leading the charge, and the company is set to recoup the investment by charging motorists to use the road, a similar model applied on the Nairobi Expressway.

The Usahihi Expressway is projected to create hundreds of thousands of jobs, bolstering economic growth and improving connectivity within the region.

Everstrong Capital, established in 2015, has offices in the U.S., Kenya, and South Africa.

The firm’s investment portfolio spans energy, transportation, communication, healthcare, and housing sectors, with a notable emphasis on East Africa.

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One of its flagship initiatives, the Everstrong Kenya Infrastructure Fund (EKIF), is a $50 million fund dedicated to investing in the region’s infrastructure.

The company’s leadership includes prominent figures such as Philip Dyk, the founder, and Managing Partner, with over 30 years of experience in financial advisory and equity investments.

Kyle McCarter, the former U.S. Ambassador to Kenya, also serves as a senior advisor, bringing extensive expertise in manufacturing and asset management.

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  1. Everstrong Kenya Infrastructure Fund (EKIF): Everstrong is sponsoring a $50 million fund focused on investing in energy, transportation, communications, and social infrastructure projects in East Africa.
  2. Power generation: Through, Gulf Power, the company has a 20-year power purchase agreement (“PPA”) to sell electricity and generating capacity to Kenya Power. Everstrong became an investor in December 2018.
  3. Milele Energy: Milele Energy is a pan-Africa energy platform sponsored by Everstrong to develop and invest in renewable and clean energy projects in sub-Saharan Africa. The Salone Power Project in Sierra Leone, an 83.5MW gas power plant, secured a $217 million loan and $54 million political risk insurance from the US International Development Finance Corporation (US DFC).
  4. Dar es Salaam-Mombasa Pipeline: In collaboration with Cynergy Gas and Power Ltd, Everstrong Capital is developing a 480-kilometre natural gas pipeline from Dar es Salaam, Tanzania, to Mombasa, Kenya. This pipeline will enable industries to switch from coal and heavy fuel oil to natural gas, reducing pollution and energy costs.

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