Sakaja eyes AfDB billions for development
Nairobi Governor Johnson Sakaja has confirmed plans to tap into the billions offered by the African Development Bank (AfDB) through its Urban and Municipal Development Fund.
In a statement after attending the Africa Investment Forum in Marrakech, Morroco, Sakaja expressed interest in the funds, among them the USD50 million towards its Municipal Trust Fund.
Sakaja said the county will present several bankable projects for financing consideration under the Municipal Trust Fund.
“The African Development Bank has availed US$50 million towards its Municipal Trust Fund and a whooping US$2 billion towards developing cities in Africa. I participated in the ongoing Africa Investment Forum at Marrakech, Morocco, where Nairobi strongly committed to tapping into these funds,” Sakaja said.
“While in Morocco, we also had fruitful engagements with ADB leadership, and its President, Dr Akinwumi Adesina, has pledged to prioritise bankable projects in Nairobi. As part of my county government’s commitment to make Nairobi work, we plan to deliver bankable projects in urban sanitation and sewerage systems, waste management, infrastructure, financial inclusion, and climate change adaptation for ADB’s consideration.”
Since its launch in 2018, the Africa Investment Forum has mobilised nearly $143 billion in investment interest.
Nairobi's Outer Ring Road is one of the projects backed by ADB financial resources, funded to the tune of $107 million. The project has resulted in the upgrade of a 13-kilometre stretch of carriageway.