Everstrong Capital and Usahihi Expressway Limited handed over the feasibility study for a 440-km toll road connecting Nairobi and Mombasa to the Kenya National Highways Authority (KeNHA).

The KSh 452 billion (US$ 3.4 billion) initiative entails building a new 419-km, four-lane Nairobi-Mombasa Expressway as a greenfield development, structured under a 30-year Build-Operate-Transfer (BOT) agreement. Everstrong Capital, in collaboration with lead arrangers JP Morgan and Standard Bank, is securing US$3.5 billion (KSh 452 billion) in equity and debt financing for the project’s special-purpose vehicle, Usahihi Expressway Limited. Initial funding for the project will be sourced from private investors, the U.S. Trade and Development Agency, and various African development institutions. Additional backing is anticipated from U.S. government entities, specifically the U.S. Export-Import Bank and the U.S. Development Finance Corporation, which together are expected to contribute around US$1.1 billion.

A standout feature of the financing model is the inclusion of a substantial local debt component—up to $1 billion (KSh 129 billion)—which will be raised through the Pack Hunters Club. This consortium, led by CPF, brings together major players in the pensions, insurance, banking, and long-term finance sectors, including Saccos and Islamic finance institutions.

Approval of the proposal by KeNHA and the Public-Private Partnership unit of the National Treasury will pave the way for Everstrong Capital and its partners to finalize deals with global investors and financiers. With financial close approaching, construction is scheduled to commence in Q1 of 2026.