The agreement between the Kenya National Highways Authority and Everstrong follows a previous deal with Bechtel Engineering that fell through in July 2022. Bechtel had declined to participate, citing inflated costs associated with a proposed toll fee model, which they argued would increase the project's total cost to Ksh1.6 trillion.
Under the new fundraising arrangement, Kenyan investors will have the opportunity to participate in the project.
Everstrong Capital, founded in 2015, focuses on developing critical infrastructure in Africa to improve the welfare of local populations. The firm aims to achieve financial returns for investors through projects in energy, transportation, and communication.
The US government is expected to play a key role in financing the project, with American Development Finance Institutions leading the investment alongside Kenyan private sector investors and pension funds.