State gets Sh1b for infrastructure projects
News
By
Awal Mohammed
| Nov 04, 2020
The government has received Sh1.3 billion from TradeMark East Africa (TMEA) to fund infrastructure projects in two counties.
Busia County will receive the largest chunk of the cash for three infrastructure projects, including completion of the Jumuiya Cross Border Market (Sh485.3 million), while Mombasa County will get Sh200 million for the Magongo Road project. The Malaba One-stop Border, which serves as the artery to the rest of East Africa, will receive Sh403 million, with the road leading to the border post receiving Sh372 million.
Speaking during the signing ceremony in Nairobi yesterday, the National Treasury Cabinet Secretary Ukur Yatani said completion of the projects would help stimulate the regional economy.
“This support will go a long way in facilitating trade and unlock economic growth of Kenya, Uganda, Rwanda, Burundi and by extension the Democratic Republic of Congo, with the completion of the Malaba One-stop Border Post,” said Yatani.
Completion of the Magongo Road leading to the Mombasa port is set to be a major boost in easing traffic in the coastal town.
READ MORE
Latest CBK report reveals banks with cheapest, most expensive loans
Higher energy cost puts Kenya on losing edge in manufacturing
More pain as Ruto raids shallow pockets yet again
Why Kenyans are feeling financial pinch despite cheery inflation data
IMF's Kenya warning as it releases Sh78bn
Irony of low inflation but empty pockets
Ruto outlines plans to boost revenue collection
Kenya Power says it is open to competition amid plan to open market to IPPs
Treasury explains move to amend tax proposals after Finance Bill 2024 was rejected
TMEA Chief Operating Officer David Stanton said they are committed to improving the country’s infrastructure projects.