US investment firm Everstrong Capital and Usahihi Expressway anounced they have officially handed over the full Feasibility Study for the Usahihi Nairobi–Mombasa Expressway to contracting authority the Kenya National Highways Authority (KeNHA).
Everstrong Capital and Usahihi Expressway say the May 5 move marks the transition from vision to execution for the project, which will be one of the longest toll roads in Africa when completed.
Everstrong Capital, along with lead arrangers JP Morgan and Standard Bank, are organizing US$3.5bn in equity and debt for Usahihi Expressway Limited. First steps in private financing comes from private investors, US Trade Development Agency and other African development agencies. Further US government support is expected from US Eximbank and US Development Finance Corporation. Collectively, the US government agencies are expected to provide approximately US$1.1bn for the project. The most unique part of this financing structure is the local debt component of up to US$1bn being raised through the Pack Hunters Club consortium of key stakeholders in the pensions, insurance, banking and broader long-term financing ecosystem including SACCOs & Islamic finance.
Hosea Kili, chairman of Kenya-based financial services company CPF which leads the Pack Hunters consortium, commented: “This expressway is more than just a road. It is a promise of opportunity, safety, and national growth, serving as a model of a public-private-partnership done right in line with Kenya’s leadership’s commitment to not burden the taxpayers with more debt.”
Approval of the proposal by KeNHA and the Public Private Partnership unit of the National Treasury will clear the path for Everstrong Capital and its partners to finalize agreements with international investors and lenders. Construction is targeted to begin in Q1 2026, bringing with it not just cranes and cement but tens of thousands of jobs, new commercial opportunities, and a modern transport lifeline that connects the capital to the coast with speed and safety.
Kyle McCarter, partner at Everstrong Capital and chairman, Usahihi Nairobi-Mombasa Expressway, said: “This handover is not just a technical milestone; it is a signal to global investors that Kenya is ready. With our Kenyan government partners, KeNHA, and a world-class consortium of engineers, legal, environmental, and financial experts, we are building a project that meets the highest standards of bankability and impact. The Usahihi Expressway stands as proof that public-private partnerships in Africa can be ambitious, transparent, and investment-grade.”
