Sh800bn Konza technology project to get AfDB help

The African Development Bank (AfDB) will help the Kenyan Government scour for international investors to inject money into the Sh800 billion Konza technology park.

Speaking at an international conference on Leadership and Wealth Creation in Mombasa, the bank’s group president, Dr Donald Kaberuka, said the project will unlock thousands of jobs in the country.

“We are interested in working with the Kenyan Government to get foreign direct investors on the Konza project. We are also engaging central bank governors in Africa, alongside finance ministries, to put in place mechanisms for a bond initiative for the continent,” Dr Kaberuka said.

The Konza project, which has remained largely an Information and Communications ministry project, is yet to attract significant traction from foreign investors to see its take off, a factor that has delayed its groundbreaking ceremony.

The ground breaking fete for the project, to be built on a 5,000-acre site, was supposed to take place last April.

This offer gives it a major boost, given that AFDB has been among the biggest sources of capital for Africa’s major infrastructure projects.

The ICT park is expected to create 80,000 new jobs in the first four years as part of the government’s Vision 2030 development blueprint.

Mr Kaberuka said the bond initiative will allow African governments to source for big infrastructure funding from within the continent.