(Yicai Global) Oct. 17 -- China Road & Bridge has begun construction of a USD600 million Kenyan expressway intended to reduce congestion in Nairobi.
The Beijing-based company and the Kenyan government held a groundbreaking ceremony for the project yesterday, Xinhua News Agency reported. The road is 26.8 kilometers long and designed for travel up to 80 kilometers per hour. It connects Jomo Kenyatta International Airport with Nairobi's Central Business District and will be the country's first toll road.
The parties agreed to build the road under the build-operate-transfer model, leaving China Road & Bridge responsible for investment and funding, design, construction, operation and maintenance. After 30 years, including three years for construction, it will hand the highway over to the local government for free.
The new road aims to greatly reduce traffic congestion in downtown Nairobi, reducing the cost of running a car and saving residents around two hours each during the rush hour commutes. It will also create 3,000 jobs during construction and provide 500 long-term vacancies once it opens to the public.
Founded in 1979, CRBC was one of the first Chinese state-backed companies to enter the international engineering contracting market. It is currently a wholly owned subsidiary of China Communications Construction and boasts branches in 60 countries and regions in Asia, Africa, Europe and the Americas.
Editor: James Boynton