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August 18, 2010

Kenya Railways May Raise Bonds for Rail Upgrade

Kenya Railways (KRC) could issue bonds to raise funds for a railway system in the Kenyan capital of Nairobi. The government has allocated KES1.9bn ($23.6m) in this year's budget to finance the upgrades and has invited the private sector to join the project, according to standardmedia.co.

By cms admin

Kenya Railways (KRC) could issue bonds to raise funds for a railway system in the Kenyan capital of Nairobi.

The government has allocated KES1.9bn ($23.6m) in this year’s budget to finance the upgrades and has invited the private sector to join the project, according to standardmedia.co.ke.

The project is part of a masterplan to replace Kenya’s old commuter trains, which carry five million commuters annually.

The first phase of the project was allocated KES600m ($7.46m) for feasibility studies in the 2009-10 budget, and involved the rehabilitation of 160km of rail network within the city.

The project is expected to be completed by 2012.

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