President William Ruto in Tanzania.

President William Ruto is considering acquiring a KSh 500 billion diaspora bond to finance major infrastructure projects in the country.

This will include the expansion of the Jomo Kenyatta International Airport (JKIA) majorly following the cancellation of the Adani Group deal that was to upgrade the airport.

Of the KSh 500 billion, Prime Cabinet Secretary Musalia Mudavadi said KSh 300 billion will be used to upgrade JKIA, while KSh 200 billion will be allocated to other projects.

"Kenya is now ready for a diaspora bond that could raise KSh 500 billion, funding a full overhaul of JKIA at approximately KSh 300 billion and reserving KSh 200 billion for other major infrastructure projects," said Mudavadi during the Diaspora Day at the Kenyatta International Convention Centre (KICC).

Mudavadi said sourcing funds from Kenyans in the diaspora would reduce Kenya’s reliance on expensive foreign loans.

Jomo Kenyatta International Airport.

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