Afternoon business highlights

Mombasa Road upgrade to cost sh56 billion
The construction of a superhighway linking the Jomo Kenyatta International Airport (JKIA) to the Nairobi-Nakuru highway is expected to cost a whopping sh56 billion. The road had earlier been estimated to cost sh38 billion with the cost difference being attributed to change in design. The highway will be built in three faces by China Wu Yi funded by AfDB and World Bank.
Garissa solar plant to start operating in December
East Africa’s largest solar power plant located in Garissa is expected to start generating power for over half a million homesteads by December, the Rural Electrification Authority has said. The plant adds 55 megawatts to the national grid.
“We are currently pushing contractors and by December, the 54.5-megawatt plant will be up and running,” REA chairman Simon Gicharu said yesterday at the launch of e-procurement system at the State agency.
IMF warns Kenya over high borrowing
The International Monetary Fund has warned Kenya over unsustainable debt levels. The lender has also called for the abolishing of interest rate capping, saying the law is detrimental for private lending institutions. The IMF is particularly concerned with the country’s fiscal debt.
“This is not good to sustain the economy. It will force the government to finance its deficit through commercial borrowing hence squeezing out lending to private sector,”says Jen Mikkelsen, IMF resident representative to Kenya.

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