February 6, 2025
Everstrong Capital and CPF Capital & Advisory Partner to Lead a Historic $1 Billion Fundraising for the Usahihi Nairobi-Mombasa Expressway
Nairobi Kenya, 6th February 2025 – Everstrong Capital and CPF Capital & Advisory, a subsidiary of the CPF Group, announced the signing of a landmark agreement to spearhead the fundraising for a $1 Billion Bond issue for the Usahihi Nairobi-Mombasa Expressway. This partnership signifies one of Africa’s largest infrastructure fundraising bonds, exceeding $1 Billion, and highlights a key milestone in securing private sector investment to advance Kenya’s infrastructure development.
The fundraising initiative will engage key financial industry players, bringing together members of the Pack Hunters Club (PHC), a consortium of Pension Funds, Fund Managers, Investment Banks, Insurance companies, the Banking sector, and other sector actors. The issuance will be listed on the Nairobi Securities Exchange (NSE), setting a new benchmark for capital markets-driven infrastructure financing.
The Usahihi Expressway is a transformative 440-kilometer, four-lane dual-carriageway linking Nairobi and Mombasa. At an estimated project cost of USD 3.5 billion, the project aims to revolutionize Kenya’s transportation network, positioning the country as a key player in the East African wealth corridor by enhancing connectivity and boosting economic growth.
“For the first time in Africa, the local pension funds and other financial institutions are investing over $1 billion in their own infrastructure. Usahihi exemplifies my personal belief that Africa should move from aid to trade along the pathway to self-reliance. Everstrong, lead sponsor of the Usahihi Consortium, looks forward to partnering with CPF and Kenya to build the prototype expressway of the future.” – Amb. Kyle McCarter, Chairman at Usahihi Expressway Limited.
The initiative is supported by leading industry organizations, including APTAK, the Fund Managers Association, the Kenya Association of Stockbrokers & Investment Banks (KASIB), the Capital Markets Authority (CMA), the Kenya Bankers Association, and the Association of Kenyan Insurers. Together, they aim to address Kenya’s critical infrastructure needs by focusing on major toll roads, airport enhancements, and large-scale transport projects, with financing structured through the Public-Private Partnership (PPP) model.
“This is more than just an infrastructure project, it is a bold step towards transforming Kenya’s economy, through the private sector. It is a demonstration of the potential of domestic institutional capital in powering economic growth in our region. It also speaks to the strength of the strategic partnership between local and international investors in offering blended capital that can bring large-scale projects to life. By creating an investment-friendly environment, we are not just building a road we are laying the foundation for sustainable growth, job creation, and long-term prosperity for Kenya” said the CPF Group Managing Director – Dr. Hosea Kili MBS.
“As we embark on this transformative journey, CPF Capital & Advisory reaffirms its unwavering commitment to driving innovative investment solutions that will shape Kenya’s capital markets and infrastructure landscape,” said Mercy Thuo, the Acting Executive Director of CPF Capital and Advisory.
About Everstrong Capital
Everstrong Capital, established in 2015, is a US-owned infrastructure investment manager with a presence in both the US and Kenya with a focus on advancing sustainable infrastructure development across Africa.
Everstrong Capital initiated the Everstrong Kenya Infrastructure Fund (EKIF), dedicated to financing projects in energy, transportation, communication, and social infrastructure within East Africa and has played a pivotal role in significant infrastructure projects, including its investment in Gulf Power’s Athi River Power project and its founding sponsorship of Milele Energy, an independent power producer holding a 25% stake in the Lake Turkana Wind Project. Everstrong Capital is also assisting SunCode Energy as it enters the African Solar Energy market.
About Usahihi Nairobi to Mombasa Expressway
Usahihi, meaning “Done Correctly” in Swahili, is Africa’s largest toll road project, transforming infrastructure between Nairobi and Mombasa. This 440 km, climate-resilient expressway is a Public-Private Partnership, self-financed through tolls, and poses no financial burden on the Kenyan government. With a USD 3.6 billion investment, Usahihi focuses on sustainability, featuring wildlife corridors, electric vehicle charging, and renewable energy infrastructure. The project will create thousands of jobs, reduce travel time from 10.5 to 4.5 hours, and enhance trade, safety, and economic growth in East Africa.
About CPF Capital and Advisory
CPF Capital and Advisory is a Subsidiary of the CPF Group, offering a full suite of financial services, including Capital Markets Advisory, Project Finance & Capital Raising, Transaction & PPP Advisory, REIT Management, and Financial Structuring. We specialize in crafting innovative deal structures, securing capital, identifying optimal funding solutions, and delivering bespoke advisory services to government entities, corporations, and individual clients. With a keen focus on infrastructure, asset management, and sustainable growth, CPF Capital ensures every project undergoes the requisite due diligence to assess its financial, technical, and legal soundness.