Nairobi, 11th October, 2022
Nairobi City County Government will float a Green bond that will be used to build a mass transit system and expand the infrastructure for waste management and water distribution.
Speaking at the Nairobi Securities Exchange (NSE), Nairobi Governor Sakaja Johnson said the exact amount to be raised will be announced later.
Said the County boss, “We need to offer the residents of Nairobi solutions that clears the mess that has been witnessed over the years. We intend to float a green bond, and what we raise will be used to create order and also open up opportunities for our people and also make Nairobi work for everyone.”
The Governor was speaking during the launch of the enhanced NSE market place.
The Governor added that part of the green bond will also be used to sort out the garbage menace in Nairobi by converting waste into energy. The intention, he said, is to deal with waste collection as well as creating employment.
The Governor said the Kenya Kwanza Government has placed special focus on domestic capital mobilization which is critical in supporting medium to long term fiscal consolidation plans.
“The visit by His Excellency the President to NSE highlights the Governments’ efforts to stimulate private investments in public assets and projects with a view to strengthening the fiscal position of the country, reduce reliance on foreign debt as well as boost economic recovery through capital markets.” Governor Sakaja added.
According to Governor Sakaja, Nairobi water and sewerage company alone will need a capital investment of about 30 billion Kenya shillings to be able to offer services and develop a proper water and waste management system that will serve the people of Nairobi.
“We look forward to partnering with the Ministry of Investments, Trade and Industry and associated state corporations and agencies to conceptualize and explore county financing options through the NSE to facilitate the mobilization of low-cost and long- term private capital to finance, or refinance the County’s projects,” said Governor Sakaja.