The government plans to increase budgetary allocation for the LAPSSET Corridor Project in a bid to attract more private investments.
Transport and infrastructure Cabinet Secretary James Macharia says the feasibility study and financing deal for the Lamu-Isiolo highway has been finalized while designs for the Isiolo-Lokichar road has been completed as the government seeks to actualize the project and rope in private investors.
Regional governments have been urged to increase their investments in infrastructure development to attract private players to the infrastructure sector that has a 180 billion US dollars deficit.
The design of the Isiolo- Lokichar road that will link Kenya and South Sudan is also complete so is the construction of a third berth at the Lamu port.
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This according to Macharia will boost investors’ confidence in the LAPSSET Corridor Project.
The LAPSSET Corridor Project is expected to open up the region for business and boost intra trade between Kenya, Ethiopia and South Sudan.
Regional leaders are urging the three countries to create friendly and harmonize policies that will de-risk LAPSSET Corridor Project.
The constriction of the LAPSSET Corridor Project is projected to create 450 thousand jobs during its life cycle.
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