Kenya needs 2.4 trillion shillings to finance projects in transport, infrastructure, Housing and Urban development between now and the year 2022.
This is based on the new strategic plan by the Ministry of Transport, Infrastructure, Housing, Urban Development and Public Works.
Shipping and Maritime PS Nancy Karigithu says there is need for integrated transport policy to achieve holistic infrastructure development that is aligned to the Vision 2030.
Inadequate financing especially for high capital projects, inflated land prices coupled with litigation and disputes related to land acquisition remain the key challenges to infrastructural development in Kenya.
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However, of the 2.4 trillion shillings budget, 1.6 trillion shillings is expected to be availed through the national exchequer funding leaving 800 billion shillings deficit that is expected to be financed through Public Private Partnerships.
In the five-year strategic plan, the maritime sector is expected to increase cargo handling from the current 30 to 40 million metric tonnes as well as double containerized cargo handling to 3 million.
Ministry officials say there is need for an integrated approach in implementing the strategic plan.
The strategic plan underscores the for coordination at all stakeholder levels in order to optimize synergies and minimizing duplication of resources and efforts.
It further advocates for the application of smart approaches in resource mobilization taking advantage of both domestic and external sources of funding.
The plan identifies the need for capacity building for departments, State Agencies and the private sector in order successfully handle emerging frontiers such as the Blue Economy, development of road infrastructure through the annuities mechanism and the wider Public Private Partnerships (PPPs).