Kenya Delays Plan to Sell Road Bonds Backed by Fuel Levy
- Government planned to raise 30 billion shillings by end-June
- Lawmakers want 75 billion shillings raised to pay contractors
Budgetary allocations show 192 billion shillings is earmarked for road transport in the 2021-22 fiscal year.
Photographer: Simon Maina/AFP/Getty Images
This article is for subscribers only.
Kenya has postponed plans to raise funds for road building through selling bonds backed by a fuel levy, citing the need to complete ongoing works before starting new projects.
The government planned to raise 30 billion shillings ($274 million) in the fiscal year ending June, by issuing debt that would be repaid through a road maintenance tax on every liter of gasoline and diesel. The securities may still be issued in the next fiscal year, Rashid Mohamed, director-general at Kenya Roads Board, said by phone.