The Treasury has rejected a proposal to build a Sh468 billion expressway linking Nairobi and Mombasa, amid fallouts about the financial muscle of the private firms behind the project, prohibitive land acquisition costs, and lack of policy sweeteners that would guarantee the venture's sustainability.
The ambitious four-lane greenfield highway, stretching 500 kilometres, was championed by American private equity firm Everstrong Capital, through its Kenyan subsidiary, Usahihi Limited.
