The planned Sh28 billion redevelopment of Central Railway Station in Nairobi has moved a step closer after the government opened talks with the UK’s export credit agency to fund the project.
The British High Commission in Nairobi said Kenya is currently talking with UK Export Finance to fund the urban development project, whose groundbreaking is slated for July.
The project will be situated within 425-acres, of which 292 acres are owned by the Kenya Railways and currently serving as the Nairobi Railway Station. The land lies within the area bound by Haile Selassie Avenue, Uhuru Highway, Bunyala Road, Commercial Street and Landhies Road.
“Senior representatives of the Kenyan government also announced that they were in negotiations for the provision of up to Sh220 billion of UK Export Finance for projects in Kenya, with the new central station likely to be a first mover,” said the British High Commission in a statement on Thursday.
The Business Daily could not immediately establish the amount that would go into the smart city out of the total funding package. The first phase of the 20-year project, which is set to change the face of the Nairobi central business district, will kick off in July.
The plan includes building a new railway station that allows for the integration of Bus Rapid Transit and other public transport modes as well as other commercial developments, including skyscrapers, residential flats, a cultural centre and a museum.
In 2020, a moratorium on any development in the area was issued for one year to facilitate planning.