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Hello and welcome to the Money Weekly Newsletter, where we cover the government's contradictions on the funding of JKIA expansion.

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CSs Chirchir and Mbadi’s Contradictions on JKIA Deal Funding

Transport CS Davis Chirchir has contradicted his Treasury counterpart, John Mbadi, on how the government plans to finance the expansion of JKIA. According to Chirchir, the bulk of the project will be funded through borrowing, despite Mbadi's earlier assertion that no debt would be incurred for the upgrade.

The government plans to borrow approximately Ksh107 billion for the project. Chirchir said the total cost of the JKIA upgrade has been capped at Ksh154.2 billion, with 70% of the funding expected to come from debt financing, while the remaining 30% will be sourced from the government and investors.

The government is expected to contribute about Ksh46 billion through airport revenues and the National Infrastructure Fund (NIF), which was created to receive proceeds from the sale of state assets such as the Kenya Pipeline.

On June 17, while appearing before the Senate, Mbadi stated that the project would be financed through the sale of state assets, insisting that no sovereign debt would be incurred.

"This is one of the candidates for the National Infrastructure Fund. And I will tell you that there will be no sovereign debt, as of now, that will be put here," Mbadi told the Senate.

However, like Chirchir, he maintained that the project would cost less than Ksh155 billion.

The government has appointed the Trade Development Bank (TDB) and the Africa Finance Corporation (AFC) as lead arrangers to structure the financing model and attract additional lenders and investors.

The JKIA expansion project has been at the centre of controversy since the award of the deal to the Adani Group. Following public opposition, the government cancelled the arrangement and re-advertised the tender.

Bloomberg had reported that the government had selected China Communications Construction Company (CCCC) to undertake the project. However, Chirchir dismissed the reports, saying two bidders, China Road and Bridge Corporation (a subsidiary of CCCC) and Sinohydro, are still under consideration.

Reports from Zimbabwe had also claimed that controversial businessman Wicknell Chivayo had an interest in the tender through a consortium involving CCCC. Chirchir has since denied the allegations.

Here is a quick recap of the top news stories for the week:

• Taiwan has threatened retaliatory measures against Kenya after accusing the government of blocking its participation in the Ocean Conference in Mombasa and detaining a Taiwanese delegate. Taiwan claims a delegate was denied entry, had her passport and phone confiscated, and was deported. Kenya does not recognise Taiwan as a sovereign state and maintains official diplomatic relations with China.

• NSSF contributions could soon revert to the previous maximum of Ksh200 after a fresh petition was filed at the High Court to suspend the enforcement of enhanced NSSF deductions. The petition cites uncertainty over the legal status of the new NSSF rates following a recent Court of Appeal ruling. The petition challenges a notice by the NSSF directing employers to continue remitting higher contributions under the NSSF Act, 2013. The petitioners also want the court to stop NSSF from imposing penalties or sanctions on non-compliant employers until the case is determined. LSK has also warned employers of potential legal claims if they continue making the deductions.

• EACC has obtained court orders freezing assets linked to the alleged theft of Ksh1.55 billion from the Rural Outreach of Financial Innovations and Technologies (PROFIT) programme. Treasury officials and their associates allegedly exploited weak controls to divert funds from the programme. EACC claims Ksh1.554 billion was fraudulently released after the programme ended in 2019. Investigators allege Ksh799.8 million was withdrawn in cash, while the rest was channelled to private accounts and used to acquire property.

• Energy CS Opiyo Wandayi says Kenyans could enjoy more significant fuel price reductions from August if stability is maintained in the Middle East and the Strait of Hormuz remains open. Wandayi explained that Kenya's fuel pricing formula is based on international oil prices from the previous month, meaning changes in global markets take time to affect local pump prices. He said the benefits of the recent ceasefire between the US and Iran would be felt gradually.

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That’s a wrap for this week’s Money Weekly!

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