CS Mbadi Reveals New JKIA Partnership In Place After Ditching Adani Deal
Following the termination of the Adani-JKIA project, the government has indicated that it is willing to consider a new investor for the expansion of the Jomo Kenyatta International Airport (JKIA).
Speaking in Kisumu on Saturday, November 23, Treasury Cabinet Secretary John Mbadi noted that the government is now free to pursue new partnerships with interested businesses.
He noted that the Adani transaction was structured as a Privately Initiated Partnership (PIP), allowing for termination at any moment.
Mbadi stressed that the cancellation was conceivable since the contract had not yet been signed, as was the case in Kenya.
“The Adani procurement system was a PIP, which meant that it could be terminated at any time, at any stage, so long as you have not signed the contract,” he announced.
CS John Mbadi insists that the government will still proceed with plans to expand JKIA and promises to engage other private investors, just days after the president canceled the Adani deal.#WeekendPrime @DennisAseto pic.twitter.com/tlb93p13ZG
— KTN News (@KTNNewsKE) November 23, 2024
“We are still open to any other investor out there who wants to come in and invest by partnering with the government to develop JKIA,” Mbadi affirmed.
The CS noted that it was important to make repairs at JKIA due to its deteriorating state and recurring problems.
This year, videos emerged showing the international airport’s roof leaking amid severe rains.
“The investment is a must because we need to address the state of JKIA. JKIA is now outdated and dilapidated. It is not an airport that can compete with others in the region,” he noted.
Mbadi’s comments came after President Ruto cancelled the JKIA-KETRACO-Adani accords, which were worth Ksh 338 billion. Ruto made this decision during his State of the Union address on Thursday, November 21.
The cancelation occurred after Gautam Adani, the founder and CEO of the multibillion-dollar Indian corporation Adani, and seven other executives were indicted by the Department of Justice (DOJ) in New York on November 20 for allegedly bribing Indian government officials.
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According to CNN, Deputy Assistant Attorney General Lisa Miller indicated that the bribes were designed to persuade officials to mislead investors and banks in order to raise billions of dollars while obstructing justice.
“This indictment alleges schemes to pay over $250 (approximately Ksh32 billion) million in bribes to Indian government officials,” she stated.
“These offences were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors.”
However, Adani has come out and denied the allegations, stating that the accusations levelled against the company were “baseless”.
CS Mbadi Reveals New JKIA Partnership In Place After Ditching Adani Deal
