Kenya Seeks Lawmakers’ Approval to Securitize Levy for Railways

Kenya plans to leverage as much as nine out of every 10 shillings it collects from an import tax to raise funds for the building and maintenance of railways, according to proposals to lawmakers.

Plans submitted to the National Assembly on Feb. 12 to securitize as much as 90% of the so-called railway development levy is expected to raise cash to fund the development, construction, upgrading and rehabilitation of railway and related transport infrastructure, the Treasury said.

Securitizing the levy could raise as much as $2 billion over time to extend the stalled standard gauge railway by 262 kilometers (163 ...