CPF CAPITAL & ADVISORY LTD. AND EVERSTRONG CAPITAL (K) LTD SIGN LANDMARK AGREEMENT TO SPEARHEAD FUNDRAISING FOR A $1 BILLION BOND ISSUE for THE USAHIHI EXPRESSWAY PROJECT

 Nairobi, Thursday, 6th February 2025 – CPF Capital & Advisory Ltd., a subsidiary of CPF Group, and Everstrong Capital (K) Ltd. have officially signed a Transaction Advisory and Placement Services Agreement, solidifying CPF Capital’s role in leading the fundraising efforts of USD1 billion, alongside our partners through the PACK Hunters Club (PHC), to finance the Usahihi Expressway Project. 

The signing ceremony marks a significant milestone in Kenya’s infrastructure investment landscape, bringing together key players from the Pack Hunters Club, a consortium of pension funds, fund managers, investment banks, insurance companies, the banking sector, and other financial institutions. The alliance aims to raise funding through the capital markets, setting a precedent for future infrastructure financing in Kenya and across the region. 

This issuance will be the largest of its kind, underscoring the strength and depth of Kenya’s capital markets. The Usahihi Expressway derived from the Kiswahili word meaning "done correctly" is a 440-kilometer, four-lane dual carriageway linking Nairobi and Mombasa. At an estimated project cost of USD 3.5 billion, it is poised to be one of Kenya’s most ambitious infrastructure projects, transforming the road from Nairobi to Mombasa into a wealth corridor. 

“This is more than just an infrastructure project. It is a bold step towards reshaping Kenya’s economy through private-sector-led investments. It demonstrates the power of domestic institutional capital in fueling economic growth. This initiative highlights the strength of strategic partnerships between local and international investors, leveraging blended capital to bring large-scale projects to life. By fostering an investment-friendly environment, we are not just building a road; we are laying the foundation for sustainable development, job creation, and long-term prosperity” said the CPF Group Managing Director- Dr. Hosea Kili MBS. 

The initiative, through the PAC Hunters Club is backed by key industry stakeholders, including Association of Pension Trustees and Administrators of Kenya (APTAK), the Fund Managers Association (FMA), Kenya Association of Stockbrokers & Investment Banks (KASIB), the Kenya Bankers Association (KBA), the Association of Kenyan Insurers (AKI) and the Association of Retirement Benefits (ARBS). The collective efforts aim to bridge Kenya’s infrastructure financing gaps, with a focus on major large-scale infrastructure projects under the Public-Private Partnership (PPP) model. 

“For the first time in Africa, local pension funds and financial institutions are investing over $1 billion in their own infrastructure. Usahihi exemplifies my belief that Africa must transition from aid to trade on the path to self-reliance. Everstrong, as the lead sponsor of the Usahihi Consortium, looks forward to partnering with CPF and Kenya to develop the expressway of the future” said - Amb. Kyle Mccarter, Chairman Usahihi Expressway Limited. 

“As we embark on this transformative journey, CPF Capital & Advisory reaffirms its unwavering commitment to driving innovative investment solutions that will shape Kenya’s capital markets and infrastructure landscape” said Mercy Thuo, the Acting Executive Director of CPF Capital and Advisory. 

As a collective force, CPF Capital & Advisory, and Everstrong Capital remain steadfast in their mission to attract high-value investors and financial institutions, ensuring that the USAHIHI project drives economic growth while enhancing Kenya’s infrastructure landscape. 

End… 

For more information, please contact: 

Irene Mbonge

Group Head, Corporate Affairs |

Mobile: +254 721801863

E-Mail: imbonge@cpf.or.ke

Marieke van Kuppeveld

Communications Usahihi Expressway Ltd 

Mobile: +256 709 834 136 

E-Mail: Marketing@usahihi.com 

NOTES TO THE EDITOR 

ABOUT CPF CAPITAL AND ADVISORY 

CPF Capital & Advisory is a subsidiary of CPF Group, offering a full suite of Investment Advisory services, including Capital Markets Advisory, Project Finance & Capital Raising, Transaction & PPP Advisory, REIT Management, and Financial Structuring. The firm specializes in structuring innovative financial solutions, securing capital, and delivering bespoke advisory services to both corporate and individual investors. With a strong focus on Alternative invetments including infrastructure financing and sustainable investment, CPF Capital strives to ensure that every project and transaction delivers sustainable returns to investors and undergoes rigorous financial, technical, and legal due diligence to guarantee success. 

ABOUT EVERSTRONG CAPITAL 

Everstrong Capital, established in 2015, is a US-owned infrastructure investment manager with a presence in both the US and Kenya with a focus on advancing sustainable infrastructure development across Africa. 

Everstrong Capital initiated the Everstrong Kenya Infrastructure Fund (EKIF), dedicated to financing projects in energy, transportation, communication, and social infrastructure within East Africa and has played a pivotal role in significant infrastructure projects, including its investment in Gulf Power’s Athi River Power project and its founding sponsorship of Milele Energy, an independent power producer holding a 25% stake in the Lake Turkana Wind Project. Everstrong Capital is also assisting SunCode Energy as it enters the African Solar Energy market. 

ABOUT USAHIHI NAIROBI TO MOMBASA EXPRESSWAY 

Usahihi, meaning “Done Correctly” in Swahili, is Africa’s largest toll road project, transforming infrastructure between Nairobi and Mombasa. This 440 km, climate-resilient expressway is a Public-Private Partnership, self-financed through tolls, and poses no financial burden on the Kenyan government. With a USD 3.6 billion investment, Usahihi focuses on sustainability, featuring wildlife corridors, electric vehicle charging, and renewable energy infrastructure. The project will create thousands of jobs, reduce travel time from 10.5 to 4.5 hours, and enhance trade, safety, and economic growth in East Africa.