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The government’s implementation of four major development plans to promote the development of manufacturing, food production, and affordable housing, as well as the continued stability of the macroeconomic environment, are the primary growth factors.
Kenya’s economy is now one of the fastest growing in Africa.The Global Infrastructure Outlook Report, which was released by the G20, says that Kenya will need a lot more money than it currently invests in infrastructure construction to meet the UN Sustainable Development Goals.
Energy, infrastructure, information technology, and education have all seen significant progress in recent years, and Kenya’s average growth rate has surpassed that of the global average.
The Kenya Construction Equipment Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
The State’s ambitious plan to construct a road network to open up remote areas in Kenya is expected to boost demand for road construction equipment over the next few years.
The Kenya Rural Roads Authority (Kerra), which oversees the construction of rural roads, anticipates that earthmovers, rollers, and excavators will be required for the project, expanding the market for equipment dealers.
The Treasury acts as a guarantor for contractors who borrow money from local commercial banks to carry out projects under the government’s new financing model known as annuity concessions.
Before the road is given to the State under the new model, a contractor will design, construct, and maintain it for years.
This is done with the intention of making local contractors more effective and ensuring that funds will be available to avoid time and cost overruns.
The annuity model will see the government transfer construction, operation, and maintenance risks to the private sector, accelerating the pace of infrastructure development in the nation.
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