IFC says in its disclosures that it is offering technical advisory to
the learning institution worth Sh7 million. FILE PHOTO | NMG
The International Finance Corporation (IFC) is offering advisory
services to Kenyatta University (KU) in its plan to build student
hostels through a public-private partnership (PPP).
The
university intends to build hostels to accommodate up to 10,000
students and is currently seeking to partner with private investors to
this end, according to documents from the Treasury.
IFC says in its disclosures that it is offering technical advisory to the learning institution worth $64,981 (Sh7 million).
The IFC added that the process of identifying and signing up investors should be concluded by September.
“The
IFC team will be the lead transaction advisers working with external
consultants (technical and legal) to provide the expertise required to
enable KU to engage with the successful bidders, financiers in financial
close negotiations and signed PPP agreement amendments if any,” the
global financier said.
“The objective of the projects
is to provide post-transaction advisory services to KU in negotiating
and amending the PPP Agreement if necessary for the student hostels
project with the aim of achieving financial close.”
IFC added that successful negotiation would unlock funding to the successful bidder enabling them to implement the project.
As
part of the post-transaction advisory work, the IFC will act as lead
transaction advisers and will procure external consultants such as
technical and legal experts to assist in the negotiation up to the
signing of the financing agreement and meeting conditions up to the
first disbursement.
“The private sector entered into a
PPP contract with Kenyatta University in design, finance, build, operate
and transfer model for a 20-year period.
“The
project’s contracting authority is Kenyatta University. The project is
currently in negotiations towards a financial close,” reads part of the
disclosures.
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