Ethiopia: The forefront of LAPSSET corridor Lamu project

Nairobi (HAN) August 2, 2014 – Regional infrastructure projects News. The East African leaders met in Nairobi for a consultative meeting on the Lamu Port Southern Sudan-Ethiopia Transport (LAPPSET) corridor project. President Yoweri Museveni of Uganda, Ethiopian Prime Minister Hailemariam Desalegn and President Salva Kiir of South Sudan met with President Uhuru Kenyatta at State House in Nairobi to explore joint financing options for the project. They noted that the seven components of the LAPSSET project require an estimated US$24.5 Billion, with Lamu Port alone costing US$3.1 Billion.

Four East African countries may join forces as they seek American private sector funding for a $24.5 billion infrastructure project to link Lamu to the oil fields of Uganda, South Sudan and Ethiopia.

“Our discussion was especially informed by the upcoming Africa-USA Summit on August 4-7, 2014 that will allow leaders a chance to engage with American investors on this project. This being a continuation of similar engagements that are being held with investors from across the Middle East and the Indian Ocean Rim,” they said in a statement.

Regional leaders  said this meant a “joint approach that is innovative will be required for implementation.  They explored the complexities of shortening the period between project conceptualization and the realization of a sustainable financial model that will deliver implementation. Discussions explored the complexities of shortening the period between project conceptualization and the realization of a sustainable financial model that will deliver implementation.

Regional leaders  said they “sought to learn from the African Development Bank’s Africa50 Infrastructure Fund approach, and how our joint efforts can help make a compelling business case to private sector players.” LAPSSET is an integrated and transformative infrastructure project that is expected to provide regional economic integration and interconnectivity.

It is also expected to generate the investment and trade flows that are crucial to ensuring the region deliver shared prosperity. The leaders said their discussion was also informed by the upcoming Africa-USA Summit (August 4-7) which would allow them a chance to engage with American investors on the LAPSSET project. This would be a continuation of similar engagements that are being held with investors from across the Middle East and the Indian Ocean Rim.” The Summit also discussed the need for regional peace and security to provide the conditions in which the LAPSSET project and other projects can deliver the full benefits of growth for the region. EFM

lapsset_kenya
President Uhuru Kenyatta (second left) hosts presidents Salva Kiir of South Sudan (right), Yoweri Museveni of Uganda (second right), and Ethiopian Prime Minister Hailemariam Desalegn at State House, Nairobi for a consultative meeting on the Lamu Port-Southern Sudan-Ethiopia Transport (Lapsset) corridor project.

Kenya:  Message from President Uhuru Kenyatta: Today I hosted a consultative meeting on the LAPPSET project with Ethiopia Prime Minister Hailemariam Desalegn, South Sudan President Salva Kiir and Uganda President Yoweri Museveni at State House, Nairobi. We explored joint financing options for the LAPSSET Project. The seven project components of the project require an estimated budget of $24.5 Billion. Lamu Port alone with its 32 projected berths alone will cost $3.1 Billion. With the large sums involved, it was clear to us that a joint approach that is innovative will be required for implementation. At length, we explored the complexities of shortening the period between project conceptualization and the realization of a sustainable financial model that will deliver implementation. We sought to learn from the African Development Bank’s Africa50 Infrastructure Fund approach, and how our joint efforts can help make a compelling business case to private sector players. Our discussion was especially informed by the upcoming Africa-USA Summit this August that will give us a chance to engage with American investors on this project. This will be a continuation of similar engagements that we are holding with investors from across the Middle East and the Indian Ocean Rim.


 

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