Regional leaders met in Nairobi on Thursday (July 31) 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. They 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. They 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.