Billionaire Kenyan businessman Peter Munga has joined the Nairobi-Mombasa Expressway project, known officially as the Usahihi Expressway, through his company Quickpass Limited. Munga’s involvement is part of a partnership with Everstrong Capital, a US-based infrastructure investment firm leading the development of the Sh468 billion (approximately $3.6 billion) expressway. The venture is set to deliver Africa’s largest toll road project, transforming transport between Kenya’s capital and its main port city.
The Nairobi-Mombasa Expressway Project
The Usahihi Expressway project involves constructing a 440-kilometre, 4-6 lane dual carriageway linking Nairobi to Mombasa. The current Nairobi-Mombasa highway, plagued by chronic congestion, safety hazards, and travel delays, takes more than 10 hours to traverse. The new expressway is designed to cut this to around 4.5 hours, improving trade flow, safety, and connectivity between two of Kenya’s most economically significant cities.
The project is structured under a Public-Private Partnership (PPP) with a 30-year concession. Everstrong Capital, as the lead sponsor of the Usahihi Expressway, alongside its partners, is responsible for financing, designing, constructing, operating, and maintaining the road. Project revenue will primarily come from toll fees, with heavy commercial vehicles expected to contribute up to 75% of the income, ensuring financial sustainability without relying on government budget support.
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The Nairobi-Mombasa Expressway total cost is projected at between $3.5 billion and $3.6 billion. The funding structure includes $1 billion (Sh129 billion) to be raised locally from pension funds, banks, and private investors, while $2.5 billion (Sh323.5 billion) will come from international markets. Additionally, $100 million (Sh12.9 billion) has been allocated for land acquisition. Some landowners will be offered an option to swap their property for equity stakes in the project, with a promised return of 17.5%.
The Usahihi Expressway will also feature wildlife corridors, electric vehicle charging stations powered by renewable energy, and dedicated rest stops along the route. It is expected to create thousands of direct and indirect jobs and stimulate economic growth along Kenya’s main transport corridor. Once completed, the Nairobi-Mombasa Expressway project will serve as a vital link in East Africa’s trade infrastructure, easing freight and passenger movement while supporting Kenya’s economic growth ambitions.
Peter Munga’s Role and Quickpass Limited
At 82, Peter Munga, a serial entrepreneur from Murang’a County, channels his experience into this infrastructure venture via Quickpass Limited, a company formed in July 2018 under his family-owned Kiewa Group. Quickpass Limited is a 50-50 joint venture between Munga’s family and Everstrong Capital. The company operates from Munga’s Muthaiga premises in Nairobi. Its board includes Munga’s son Alex Kieme Munga, daughter-in-law Emilly Kairimu Kanina, and key figures such as Philip William Dyk, founder of Everstrong Capital, John Paul Ouko, Mandhla Sibanda, and company secretary Cornelius Kimamo Kigera.
Munga is best known for founding Equity Building Society in 1984, which grew into Equity Bank Group, one of the largest banks in the region. His investments span agribusiness, manufacturing, and real estate, including a 92% stake in Equatorial Nut Processors (a macadamia and cashew nut processor) and ownership of Greystone Industries, a concrete pole manufacturer.
Everstrong Capital and Project Leadership
Everstrong Capital, incorporated in Mauritius with operations in the US, Kenya, and South Africa, is the lead sponsor of the Nairobi-Mombasa Expressway. The firm focuses on energy, transportation, and social infrastructure across sub-Saharan Africa. Its Everstrong Kenya Infrastructure Fund (EKIF), valued at $50 million, targets infrastructure projects in East Africa. The Usahihi Expressway project is chaired by Kyle McCarter, the former US Ambassador to Kenya, underlining US-Kenya cooperation, especially following President William Ruto’s state visit to the White House in May 2024.
To mobilize local capital, Everstrong Capital partnered with CPF Capital & Advisory, a subsidiary of CPF Group, aiming to raise $1 billion through pension funds, investment banks, and insurance companies. This local fundraising initiative, launched in February 2025, is among the largest infrastructure bonds in Africa. The project has gained backing from institutions like the Fund Managers Association, Kenya Bankers Association, and the Capital Markets Authority.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.