Transport Secretary Michael Kamau said discussions are at an advanced stage for a commercial loan of 85 percent funding while the remaining 15 percent to be funded by the Kenya Airports Authority.
“I can assure you that we have three serious commitments and we are evaluating them now to decide which bank to partner with,” he said.
Kamau said the terminal will be approximately 178,000 square metres and the construction is expected to be at a cost of Sh55.6 billion.
He said construction of the terminal is meant to expand JKIA by increasing its accommodation to 20 million more passengers annually.
“On completion, the terminal is set to boost the status of the airport as a hub of international standards in the region,” he said.
Kamau revealed that the government plans to redesign Units 1, 2, and 3 in a bid to modernise and upgrade the current JKIA terminal.
“Initial structural investigations reveal that the Arrivals Terminal building structural integrity is unstable and recommends demolition,” he said.
He said that the preliminary design will be ready by October 15.
Kamau revealed that the government has issued tenders for the construction of four projects that include construction of bussing gate, Unit 3 Level 1 lounge, Unit 3 temporary arrival terminal and a temporary terminal.
He said the four are all funded by the World Bank and works should be competed in four months after award of contract.
He assured that the issuing of the tenders will be free and fair and will follow the rule of the law.