Nairobi, Feb. 13 -- The National Treasury has issued an ultimatum to American investors seeking to build the proposed Nairobi-Mombasa Expressway, warning that the project will be abandoned if a revised plan fails to meet the threshold set by the Kenya National Highways Authority (KeNHA).

Everstrong Capital, a US private equity firm, was given a fresh opportunity to actualise the privately initiated project (PIP), which would rank among the largest public-private partnership deals on the continent.

KeNHA restructured Everstrong's proposal last year to address responsiveness gaps.

The investor must now satisfy KeNHA's requirements or risk cancellation of the proposal. The highways authority would then open the project to other bidders. ...