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Kenyan tycoon Peter Munga partners with Nairobi expressway developer

Kenyan tycoon Peter Munga teams up with U.S.-based Everstrong Capital in $3.62-billion toll road project, marking a new chapter in his business empire.

Kenyan tycoon Peter Munga partners with Nairobi expressway developer
Peter Munga and Everstrong Capital team up for Nairobi–Mombasa toll road

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Key Points

  • Munga partners with U.S.-based Everstrong Capital for Kenya’s $3.62 billion Nairobi–Mombasa toll expressway, starting construction in 2026.
  • Everstrong takes 50% stake in Quickpass, the project’s local vehicle, aligning with Munga’s family for long-term infrastructure gains.
  • Trucks may account for 75% of toll revenue, with optimized rates to drive returns on the 440-kilometre road spanning Nairobi to Mombasa.

Kenyan businessman Peter Munga is making a strategic leap into the infrastructure sector, partnering with U.S.-based Everstrong Capital on the $3.62 billion Nairobi–Mombasa expressway—one of Kenya’s largest privately funded infrastructure projects to date.

The venture marks an expansion for the 81-year-old entrepreneur, whose legacy includes co-founding Equity Bank and growing it into East Africa’s largest lender by customer base. Now, through Quickpass Limited—a firm at the heart of the toll road project—Munga is extending his business empire into the transport sector, with an eye on long-term returns from toll collections.

A new lane for Munga’s legacy

Everstrong Capital, incorporated in Mauritius, has acquired a 50 percent stake in Quickpass, aligning with Munga’s family and close associates in the infrastructure venture. The company’s board includes Everstrong founder Philip William Dyk, Munga’s son Alex Kieme Munga, daughter-in-law Emily Kairimu Kanina, and Zimbabwean national Mandhla Sibanda.

Construction of the 440-kilometer expressway is expected to begin in 2026. The road will significantly reduce travel time between Nairobi and Mombasa and is projected to generate steady revenue from motorists. Tolls are expected to range between Ksh12 ($0.093) and Ksh13 ($0.1) per kilometre—equating to Ksh5,280–Ksh5,720 ($40.87–$44.28) for a full journey—though rates remain subject to construction and financing costs.

Kyle McCarter, the former U.S. ambassador to Kenya and current chairman of Usahihi, a key backer of the project, said toll rates are being optimized by cutting construction and capital costs. Heavy trucks, which may be mandated to use the expressway exclusively from 2025, are expected to contribute up to 75 percent of the toll revenue.

Expanding a diversified empire

Peter Munga’s influence spans far beyond banking, with business interests in agriculture, education, insurance, and manufacturing. He holds stakes in companies including Equatorial Nut Processors, Kakuzi PLC, HF Group, Britam Holdings, Pioneer International University, and Freshco Seeds.

His entry into infrastructure follows a renewed commitment to the institution he co-founded—Equity Group. In early 2025, he purchased Ksh166.2 million ($1.3 million) worth of shares, increasing his stake in the lender he launched in 1984 with just Ksh5,000 ($100). Today, Equity serves nearly 20 million customers and carries a market capitalization of $1.45 billion.

This latest move isn’t just about returns. It reflects a return to roots, a strong vote of confidence in Kenya’s business climate, and a continuation of Munga’s legacy—building enduring institutions that drive inclusion, growth, and long-term national development.

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