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r with the financial institutions because they are seen to have secure and stable source of funding (the annuity payments, which are financed by cess). World Bank (2006) indicates that annuity concession projects have been funded with debt-equity ratios of up to 75:25. Typical toll-based projects have debt-equity ratios of 70:30.

In most financing models debt servicing starts during the construction period. There is no such a requirement under annuity concession, and repayment begins only after the project has been commissioned. Another typical problem in construction contracts that has acted as a hindrance to PPP in Kenya is the massive amounts of advance payments made to the private operator. Concessioning of the Kenya-Uganda railway line was adversely affected by this requirement. In this model, the government does not begin paying annuity until the road is constructed in accordance with quality standards set out in the contract. This model is therefore attractive since it rewards early completion and provides the private operator with a built-in incentive to ensure that the road is constructed in a way that minimizes.

5.0 CONCLUSION 结论

In order to meet the economic development needs of the country the GoK should facilitate the increase in funding for road infrastructure maintenance, rehabilitation and development to minimum of 4.0% of GDP in order to maintain the network, eliminate the backlog maintenance and carry out subsequent network expansion. In addition the Government should establish a framework of financing road development and rehabilitation through road tariffs, road bonds and other appropriate instruments. In this regard, the government should implement specific strategies to consolidate and generate funds from road user charges and fines.

Secondly, the GoK must move with purpose to consolidate the gains made in establishing a PPP program and ensure that the country achieves its infrastructure objectives. An ideal starting point would be to establish technical body to support the steering committee's decisions, define the responsibilities of the new PPP directorate and identify a pipeline of quality PPPs in the roads sub-sector. In the long-term it may be prudent to consider initiating a Project Development Fund to support PPPs throughout the development cycle.
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