Nairobi, July 24 -- Kenya will borrow Sh81 billion for the expansion of the Jomo Kenyatta International Airport, dropping an earlier plan to fully fund the upgrade using a bond.

The loan will account for 70 percent of the Sh116 billion expansion costs and the balance of Sh35 billion will be raised through a securitised bond and from the recently established infrastructure fund.

The bond will be backed and repaid from the air passenger service levy.

Under securitisation, projected future revenue streams from the levy, a fee $50 (Sh6,450) for international journey tickets and Sh600 for domestic, will be packaged into marketable securities that are sold to investors.

Kenya is aiming to nearly triple JKIA's annual passenger handling capac...