Browsing by Author "Aoko, Roselyn Anyango"

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    Impact of Infrastructure Bond Interest Rates on the Performance of Road Projects within the Nairobi Metropolitan Area
    (The International Journal of Business & Management, 2025-05-19) Aoko, Roselyn Anyango; Ndede, Fredrick W.S.; Njaramba, Jennifer G.
    Infrastructure projects in Kenya frequently encounter challenges related to timely completion and adherence to budgets. This research aims to determine the impact of infrastructure bond interest rates on the performance of road projects within the Nairobi Metropolitan Area. The research employed a longitudinal research design to effectively address its objectives. The study population encompassed all 61 road construction projects conducted between 2014 and 2022. A comprehensive survey of these road projects was carried out. Secondary data for the years 2014 to 2022 were gathered from a variety of sources, including the Central Bank of Kenya, National Treasury, Ministry of Transport, Infrastructure, Housing, Urban Development, and Public Works, as well as the Kenya Urban Roads Authority. Data was analyzed using descriptive statistics and inferential statistics aided by STATA ver.14.0. The hypothesized relationships were tested using panel regression. The findings revealed that increasing infrastructure bond interest rates negatively affect the completion of road infrastructure, with a statistically significant inverse relationship between bond interest rates and kilometers of roads completed. To improve road infrastructure completion, the government should consider stabilizing or reducing infrastructure bond interest rates through policies including subsidies, government-backed guarantees, or interest rate caps.
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    Structure of Infrastructure Bonds and Operational Performance of Road Projects in Nairobi Metropolitan Region, Kenya
    (Kenyatta University, 2025-12) Aoko, Roselyn Anyango
    Infrastructure projects in Kenya frequently encounter challenges related to adequate funding and timely completion. The present study seeks to evaluate how the configuration of infrastructure bonds affects the operational efficiency of road development initiatives within the Nairobi Metropolitan Region. In particular, the investigation focused on the extent to which bond interest rates, bond returns, and amortization schedules shape the performance outcomes of road projects in Nairobi, Kenya. Furthermore, the research explored the moderating role of inflation in influencing the relationship between infrastructure bonds and project performance in the region. The inquiry was anchored on three theoretical frameworks: the Efficient Market Hypothesis, the Liquidity Preference Theory, and the Theory of Constraints. A longitudinal research design was adopted to adequately address the study objectives. The target population comprised all 18 road construction undertakings implemented in the Nairobi Metropolitan Region between 2014 and 2022, from which the entire set of projects was examined. A detailed survey of these projects was conducted. Secondary data covering the period 2014–2022 were obtained from multiple institutions, including the Central Bank of Kenya, the National Treasury, the Ministry of Transport, Infrastructure, Housing, Urban Development and Public Works, and the Kenya Urban Roads Authority, using structured data collection templates. The dataset was analyzed through both descriptive and inferential statistical techniques, facilitated by STATA version 14.0. Hypothesized associations were tested using panel regression analysis at a 95% confidence level. The findings revealed that infrastructure bond interest rates, bond returns, and amortization structures exert a significant influence on the performance of road projects within the NMR. The results revealed that higher interest rates and bond yields negatively affect project execution by increasing borrowing costs and constraining available funds, while well-structured amortization schedules positively impact completion by facilitating predictable cash flow and efficient resource allocation. Descriptive analysis showed relative stability in these bond parameters, enhancing investor confidence and reducing financial uncertainty. The findings align with the Liquidity Preference Theory and the Theory of Constraints, highlighting the importance of managing financing costs and systemic bottlenecks to sustain project performance. Based on these results, the study recommends that the National Treasury stabilize bond interest rates and yields through clear issuance schedules and aligned maturities. The Treasury should also enhance amortization management to maintain high, steady repayment rates. The Central Bank of Kenya should continue managing inflation and interest rates to support predictable, affordable financing, while project managers ensure cash flows align with bond repayment schedules to minimize funding gaps and delays
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    The Impact Of Infrastructure Bond Yields On Road Infrastructure Development: Evidence From Nairobi Metropolitan Region, Kenya
    (IOSR Journal of Business and Management (IOSR-JBM), 2025-03) Aoko, Roselyn Anyango; Ndede, Fredrick W.S.; Njaramba, Jennifer G.
    Infrastructure bonds are crucial for funding large-scale infrastructure initiatives, such as road construction, energy systems, and public transportation networks. Consequently, infrastructure bond yields represent the returns that investors receive for purchasing bonds issued by governments or corporations to finance infrastructure projects. They also represent the bond’s risk and return profile. This study sought to find out the effect of the Infrastructure bond yields on the performance of road projects in Nairobi Metropolitan Area, Kenya. The research employed a longitudinal research design to effectively address its objectives. The study population encompassed 18 road construction projects conducted between 2014 and 2022 in the area. Panel data for the bonds and projects performance were compiled from the Central Bank of Kenya; National Treasury; Ministry of Transport and Infrastructure, as well as the Kenya Urban Roads Authority. Data was analysed using descriptive statistics and inferential statistics aided by STATA ver.14.0. The findings of this study reveal a significant relationship between infrastructure bond yields and the performance of road projects in the Nairobi Metropolitan Region. Higher bond yields are associated with delays in project completion, suggesting that increased borrowing costs may restrict infrastructure financing, ultimately hindering progress in road development. Government agencies should implement policies that stabilize infrastructure financing costs, such as tax incentives for infrastructure bonds, improved public-private partnerships, and innovative funding mechanisms to enhance road project completion rates