Ruto appoints seven-member National Infrastructure Fund Council

President William Ruto assents to three National Assembly Bills, including the Finance Bill, 2025, at State House, Nairobi. [PCS]

President William Ruto has appointed seven members to the National Infrastructure Fund Governing Council, marking a key step towards its operationalization.

The announcement was made through a gazette notice dated March 30, which indicated that the appointees would serve three-year terms.

Treasury Cabinet Secretary John Mbadi will serve as the council's inaugural chairperson, with Central Bank of Kenya Governor Kamau Thugge and Attorney General Dorcas Oduor joining as statutory members.

"The Governing Council's immediate priority will be to oversee the recruitment of the Fund's Board of Directors, which shall in turn recruit the Chief Executive Officer to drive the operationalization of the Fund," Head of Public Service Felix Koskei said in a statement.

The president also drew on economic and legal expertise to fill the remaining four seats.

They include prominent Nigerian economist and immediate former President and Chairman of the African Export-Import (Afrexim) Bank board, Professor Benedict Oramah; Kenya Pipeline Company Chairperson Faith Boinnet; KCB Bank CEO Paul Russo; and banker Richard Etemesi.

The council is expected to develop an investment policy informed by the country's priority areas, including identifying projects for financing.

A separate board of independent directors will approve that policy, greenlight specific projects, and oversee the fund's governance.

According to the government, the fund is designed to finance capital-intensive infrastructure projects without resorting to external borrowing, easing pressure on the country's foreign debt load.

Only commercially viable national infrastructure projects will qualify for financing through the fund, spanning sectors such as roads, rail, aviation, ports, and energy systems.

Several projects, including the renovation of Jomo Kenyatta International Airport (JKIA), have already been earmarked for funding.

Up to Sh5 trillion is expected to flow into the fund over the next decade, drawn from private investors, proceeds from the sale of state corporations, and investment returns.