New Era for Kenya’s Infrastructure as Treasury CS Appoints National Infrastructure Fund Board

By Edwin Macharia

Kenya has taken a major step toward transforming the financing of its infrastructure projects after National Treasury Cabinet Secretary John Mbadi appointed six members to the newly established National Infrastructure Fund Board.

The appointments, which took effect on July 8, 2026, officially mark the start of operations for the National Infrastructure Fund, a key initiative designed to mobilize local resources for the country’s long-term infrastructure development.

Announcing the appointments, Mbadi said they were made under the provisions of the National Infrastructure Fund Act, 2026.

“In exercise of the powers conferred by Section 13(1) of the National Infrastructure Fund Act, 2026, the Cabinet Secretary for the National Treasury appoints the following persons to the Board,” he said.

The newly constituted board brings together experienced professionals from both the public and private sectors. Among the appointees is James Mworia Mwirigi, the Group Chief Executive Officer of Centum Investment Company Plc, one of East Africa’s largest listed investment firms. His appointment is expected to strengthen the fund with extensive investment and corporate finance expertise.

The other board members are Fahima Ali Ahmed Zein, Christopher Kibui Maranga, Latoya Ouna, Lawrence Kibet, and Mohammed Abdirahman Hassan.

The appointments follow the enactment of the National Infrastructure Fund Act after President William Ruto assented to the legislation in March 2026. The fund is intended to reduce Kenya’s dependence on external borrowing by mobilizing domestic capital to finance major development projects.

The government aims to raise approximately KSh5 trillion over the next decade to finance strategic infrastructure projects, including roads, railways, ports, airports, and energy facilities.

Under the law, the board will be chaired by Treasury CS John Mbadi and will also include statutory members such as the Governor of the Central Bank of Kenya and the Attorney General.

One of the board’s immediate responsibilities will be recruiting a Chief Executive Officer to oversee the day-to-day management of the fund and spearhead its implementation.

The first major project expected to receive financing from the National Infrastructure Fund is the planned expansion and modernization of Jomo Kenyatta International Airport (JKIA), a project estimated to cost about KSh20 billion. The government intends to finance the project primarily through locally mobilized resources under the new fund.