Kenya's Infrastructure Boost
Kenya Appoints Six-Member Board to Oversee Trillions in Infrastructure Funding
Key Points
Seed capital details: The government has channelled net proceeds of about KSh 103.45 billion from selling a 65% stake in the Kenya Pipeline Company into the National Infrastructure Fund as seed capital, with an additional potential injection of about KSh 244 billion from a partial telecom divestiture (KSh 204 billion from the share sale plus KSh 40.2 billion upfront).
JKIA Phase 1 modernisation cost: The first phase of the Jomo Kenyatta International Airport upgrade is pegged at roughly KSh 154.2 billion.
Mobilisation target: The National Infrastructure Fund is expected to mobilise nearly KSh 5 trillion over the next decade to finance highways, railways, ports, and related infrastructure projects.
Appointee bios: James Mworia Mwirigi is the Chief Executive Officer of Centum Investment Company, and Lawrence Kibet is the Director General of Public Investments and Portfolio Management at the National Treasury.
Governance and process: The six board members were selected following a vetting process that shortlisted 78 candidates, and the board will operate under the Governing Council as part of the NIF’s governance framework.
Kenya's National Treasury Cabinet Secretary John Mbadi has appointed six people to the inaugural board of the National Infrastructure Fund, with the appointments taking effect July 8, 2026, according to Citizen Digital. The fund is designed to finance major infrastructure projects — roads, railways, ports — without piling on heavy government debt.
The six appointees are James Mworia Mwirigi, Fahima Ali Ahmed Zein, Christopher Kibui Maranga, Latoya Ouna, Lawrence Kibet, and Mohammed Abdirahman Hassan, Nairobi Leo reported. Each will serve a three-year term under the governance framework set out in the National Infrastructure Fund Act.
Private-Sector Veterans Chosen After Vetting 78 Candidates
The six board members were picked from a shortlist of 78 candidates who went through a formal vetting process, according to Top News Kenya. The board sits under a Governing Council and will provide strategic direction, governance, and oversight of the fund's financing and investment activities.
Two names stand out. James Mworia Mwirigi is the CEO of Centum Investment Company, one of Kenya's largest listed investment firms, Capital FM reported. Lawrence Kibet serves as Director General of Public Investments and Portfolio Management at the National Treasury. Together, they bring both private-sector dealmaking and public finance experience to the board.
KSh 103 Billion in Seed Capital Already Flowing Into the Fund
The government has already seeded the fund with about KSh 103.45 billion. That money came from selling a 65% stake in the Kenya Pipeline Company, according to Top News Kenya. The proceeds were channelled directly into the NIF as its starting capital.
More money could follow. A partial sale of a major telecom stake may add roughly KSh 244 billion — KSh 204 billion from the share sale plus KSh 40.2 billion paid upfront. The board's first task will be drafting an initial five-year investment policy framework to guide how all this capital gets deployed, 001 FM reported.
Fund Targets KSh 5 Trillion Over the Next Decade
The NIF has an ambitious goal: mobilise nearly KSh 5 trillion over the next ten years to fund highways, railways, ports, and related projects, Capital FM reported. That figure dwarfs the seed capital and means the board must attract large private and climate finance flows to hit the target.
One flagship project already in scope is the upgrade of Jomo Kenyatta International Airport. Phase 1 of that modernisation alone is pegged at KSh 154.2 billion. CS Mbadi has stressed that the board must operate with accountability and commercial discipline as the fund scales up, according to Citizen Digital.
A Strategic Shift Away From Heavy Government Borrowing
Kenya has long funded public works through loans, leaving the country with a heavy debt burden. The NIF represents a deliberate shift in strategy — using a professionally run investment fund to pull in private money instead of borrowing, Top News Kenya noted.
The board appointments signal that the government is ready to move from planning to action. With seed capital in place and a board now named, the NIF is expected to begin active investment operations quickly. The broader goal is to modernise Kenya's infrastructure without adding to an already stretched national debt, according to 001 FM.
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