Treasury Cabinet Secretary John Mbadi has appointed six members to the Board of the National Infrastructure Fund (NIF), paving the way for the full operationalisation of the government’s flagship infrastructure financing vehicle.
The appointments were published in a special issue of the Kenya Gazette on Wednesday and take effect immediately.
Those named to the board are Centum Investment Company Managing Director and Chief Executive Officer James Mworia Mwirigi, Fahima Ali Ahmed Zein, Christopher Kibui Maranga, Latoya Ouna, National Treasury Director General for Public Investments and Portfolio Management Lawrence Kibet, and Mohammed Abdirahman Hassan.
The appointments come as the government steps up efforts to make the National Infrastructure Fund fully operational. The fund was established to provide a long-term source of financing for major infrastructure projects while reducing the country’s dependence on external borrowing.
The NIF received a major boost earlier this year after the government injected Ksh103.45 billion raised from the sale of a 65 per cent stake in the Kenya Pipeline Company, providing the fund with its initial capital.
The Treasury has also identified proceeds from the planned partial sale of the government’s stake in a leading telecommunications company as another source of funding. The transaction is expected to raise about Ksh244 billion, including Ksh204 billion from the sale of shares and Ksh40.2 billion paid upfront in lieu of future dividends.
One of the key projects expected to benefit from the fund is the first stage of the Ksh154.2 billion modernization of Jomo Kenyatta International Airport (JKIA), on which work is already underway.
The development of the project will lead to an increase in the airport’s capacity of passengers per year from seven and a half million to twenty-two million per year through the construction of a new terminal and development of existing terminals and airfield facilities.
Other key projects expected to benefit from the fund include the development of Nairobi-Namanga Highway, which will be expanded into a dual carriageway and the construction of toll gates along the highway.
