President William Ruto has announced that the expansion of Jomo Kenyatta International Airport (JKIA) will be the first project financed under the newly established National Infrastructure Fund (NIF).
Ruto made the announcement on Monday, March 9, after signing the NIF Bill into law. The fund is designed to raise over KSh5 trillion over the next ten years to support large infrastructure projects across the country.
“I am pleased to say that the JKIA expansion will be the first major project under the NIF. I know this might sound too good to be true, but it is real,” the President said.
The government plans to use KSh20 billion from the sale of the Kenya Pipeline Company (KPC) as seed money for the airport expansion. Ruto encouraged other investors, including pension funds and insurance companies, to put money into the fund to support JKIA and future development projects.
The NIF will operate as a corporate body, able to own property, enter contracts, and invest in projects, but it will not be allowed to borrow money against its balance sheet.
Treasury Cabinet Secretary John Mbadi said the fund will be managed by a seven-member board, chaired by an independent director. The board will include four independent directors and two experts in development banking. Strict rules will prevent members from recent government jobs or political ties to maintain independence.
Mbadi explained that the board will report to the Treasury CS four times a year, while the CS will report to Cabinet twice a year and to the National Assembly at least once a year.
The JKIA expansion marks the start of a major push to modernize Kenya’s infrastructure and attract more investment in key projects under the NIF.