President William Ruto has appointed a governing council for the National Infrastructure Fund, signalling a shift to investment-led development.
The council, chaired by Treasury Cabinet Secretary John Mbadi, includes top state officials and private sector leaders tasked with mobilising private capital and overseeing commercially viable infrastructure projects under the new law.
The appointment made on Wednesday comes after the enactment of the National Infrastructure Fund Act, 2026, under Article 116 of the Constitution.
“It is notified that His Excellency the President has appointed members to the Governing Council of the National Infrastructure Fund,” the statement said.
The move marks a key step in operationalising a framework that the government says will transform how infrastructure is financed in Kenya.
“The establishment of the Fund is a transformative step in the nation’s journey towards inclusive development,” the statement added.
The new law is designed to reduce dependence on borrowing while encouraging private sector participation in financing development projects.
“The Act anchors a strategic shift from a predominantly debt-driven model to a sustainable, investment-led approach, designed to mobilise private capital and enhance delivery of commercially viable infrastructure projects,” the statement said.
Other statutory members include Kamau Thugge, Governor of the Central Bank of Kenya, and Dorcas Agik Oduor, the Attorney-General.
The council also includes independent members drawn from across the continent and beyond, reflecting a mix of expertise in finance, governance and development.
Among them is Benedict Oramah, a former President of the African Export-Import Bank.
“The appointee is the Chairperson of the Board of Directors of the Fund for Export Development for Africa and the African Medical Centre of Excellence,” the statement said.
It added that he “brings extensive experience in trade finance and development, having held senior leadership roles across the continent.”
Another independent member is Faith Boinett, an advocate of the High Court of Kenya with experience in governance across state institutions.
“She has experience in public sector governance, having served in various State corporations and institutions, including the Privatization Commission,” the statement said.
Paul Russo, Chief Executive Officer of KCB Group, also joins the council, bringing decades of experience in banking and financial services.
“He has extensive experience in banking and financial services, having previously held leadership roles as Managing Director of the National Bank of Kenya and senior positions at Absa Bank Kenya PLC, PricewaterhouseCoopers, and East African Breweries Limited,” the statement said.
The council further includes Richard Etemesi, described as a seasoned executive with international experience.
“He is a seasoned financial services executive with over three decades of experience across Africa, Asia, and the Middle East,” the statement added.
The appointments have been formally published in the Kenya Gazette as Notice No. 4796 of 2026.
The newly constituted council is expected to move swiftly to establish the operational structures of the fund.
“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 operationalisation of the Fund,” the statement said.
The National Infrastructure Fund is part of broader government efforts to accelerate development while maintaining fiscal sustainability.
By focusing on commercially viable projects and mobilising private capital, the fund is expected to play a central role in supporting infrastructure expansion across Kenya.
The announcement was signed by Felix Koskei, Chief of Staff and Head of the Public Service, signalling the administration’s commitment to implementing the new framework.
