Ruto Appoints Full Governing Council to Operationalise National Infrastructure Fund

President William Ruto has appointed the full Governing Council of the newly established National Infrastructure Fund (NIF), marking a key step towards operationalising the strategic financing vehicle.

The council, comprising statutory and independent members, will immediately begin the process of recruiting the Fund’s Board of Directors, which will subsequently appoint a Chief Executive Officer to oversee day-to-day operations.

Treasury Cabinet Secretary John Mbadi has been named Chairperson of the Governing Council. Other statutory members include Central Bank of Kenya Governor Kamau Thugge and Attorney General Dorcas Oduor.

The council also brings together prominent figures from the financial and corporate sectors. Among them is Prof Benedict Oramah, who chairs the Board of Directors of the Fund for Export Development in Africa (FEDA) and the African Medical Centre of Excellence (AMCE), and is the immediate former President and Chairperson of the Board of the African Export-Import Bank (Afreximbank).

Also appointed is Faith Boinett, an advocate of the High Court of Kenya and current Chairperson of Kenya Pipeline Company, with previous service in state corporations and the Privatisation Commission.

KCB Group Chief Executive Officer Paul Russo, who also chairs the Kenya Bankers Association Governing Council, has been appointed alongside Richard Etemesi, Chairperson of Liberty Holdings Limited.

According to the Gazette notice, the establishment of the NIF is “a transformative step” towards inclusive development, positioning the fund as a shift from Kenya’s traditional debt-driven infrastructure financing model to a more sustainable, investment-led approach.

The Fund is expected to mobilise private capital and accelerate the delivery of commercially viable infrastructure projects across the country.

The Governing Council will be responsible for overseeing initial capitalisation, setting up governance frameworks, and developing the project pipeline, while also spearheading the recruitment of the Fund’s Board and CEO.

Observers say the success of the NIF will depend on how quickly it establishes clear governance structures, ensures transparency in project selection, and effectively engages private sector investors to unlock financing for Kenya’s infrastructure ambitions.

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