President William Ruto has announced that the expansion of Jomo Kenyatta International Airport (JKIA) will be the first major project funded under the newly established National Infrastructure Fund (NIF).
The announcement came on Monday, March 9, following Ruto’s signing of the National Infrastructure Fund Bill into law. The NIF is designed to mobilise over KSh 5 trillion over the next 10 years for large-scale infrastructure projects across Kenya.
“I am pleased to announce that the expansion of JKIA will be the first major project financed under this new financing model,” Ruto stated, adding that the initiative provides a unique opportunity for private investors to participate.
The government will allocate KSh 20 billion from the proceeds of the Kenya Pipeline Company (KPC) sale as seed money for the airport expansion.
Ruto encouraged pension funds, insurance companies, and other investor collectives to contribute to the fund and support the development of JKIA and other infrastructure projects.
The NIF will operate as a body corporate capable of owning property, entering contracts, and investing in projects, but it is prohibited from borrowing against its balance sheet.
Oversight will be provided by a seven-member Board of Directors, chaired by an independent director. The board will include four independent directors and two development banking experts, with strict rules preventing members from recent government employment or political affiliations to ensure independence.
Treasury Cabinet Secretary stated that the NIF board will report to the Treasury CS four times a year, who will in turn report to Cabinet twice a year and to the National Assembly at least once annually.
This structured approach aims to guarantee transparency, accountability, and efficient mobilisation of resources for Kenya’s ambitious infrastructure agenda.
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