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Treasury Cabinet Secretary John Mbadi has appointed six members to the National Infrastructure Fund (NIF) Board. The appointments took effect immediately after publication in a special Kenya Gazette notice.
The newly appointed members are James Mworia Mwirigi, Fahima Ali Ahmed Zein, Christopher Kibui Maranga, Latoya Ouna, Lawrence Kibet and Mohammed Abdirahman Hassan. Their appointment marks another step in operationalising the newly created fund.
Fund Moves Closer to Full Operations
Mwirigi serves as the Managing Director and Chief Executive Officer of Centum Investment Company. He also has experience as a lawyer, accountant and business executive.
Lawrence Kibet currently serves as the Director General for Public Investments and Portfolio Management at the National Treasury. The other appointees will also help oversee the fund’s operations.
Government Eyes Alternative Infrastructure Funding
The government created the National Infrastructure Fund to finance major development projects. The fund aims to reduce dependence on external borrowing for infrastructure financing.
Earlier this year, the government transferred KSh103.45 billion into the fund. The money came from the sale of a 65 percent stake in Kenya Pipeline Company.
Treasury also plans to inject more capital through the partial sale of government shares in a leading telecommunications company. The transaction could raise about KSh244 billion for the fund.
Major Projects Set to Benefit
The fund will finance several large infrastructure projects across the country. One of the flagship investments is the KSh154.2 billion first phase of the Jomo Kenyatta International Airport modernisation.
The project will expand passenger capacity from 7.5 million to about 22 million annually. It will also upgrade airport terminals, airfield facilities and cargo infrastructure.
The National Infrastructure Fund will also support the expansion of the Nairobi–Namanga Highway. The project will convert the 160-kilometre road into a dual carriageway with toll stations.
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