NAIROBI, Kenya — President William Ruto on Tuesday sought to allay investor concerns over political interference in Kenya’s proposed National Infrastructure Fund and Sovereign Wealth Fund, pledging strict governance safeguards to insulate the institutions from partisan control.
Ruto assured capital market players that neither politicians nor political appointees would be allowed to manage the two funds, saying their design would prioritise professionalism, independence, and long-term public value.
“Anybody who has been in the public sector must have a five-year cool-off period before they can be considered to be part of the board of these institutions,” Ruto said.
“We want to depoliticise and de-risk these institutions so that they can serve the greater good of the public.”
The President was speaking on Tuesday, February 10, in Nairobi during the launch of the Safaricom Ziidi Trader platform at the Nairobi Securities Exchange, an initiative that integrates stock market trading into the M-Pesa ecosystem.
The platform is expected to widen access to capital markets by allowing users to buy and sell shares, bonds, and other securities listed on the NSE directly through their mobile phones.
Ruto said the integration would lower entry barriers to investing and deepen domestic participation in capital markets, particularly among youth and women.
“Through this platform, millions of Kenyans will gain simple, affordable, and convenient access to investment opportunities,” he said, describing the move as a major step toward financial inclusion.
The governance assurances come as the government advances an ambitious 10-year national transformation agenda centred on large-scale infrastructure development.
Ruto outlined key targets under the plan, including the dualling of 2,500 kilometres of highways, the tarmacking of an additional 28,000 kilometres of roads, and the expansion of installed electricity generation capacity from about 3,300 megawatts to at least 10,000 megawatts.
The agenda also includes the construction of 50 mega dams, 200 mini-dams, and 1,000 micro-dams aimed at bringing at least 2.5 million acres of land under irrigation to boost food security, climate resilience, and rural economic growth.
According to the President, delivering projects of that scale will require mobilising close to Sh5 trillion over the next decade.
“To achieve this, we are pursuing the structured divestiture of strategic national assets to unlock long-term development capital,” Ruto said, adding that the proceeds would be channelled through the National Infrastructure Fund and the Sovereign Wealth Fund to crowd in private sector investment.
The National Infrastructure Fund is envisioned as a government financing vehicle to mobilise and manage long-term capital for major public projects, pooling resources from the State, development partners, pension funds, sovereign investors, and private capital.
It is expected to finance projects across roads, rail, ports, energy, water, housing, and digital infrastructure.
The Sovereign Wealth Fund, by contrast, is intended to manage surplus national wealth for long-term returns and macroeconomic stability. Such funds are typically financed through excess revenues, privatisation proceeds, or returns from strategic assets.
