NAIROBI, Kenya-President William Ruto has appointed members of the Governing Council of the newly established National Infrastructure Fund (NIF), setting the stage for the operationalisation of the multi-trillion shilling development vehicle.
The appointments come just weeks after the National Infrastructure Fund Act, 2026, was signed into law, a landmark policy expected to mobilise nearly Sh5 trillion to finance Kenya’s long-term infrastructure ambitions.
Key appointments
At the helm of the powerful council is Treasury Cabinet Secretary John Mbadi, who has been named Chairperson of the Governing Council.
He will work alongside top state officials and appointed members drawn from finance and public policy backgrounds, in line with the law that requires a mix of public officers and independent professionals.
Among those included in the council are:
- Central Bank of Kenya Governor Dr Kamau Thugge
- Attorney General Dorcas Oduor
- Six additional non-state members appointed by the President
The six others are Prof Benedict Oramah, Faith Boinett, Paul Russo and Richard Etemesi.
Oramah serves as Chairperson of the Board of Directors of the Fund for Export Development for Africa and the African Medical Centre of Excellence.
He is also the immediate former President and Chairperson of the Board of African Export-Import Bank.
Boinett is an advocate of the High Court of Kenya and serves as Chairperson of Kenya Pipeline Company Limited.
Russo is the Chief Executive Officer of the Kenya Commercial Bank Group PLC.
He is also the chairperson of the Kenya Bankers Association Governing Council.
Etemesi is the Chairperson of Liberty Holdings Limited.
“He is a seasoned financial services executive with over three decades of experience across Africa, Asia, and the Middle East, including senior leadership roles at Standard Chartered Bank, where he served as Chief Executive Officer in multiple jurisdictions,” Head of Public Service Felix Koskei said.
The law mandates that these non-public members must possess proven leadership and at least a decade of experience in fields such as finance, law, or engineering.
What the council will do
The Governing Council is a high-level oversight organ designed to provide strategic direction and safeguard the Fund’s assets, without interfering in day-to-day operations.
Its core responsibilities include:
- Overseeing the Fund’s investment policy
- Recruiting the Board of Directors
- Ensuring accountability and transparency in the use of funds
Importantly, the structure creates a clear separation between policy oversight and operational management, with an independent board expected to handle daily execution.
A Sh5 trillion vision
The National Infrastructure Fund marks a significant shift in how Kenya plans to finance mega projects.
Unlike previous models that relied heavily on borrowing, the NIF is designed to:
- Attract private and public investment
- Fund projects in transport, energy, water, and digital infrastructure
- Support the construction of highways, railways, ports, and other strategic assets
President Ruto has described the fund as a game-changer, aimed at reducing debt dependency while accelerating economic growth.
Despite its ambitious scope, the fund has faced scrutiny from lawmakers and stakeholders over governance risks and potential executive overreach.
To address these concerns, Parliament introduced several safeguards, including:
- Mandatory approval of the Fund’s investment policy by the National Assembly
- Strict penalties for misappropriation, including hefty fines and jail terms
- Competitive recruitment of board members to ensure professionalism
What next
With the Governing Council now in place, attention shifts to the recruitment of the Board of Directors and the rollout of the Fund’s first investment pipeline.
If successfully implemented, the NIF could redefine Kenya’s development financing model, but its success will hinge on transparency, governance, and investor confidence.
