NAIROBI, Kenya- President William Ruto has unveiled the team that will steer the newly established National Infrastructure Fund (NIF), bringing together a mix of top state officials and seasoned private sector players to oversee the ambitious Sh5 trillion initiative.
The appointments signal the start of the Fund’s operational phase, which is expected to reshape how Kenya finances major infrastructure projects.
At the centre of the Governing Council is Treasury Cabinet Secretary John Mbadi, who will serve as Chairperson.
He is joined by Kamau Thugge, the Governor of the Central Bank of Kenya, and Dorcas Oduor, the Attorney General, both bringing critical experience in fiscal policy and legal oversight.
Together, they form the core of the state representation within the Fund.
Private sector heavyweights
The council also features prominent figures drawn from banking, law, and international finance, reflecting a deliberate push to anchor the Fund on technical expertise.
Benedict Oramah
A towering figure in African development finance, Oramah is the immediate former President and Board Chair of the African Export-Import Bank.
He currently chairs the Fund for Export Development in Africa and the African Medical Centre of Excellence, bringing decades of experience in mobilising capital across the continent.
“He brings extensive experience in trade finance and development, having held senior leadership roles across the continent,” said Head of Public Service Felix Koskei.
Faith Boinett
An advocate of the High Court of Kenya, Boinett serves as Chairperson of Kenya Pipeline Company.
She adds legal and governance expertise, particularly in state corporations and regulatory frameworks.
“She has experience in pubic sector governance, having served in various state corporations and institutions, including the Privatization Commission,” Boinett said.
Paul Russo
Russo is the Chief Executive Officer of KCB Group and Chairperson of the Kenya Bankers Association Governing Council.
His presence signals strong alignment with the banking sector, crucial for structuring large-scale project financing.
Richard Etemesi
Etemesi chairs Liberty Holdings Limited and is a veteran financial services executive with over 30 years’ experience across Africa, Asia and the Middle East.
He previously held senior leadership roles at Standard Chartered Bank, including CEO positions in multiple markets.
What the law demands
The National Infrastructure Fund Act, 2026 requires that all non-state members:
- Have at least 10 years’ leadership experience
- Possess expertise in finance, law, engineering or infrastructure
- Meet strict integrity and independence thresholds
The appointments appear to reflect these requirements, combining public oversight with private sector discipline.
Mandate: Oversight, not execution
The Governing Council will not run projects directly. Instead, it will:
- Set the Fund’s strategic direction
- Approve investment policies
- Recruit the Board of Directors
- Safeguard transparency and accountability
Day-to-day operations will be handled by an independent board, creating a clear separation between policy and execution.
A Sh5 trillion gamble
The NIF represents a major shift from Kenya’s traditional reliance on debt-funded infrastructure.
It is designed to:
- Attract private and institutional investors
- Finance projects in transport, energy, water and digital infrastructure
- Support the construction of highways, railways and ports
President Ruto has framed the Fund as a game-changer, aimed at unlocking capital while easing pressure on public debt.
The stakes
While the calibre of the appointees has drawn attention, scrutiny remains high.
Lawmakers and stakeholders have raised concerns over governance risks, prompting the inclusion of safeguards such as:
- Parliamentary oversight of investment policy
- Strict penalties for misuse of funds
- Competitive recruitment processes
What comes next
With the council now in place, focus shifts to the appointment of the Board of Directors and the rollout of the first batch of projects.
If successful, the National Infrastructure Fund could redefine Kenya’s development financing model.
But its credibility and impact will ultimately depend on transparency, execution, and the ability to attract investor confidence.
