President William Ruto has officially constituted the inaugural Governing Council of the National Infrastructure Fund.
The newly established Fund is expected to play a central role in Kenya’s long-term development agenda, anchoring a transition from a debt-driven financing model to a more sustainable, investment-led approach as the government aims to accelerate the delivery of commercially viable infrastructure projects critical to economic transformation.
The Executive Office of the President described the establishment of the Fund as a “transformative step” in advancing inclusive development, with the legal framework coming into force.
Mbadi Named Council Chairperson
The Governing Council brings together a mix of top government officials and seasoned private sector leaders with expertise in finance, law, and infrastructure development.
The Council will be chaired by Treasury Cabinet Secretary John Mbadi Ng’ongo. Statutory members include Central Bank Governor Kamau Thugge and Attorney-General Dorcas Agik Oduor.
Among the independent members is renowned African financier Benedict Oramah, who brings extensive experience in trade finance and continental development. His leadership credentials include heading the African Export-Import Bank and chairing key development institutions across Africa.
Also appointed is governance expert Faith Boinett, an advocate with a strong track record in public sector reforms and state corporations.
Banking sector representation comes through Paul Russo, who currently leads KCB Group and chairs the Kenya Bankers Association Governing Council, bringing vast experience in financial services.
Rounding off the team is Richard Etemesi, a veteran financial services executive with over three decades of leadership experience across multiple global markets.
Immediate Focus on Operationalizing the Fund
According to the Executive Office, the Council’s first mandate will be to oversee the recruitment of the Fund’s Board of Directors. The Board will then appoint a Chief Executive Officer tasked with driving the Fund’s day-to-day operations.
The appointments have been formally published in the Kenya Gazette, marking the official commencement of the Fund’s governance framework.
The National Infrastructure Fund is envisioned as a key engine in Kenya’s ambition to achieve first-world economic status.
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