Treasury Cabinet Secretary John Mbadi has appointed six members to the Board of the National Infrastructure Fund (NIF), in a move aimed at advancing the operationalisation of the newly created fund.
The appointments were published in a special issue of the Kenya Gazette on Wednesday, July 8, and took effect immediately.
According to the gazette notice, the new board members are James Mworia Mwirigi, Fahima Ali Ahmed Zein, Christopher Kibui Maranga, Latoya Ouna, Lawrence Kibet and Mohammed Abdirahman Hassan.
Mwirigi is a lawyer, accountant and business executive who currently serves as the Managing Director and Chief Executive Officer of Centum Investment Company.
Kibet currently serves as the Director General for Public Investments and Portfolio Management at the National Treasury.
The appointments come as the government accelerates efforts to make the National Infrastructure Fund fully operational.
The fund was established to create a long-term financing mechanism for major infrastructure projects while reducing dependence on borrowing.
The NIF attracted national attention earlier this year after the government transferred Ksh103.45 billion in net proceeds from the sale of a 65 per cent stake in Kenya Pipeline Company into the fund as seed capital.
Under the same financing strategy, the Treasury has also earmarked proceeds from the planned partial sale of the government's stake in a leading telecommunications company as an additional source of funding.
The transaction is projected to raise about Ksh244 billion, including Ksh204 billion from the sale of shares and Ksh40.2 billion paid upfront in lieu of future dividends.
Among the flagship developments expected to be financed through the fund is the Ksh154.2 billion first phase of the modernisation of Jomo Kenyatta International Airport (JKIA), a project the government says will boost passenger capacity and strengthen cargo handling facilities.
Preliminary works on the project have already commenced at the airport.
The modernisation programme will involve upgrading existing terminals and airfield infrastructure, as well as constructing a new passenger terminal that will increase JKIA's annual passenger handling capacity from 7.5 million to about 22 million.
The fund is also expected to finance the planned expansion of the roughly 160-kilometre Nairobi–Namanga Highway into a dual carriageway complete with toll stations.
