Africa-Press – Kenya. President William Ruto has appointed Treasury Cabinet Secretary John Mbadi as one of seven members of the Governing Council of the National Infrastructure Fund.
In a notice on Wednesday, April 1, Ruto tapped the Attorney General Dorcus Odour and the Central Bank of Kenya Governor Kamau Thugge as Statutory Members.
Professor Benedict Oramah, KCB CEO Paul Russo, Faith Boinett, and Richard Etemesi were appointed to the board of the Ksh5 trillion fund as independent members.
“It is notified that His Excellency the President has appointed members to the Governing Council of the National Infrastructure Fund. This presidential action follows the coming into force of the National Infrastructure Fund Act, 2026 (Act No. 4 of 2026) pursuant to Article 116 of the Constitution,” the notice said in part.
Paul Russo is the CEO of KCB Group PLC and Chairperson of the Kenya Bankers Association Governing Council, and is one of the eye-catching appointments by President Ruto. With over 20 years of experience in the banking and financial services sector, his inclusion could be telling as the fund will be expected to ratify financing agreements.
Oramah is the Chairperson of the Board of Directors of the Fund for Export Development for Africa (FEDA) and the African Medical Center of Excellence (AMCE) and the immediate former President and Chairperson of the Board of the African Export-Import Bank (Afreximbank).
According to the State House, he will be expected to offer his extensive experience in trade finance and development to the board, having held senior leadership roles across the continent.
President William Ruto introduced the fund late last year, aiming to change how the nation funds infrastructure projects, shifting away from the usual borrowing, in a bid to address the country’s debt burden.
According to the President, the fund will be raised through a private-sector-led investment model rather than traditional debt. Key funding sources include proceeds from the privatisation of state-owned enterprises, starting with the Kenya Pipeline Company (KPC), public-private partnerships, pension funds, and institutional capital.
The NIF will drive flagship projects, including expanding the Standard Gauge Railway (SGR) to Malaba and modernising Jomo Kenyatta International Airport (JKIA), both critical to Kenya’s regional economic competitiveness.
The President revealed in February this year that half of that money, Ksh2.5 trillion, will be raised by this month, speaking at the Methodist Church Leadership event held at State House, Nairobi.
This comes in support of President Ruto’s Singapore dream, in which his administration aims to move Kenya from third-world status to a first-world country.
This governing body will govern the fund as a Limited Liability Company, designed to operate with commercial independence and to be insulated from political interference.
