Ruto Appoints Mbadi, Thugge, Russo & 4 Others to National Infrastructure Fund Governing Council
President William Ruto has appointed a high-profile team of financial and policy experts to the Governing Council of the newly established National Infrastructure Fund (NIF), a flagship initiative aimed at transforming how Kenya finances major development projects.
The appointments, announced through a gazette notice, follow the enactment of the National Infrastructure Fund Act, which provides the legal framework for the fund’s establishment and operations. The NIF is expected to mobilize up to Ksh5 trillion to finance large-scale infrastructure projects across the country.
“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 stated.
Among the notable appointees is Paul Russo, the Chief Executive Officer of KCB Group PLC and Chairperson of the Kenya Bankers Association Governing Council. With over two decades of experience in banking and financial services, Russo’s inclusion is widely seen as strategic, given the fund’s central role in structuring and approving financing agreements.
Also appointed is Benedict Oramah, a seasoned development finance expert and former President of the African Export-Import Bank. Oramah currently chairs the Fund for Export Development for Africa (FEDA) and the African Medical Center of Excellence (AMCE), and is expected to bring extensive continental experience in trade finance and infrastructure investment.
Other members named to the council include Faith Boinett and Richard Etemesi, alongside senior government officials such as National Treasury Cabinet Secretary John Mbadi and Central Bank of Kenya Governor Kamau Thugge, among others.
According to State House, the diverse composition of the council is intended to combine public sector oversight with private sector expertise, ensuring that the fund operates efficiently while maintaining accountability and transparency.
The National Infrastructure Fund, unveiled by President Ruto in late 2025, represents a shift in Kenya’s approach to financing development. Rather than relying heavily on external borrowing, the government plans to mobilize capital through a private-sector-led investment model.
The fund is expected to finance several flagship projects critical to Kenya’s economic growth and regional competitiveness. These include the expansion of the Standard Gauge Railway to Malaba and the modernization of Jomo Kenyatta International Airport.
Earlier this year, President Ruto indicated that the government aims to raise at least Ksh2.5 trillion—half of the targeted amount—within a short timeframe. Speaking at a leadership event in Nairobi, he expressed confidence in the model’s ability to attract both local and international investors.
“The fund will enable us to mobilize resources in a sustainable way without overburdening the country with debt,” the President said at the time.
The initiative aligns with President Ruto’s broader economic vision of transforming Kenya into a globally competitive economy, often described as his “Singapore-style” development agenda.
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Ruto Appoints Mbadi, Thugge, Russo & 4 Others to National Infrastructure Fund Governing Council
