Ruto makes 7 new appointments to National Infrastructure Fund governing council

President William Ruto has appointed a Governing Council to steer the newly established National Infrastructure Fund, marking a significant shift in how Kenya plans to finance major development projects.

In a presidential notification issued under the Executive Office of the President, the appointments follow the enactment of the National Infrastructure Fund Act, 2026, which came into force pursuant to Article 116 of the Constitution.

The new fund is designed to move Kenya away from a debt-heavy development model towards an investment-led approach that attracts private capital into commercially viable infrastructure projects.

The council brings together top government officials and private sector heavyweights.

National Treasury Cabinet Secretary John Mbadi will serve as Chairperson.

He will be joined by statutory members, including Central Bank Governor Kamau Thugge and Attorney-General Dorcas Oduor.

The President also appointed four independent members drawn from across Africa’s financial and legal sectors:

• Benedict Oramah, former President of African Export-Import Bank, brings decades of experience in trade finance and development.

• Faith Boinett, a lawyer and current chairperson of Kenya Pipeline Company.

• Paul Russo, Chief Executive Officer of KCB Group and chair of the Kenya Bankers Association Governing Council.

•   Richard Etemesi, a veteran financial services executive with leadership experience across multiple continents.

According to the presidency, the National Infrastructure Fund is expected to unlock private investment into sectors such as transport, energy, and housing by creating a structured platform for commercially viable projects.

The move is seen as part of a broader strategy to ease pressure on public debt while accelerating infrastructure delivery.

The newly appointed council’s immediate task will be to oversee the recruitment of the Fund’s Board of Directors. The board will then appoint a Chief Executive Officer responsible for running the fund’s day-to-day operations.

The appointments have been formalised through Kenya Gazette Notice No. 4796 of 2026.