About KES20 billion raised from the recently concluded Kenya Pipeline Company initial public offering will be channeled toward upgrading the Jomo Kenyatta International Airport (JKIA). The expansion project is also structured to attract additional funding from local institutional investors.

This investment forms part of the financing framework envisioned under the KES5 trillion National Infrastrucre Fund (NIF) Bill, which President William Ruto has signed into law on Monday.

"The fund [NIF] is a model that has been adopted successfully around the world. Examples include the Nigeria Infrastructure Fund established in 2011, the Ghana Infrastructure Investment Fund in 2014, India’s National Investment and Infrastructure Fund in 2015, the Canada Infrastructure Bank in 2017, the United Kingdom’s National Wealth Fund and South Africa’s Infrastructure Fund," said the President after signing into law the KES5 trillion National Infrastructure Bill, 2026.

He added, “The KPC IPO has generated KES106 billion that will be used to capitalise the National Infrastructure Fund. Our goal is to leverage this capital at least 12 times, mobilising up to KES1.2 trillion for infrastructure investment. Over time, this model will enable Kenya to mobilise close to KES5 trillion in infrastructure investments over the next decade.”

According to Dr. Ruto, the NIF is modelled to help switch Kenya's financing for mega projects away from the current debt financing to heavily sourcing from public and private capital sources. 

His administration seeks to tap resources under NIF to support the production of 10,000 megawatts of clean energy, set up of 50 mega dams, 200 micro-dams and over 1,000 small dams. It will also fund the construction of 2,500km of dual carriageways and 28,000km of roads across Kenya.

The President hinted at diversification of a number of state owned enterprises such as the Kenya Airports Authority, Kenya Ports Authority, Kenya Railways, Kenya Electricity Transmission Company (KETRACO), Geothermal Development Company, and the National Cereals and Produce Board.

“Over time, these entities will access capital markets and the proceeds will allow us to build even more infrastructure for the future,” Dr. Ruto explained.

Sponsored by National Assembly Majority Leader and Kikuyu MP Kimani Ichung’wah, the NIF law focuses on establishing a fund that will prioritize investments in Kenya's core infrastructure as roads, railways, ports, energy and irrigation.

Other than the expansion of JKIA, other key projects that are in the pipeline for financing from the NIF include construction of the Loosuk–Lessos power transmission link, the Rironi–Naivasha–Mau Summit road, the Standard Gauge Railway (SGR) extension from Naivasha to Malaba and the Galana-Kulalu irrigation project.

NIF management

At the moment, the NIF will be managed by four independent directors recruited by the governing council; three public officers appointed based on their expertise; and a CEO, who will be an ex officio member.

NIF's maiden governing council comprised of Treasury Cabinet Secretary John Mbadi, Central Bank of Kenya Governor Dr. Kamau Thugge, the Attorney General and six other members who are not public officers.

On Monday, the President also ascended to the Judges’ Retirement Benefits Bill, effectively creating a law that is meant to firm up the Judiciary and reinforces its independence by guaranteeing retirement benefits and safeguarding security of tenure for judges.

The new law establishes a Judges’ Retirement Benefits Fund for judges appointed after the commencement of the Act, with judges contributing 7.5 percent of their basic salary and the Government contributing 15 percent.

The new law also provides additional benefits to judges, including medical cover, diplomatic passports and access to government airport lounges.

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