Kindiki hails National Infrastructure Fund Act, cites roads, power and dams plan

Speaking on Monday during the UDA Local Leaders Meeting in Mombasa, DP Kindiki said the fund will be an “entirely Kenyan” vehicle built on proceeds from privatisation and divestiture, adding that each shilling raised from those proceeds would attract 10 shillings from the private sector.

He said the fund will be invested in commercially viable infrastructure projects that can deliver economic returns.

His remarks come hours after President Ruto signed the National Infrastructure Fund Bill into law at State House, Nairobi, saying the fund would help Kenya narrow an infrastructure financing gap estimated at about $4 billion (KSh516 billion) annually.

Ruto said the fund is expected to raise up to KSh5 trillion to finance key projects, including roads, railways, ports, airports, logistics corridors, irrigation and water storage, as well as reliable energy to power industry.

Kindiki listed proposed projects to be supported by the fund, including the extension of the railway to the Uganda border, a new international airport, expanded seaports, and the construction of 28,000 kilometres of new roads, including 2,500 kilometres of dual carriageways.

He also said the plan includes adding 10,000 megawatts of electricity to power industrial growth, and building water infrastructure comprising 50 large dams, 200 mid-size dams and 1,000 small dams to support agriculture.

Kindiki said the National Infrastructure Fund Act, alongside the proposed Sovereign Wealth Fund Act, would “recalibrate” Kenya’s future for the benefit of current and future generations