NIF: Ruto Announces First Multi-Billion Shilling Project Under Infrastructure Fund
Expansion of the Jomo Kenyatta International Airport (JKIA) will be the first infrastructure project financed under the National Infrastructure Fund (NIF), President William Ruto has announced.
The Head of State revealed this on Monday, March 9, after signing into law the National Infrastructure Fund (NIF) Bill.
The fund is engineered to mobilise over Ksh5 trillion in the next 10 years for large-scale infrastructure development projects in the country.
“I am pleased to announce that the expansion of JKIA will be the first major project financed under this new model of financing under the NIF, and I know this looks too good to be real,” Ruto stated.
Ruto has said that the government will utilise Ksh20 billion from the proceeds of the sale of the Kenya Pipeline Company (KPC) as the seed money for the expansion of the 68 year-old international airport.
Ruto has said that other investors should also seize the opportunity and invest their money in the fund to see the expansion of the airport and other development projects.
“We have just announced the contract for the expansion of JKIA, and we will use Ksh20 billion from the proceeds of the Kenya Pipeline IPO as the seed money for the expansion of JKIA,” he added.
“Pension funds, insurance companies, and other collectives should use this opportunity to invest.”
Structured as a body corporate, the fund can own property, enter contracts, and invest in projects, but is barred from borrowing or taking credit against its balance sheet.
Treasury Cabinet Secretary has revealed that the fund will be overseen by a seven-member Board of Directors, chaired by an independent director, with the Treasury CS also sitting on the board.
It will also comprise four independent directors and two development banking experts.
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Additionally, it will have strict rules barring members from recent government employment or political affiliations to safeguard independence.
Mbadi, who was speaking during the assent ceremony, said that the NIF board will be required to report to the treasury four times every year.
“We have two levels of management for this fund,” Mbadi stated.
“The board will be reporting to cs for Treasury four times in a year, and the CS will report to the cabinet at least twice in a year.”
Before adding, “We will also be reporting to the national assembly at least once a year.”
NIF: Ruto Announces First Multi-Billion Shilling Project Under Infrastructure Fund
