John Mbadi has appointed six members to the National Infrastructure Fund (NIF) Board, marking a key step in operationalising the newly established infrastructure financing vehicle aimed at reducing Kenya’s reliance on public debt. The appointments, effective July 8, 2026, will run for a three-year term and bring together professionals drawn from corporate finance, engineering, law, public administration, investment management, and corporate governance.
The newly appointed National Infrastructure Fund Board members are James Mworia Mwirigi, Fahima Ali Ahmed Zein, Christopher Kibui Maranga, Latoya Ouna, Lawrence Kibet, and Mohammed Abdirahman Hassan. The appointments come as Kenya seeks to transition from a debt-funded infrastructure development model towards an investment-led approach that leverages private capital, institutional investors, and commercially structured financing models.
National Infrastructure Fund Board Members and Their Expertise
James Mworia Mwirigi, the Managing Director and Chief Executive Officer of Centum Investment Company, joins the board with extensive experience in private equity, asset management, real estate investment, and institutional capital mobilisation. Mworia, who is also an advocate of the High Court of Kenya and a certified public accountant, is expected to provide private sector insight into structuring large-scale investments and attracting long-term capital for infrastructure projects.
Lawrence Kibet, the Director General for Public Investments and Portfolio Management at the National Treasury of Kenya, brings expertise in public finance administration, macroeconomic policy, and management of government investments. His role is expected to strengthen coordination between the fund and government policy frameworks while ensuring compliance with public investment guidelines.
Eng. LaToya Ouna Kavisi, a senior structural engineer at Koei Africa Co. Ltd., adds technical expertise in infrastructure development, construction contracts, procurement, and engineering standards. Ouna is a chartered structural engineer and procurement specialist with experience in infrastructure design, feasibility assessment, and dispute resolution under international construction frameworks.
Mohammed Abdirahman Hassan, a veteran investment banker, financial analyst, and fund manager, brings experience in capital markets, investment structuring, asset valuation, and capital mobilisation. His background in investment banking is expected to support the fund’s objective of attracting domestic and international private investors into infrastructure projects.
Christopher Kibui Maranga, a commercial law specialist, joins the board with expertise in corporate governance, regulatory frameworks, statutory compliance, and public-private partnership (PPP) legal structures. His role will involve guiding the fund on legal requirements under the National Infrastructure Fund Act and ensuring infrastructure investments meet governance standards.
Fahima Ali Ahmed Zein, a corporate governance and human resource expert, brings experience in institutional capacity building, financial strategy, compliance systems, and organisational development. She will support the establishment of the fund’s internal structures, including recruitment processes for senior management and the first Chief Executive Officer of the institution.
National Infrastructure Fund Targets KSh 5 Trillion Infrastructure Financing
The National Infrastructure Fund was created under the National Infrastructure Fund Act of 2026 to provide a new financing framework for Kenya’s large-scale development projects. Unlike traditional government-funded infrastructure programmes that rely heavily on taxation and borrowing, the fund is designed as a commercially driven investment institution that mobilises capital from private and institutional investors.
The fund targets raising up to KSh 5 trillion over the next decade by attracting investments from pension funds, insurance companies, sovereign wealth funds, collective investment schemes, and international financiers. The NIF is expected to operate as a bridge between government infrastructure priorities and private sector capital by packaging viable projects into investment opportunities capable of generating sustainable returns.
Moving Kenya from Debt-Funded to Investment-Led Infrastructure Development
A key mandate of the National Infrastructure Fund Board will be developing structures that attract private capital while reducing pressure on the national budget. The fund is expected to crowd in private investment by leveraging government contributions to unlock larger pools of institutional financing. The model aims to encourage long-term investors to participate in infrastructure projects through equity investments, blended financing arrangements, and project-specific funding structures.
The board will also oversee the identification and evaluation of infrastructure projects to determine their financial, technical, and environmental viability before approval.
Priority sectors expected to benefit from the fund include transport, energy, ICT, water, and agricultural infrastructure. Among the projects expected to benefit from alternative financing models are expansion of the Jomo Kenyatta International Airport, road development programmes, extension of the Standard Gauge Railway, power transmission infrastructure, and irrigation projects aimed at improving food security.
National Infrastructure Fund to Strengthen Project Governance
Beyond financing, the National Infrastructure Fund Board will be responsible for establishing governance structures, financial controls, and risk management frameworks to protect public and private investor interests. The board will oversee recruitment of executive leadership, development of operational policies, and creation of investment procedures to guide how projects are selected and financed.
The fund will also assess infrastructure proposals submitted by government agencies, ensuring projects meet commercial viability standards and deliver value for money. Through stronger project screening and monitoring mechanisms, the NIF aims to reduce delays, cost overruns, and inefficiencies that have historically affected major public infrastructure programmes.
Fund Restricts General Borrowing to Protect Taxpayers
The National Infrastructure Fund will operate under strict borrowing restrictions designed to prevent accumulation of unsustainable liabilities. The fund cannot undertake general borrowing for unspecified projects. Any debt obligations must be linked to specific infrastructure assets through Special Purpose Vehicles (SPVs), ensuring financing remains tied to identifiable projects with clear revenue streams.
The framework is intended to protect taxpayers while allowing commercially viable infrastructure projects to access structured financing.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.