President William Ruto has designated Treasury Cabinet Secretary John Mbadi as one of seven members of the Governing Council for the National Infrastructure Fund.
Through an announcement on Wednesday, April 1, Ruto selected Attorney General Dorcus Odour and Central Bank of Kenya Governor Kamau Thugge as Statutory Members.
Professor Benedict Oramah, KCB CEO Paul Russo, Faith Boinett, and Richard Etemesi were selected to join the board of the Ksh5 trillion fund as independent members.
“It is hereby announced that His Excellency the President has nominated members to the Governing Council of the National Infrastructure Fund. This presidential action was taken following the implementation of the National Infrastructure Fund Act, 2026 (Act No. 4 of 2026) in accordance with Article 116 of the Constitution,” the announcement stated in part.
Paul Russo serves as the CEO of KCB Group PLC and Chairperson of the Kenya Bankers Association Governing Council, making his selection one of the notable appointments by President Ruto. With more than two decades of experience in the banking and financial services sector, his appointment may be significant given the fund’s responsibility to approve financing agreements.
Oramah holds the position of Chairperson of the Board of Directors for the Fund for Export Development for Africa (FEDA) and the African Medical Center of Excellence (AMCE), and served as the immediate former President and Chairperson of the Board for the African Export-Import Bank (Afreximbank).
As reported by State House, he is anticipated to contribute his extensive background in trade finance and development to the board, having occupied senior leadership positions throughout the continent.
President William Ruto established the fund late in the previous year, with the objective of transforming the nation’s approach to funding infrastructure projects, moving away from conventional borrowing methods to alleviate the country’s debt challenges.
As outlined by the President, the fund will be financed through a private-sector-driven investment model instead of traditional debt. Primary funding sources encompass proceeds from the privatization of state-owned enterprises, beginning with the Kenya Pipeline Company (KPC), public-private partnerships, pension funds, and institutional investments.
The NIF will facilitate major projects, including the expansion and modernization of Jomo Kenyatta International Airport (JKIA), both vital to Kenya’s regional economic competitiveness.
The President mentioned that the fund will be established this month while speaking at a Methodist Church Leadership event convened at State House in Nairobi.
This development aligns with President Ruto’s Singapore vision, where his administration seeks to advance Kenya from developing to developed nation status.
This governing council will oversee the fund as a Limited Liability Company, structured to function with commercial autonomy and protection from political interference.