President William Ruto has appointed a Governing Council to oversee the newly established National Infrastructure Fund, naming Treasury Cabinet Secretary John Mbadi as chair of the panel tasked with steering the country toward investment-led infrastructure financing.

In a presidential notification issued Wednesday, the executive office said the council had been constituted following the enactment of the National Infrastructure Fund Act, 2026 — legislation designed to mobilize private capital and reduce Kenya’s reliance on debt for major development projects.

Statutory members of the council include Central Bank Governor Kamau Thugge and Attorney-General Dorcas Agik Oduor.

Independent members appointed by the president include Benedict Oramah, former president of the African Export-Import Bank, Kenya Pipeline Company chairperson Faith Boinett, Paul Russo, CEO of KCB Group, and financial services executive Richard Etemesi.

The presidency said the appointments, published in the Kenya Gazette as Notice No. 4796 of 2026, will allow the council to immediately begin operationalizing the fund.

“The establishment of the Fund [is] a transformative step in the nation’s journey towards inclusive development,” the statement said, noting that the initiative represents a strategic shift from a predominantly debt-driven model to a sustainable investment-led approach.

The council’s first task will be to oversee recruitment of the fund’s board of directors, who will appoint a chief executive officer to manage day-to-day operations.

Kenya created the fund after Parliament passed the National Infrastructure Fund Bill in March, legislation sponsored by National Assembly Majority Leader Kimani Ichung’wah.

The law aims to create a long-term financing vehicle capable of mobilizing approximately 5 trillion Kenyan shillings ($38.5 billion) over the next decade.

The fund will finance strategic projects including highways, railways, ports, agribusiness infrastructure, and energy systems, with capital expected from government allocations, private investment, privatization proceeds, grants, and loans.

Moses Wetang’ula was among officials present at the signing ceremony at State House, Nairobi last month when Ruto assented to the law, marking a key step in his administration’s push to modernize infrastructure and accelerate economic growth.

Lawmakers amended the bill before passage to strengthen oversight and governance, including provisions requiring parliamentary approval of the fund’s investment policy and penalties for misappropriation of its resources.