President William Ruto has appointed Treasury Cabinet Secretary John Mbadi as one of the seven members of the National Infrastructure Fund Board.
The move is part of a wider effort to set up leadership for the new fund, which is expected to support large infrastructure projects across the country.
In a notice released on Wednesday, April 1, the President also named Attorney General Dorcus Odour and Central Bank of Kenya Governor Kamau Thugge as statutory members of the board.
These appointments are important because they bring in key officials from government and financial regulation, ensuring that the fund operates within legal and economic frameworks.
The board also includes independent members drawn from the private sector and international institutions.
Among them are Benedict Oramah, Paul Russo, Faith Boinett, and Richard Etemesi. Their inclusion is seen as a step toward strengthening the board with a mix of experience from banking, finance, and development sectors.
The notice explained that the appointments follow the coming into force of the National Infrastructure Fund Act, 2026.
This law provides the legal backing for the establishment of the fund and outlines how it should be managed. According to the statement, the appointments were made under Article 116 of the Constitution, which guides the creation of such state bodies.
Paul Russo’s appointment has drawn attention due to his background in the banking sector. He is the Chief Executive Officer of KCB Group PLC and also serves as the Chairperson of the Kenya Bankers Association Governing Council. With more than 20 years of experience in banking and financial services, he is expected to play a key role in guiding how the fund handles financial matters.
His experience is seen as valuable, especially since the fund will be responsible for approving and managing major financing agreements.
Benedict Oramah brings a different kind of experience to the board. He serves as the Chairperson of the Board of Directors of the Fund for Export Development for Africa and the African Medical Center of Excellence.
He is also the immediate former President and Chairperson of the Board of the African Export-Import Bank.
His long career in trade finance and development across Africa is expected to support the board in making decisions that align with regional and international investment standards.
Faith Boinett and Richard Etemesi complete the group of independent members. While less detail was provided about their roles, their presence adds further balance to the board, which will need a mix of technical knowledge, financial expertise, and governance experience.
The National Infrastructure Fund is expected to play a major role in financing large projects in sectors such as transport, energy, and housing. With a projected value of Ksh5 trillion, it is one of the largest financial initiatives in the country.
The government hopes that the board will help ensure that the funds are managed responsibly and directed toward projects that can support long-term economic growth.
The appointments signal an effort to bring together experienced professionals from different backgrounds to oversee a fund that carries significant expectations.
The composition of the board suggests a focus on financial discipline, legal compliance, and strategic investment decisions as the country looks to expand its infrastructure and economic base.
