Deputy President Kithure Kindiki has encouraged global business leaders to invest in Kenya's newly established National Infrastructure Fund, offering commercially viable opportunities and significant returns while supporting the country's development agenda. Speaking at the 28th Commonwealth Heads of Government Meeting (CHOGM) in Antigua and Barbuda, Kindiki highlighted the fund's potential for public-private partnerships to finance major infrastructure projects. The fund aims to provide a platform for investing in Kenya's development.
The National Infrastructure Fund has secured $2.7 billion in capital, with the government targeting an initial $27 billion through private-sector investment. Kindiki stated that the model aims to attract $10 in private investment for every $1 committed by the government. This investment will support the modernisation of roads, expansion of railway networks, and upgrades to seaports and airports. The fund will also finance renewable energy projects to increase electricity capacity for industrialisation.
The fund is expected to support agricultural transformation through water infrastructure projects aimed at placing an additional 2.5 million acres under irrigation. Kindiki told business leaders that the fund would operate under an independent board comprising public- and private-sector representatives, with investment decisions guided by commercial viability. This approach ensures that investments are made in projects with a high potential for returns.
Kindiki highlighted Kenya's renewable energy capacity, stating that 93 per cent of the country's electricity comes from clean energy sources. He called for further investment in the sector to support Kenya's development agenda. The country's focus on renewable energy aligns with global efforts to reduce carbon emissions and promote sustainable development.
On youth empowerment, Kindiki cited investments in technical and vocational education, digital infrastructure, and support for youth-owned businesses. Kenya is targeting 100,000 kilometres of digital infrastructure under the Digital Superhighway programme, with 30,000 kilometres already constructed. This investment in digital infrastructure aims to support the growth of Kenya's economy and promote youth empowerment.
Kindiki also highlighted the importance of investing in people, technology, and public-private partnerships. He stated that these were key lessons for Commonwealth countries seeking to accelerate development. President William Ruto has agreed to champion youth empowerment and the youth agenda on behalf of the Commonwealth, Kindiki said. This commitment demonstrates Kenya's focus on promoting youth development.
Kindiki is leading Kenya's delegation at the CHOGM meeting, where he engaged with global business leaders and Heads of Government. The meeting provided a platform for Kindiki to promote Kenya's National Infrastructure Fund and encourage investment in the country's development agenda. The fund offers opportunities for global investors to support Kenya's growth and development.
Key points
- Deputy President Kithure Kindiki promotes Kenya's National Infrastructure Fund to global investors at CHOGM.
- The fund aims to attract $10 in private investment for every $1 committed by the government.
- Kenya's renewable energy capacity stands at 93 per cent, with a focus on further investment in the sector.
