President William Ruto has called upon Members of Parliament to urgently legislate two new financial instruments: an Infrastructure Fund and a Sovereign Wealth Fund. These funds aim to bolster Kenya’s development without heavy reliance on debt and commercial borrowing.

• The Infrastructure Fund targets financing projects like dams and roads, with Ksh600 billion explicitly mentioned for dam construction, reducing reliance on infrastructure bonds.
• The Head of State tasked MPs with preparing legislation for these funds during a church service in Meru County on Sunday, October 5.
• The Sovereign Wealth Fund will manage proceeds from state assets and privatization to invest in high-return projects, a concept first proposed in 2019 but not passed by Parliament.
• Plans include increasing electricity generation from 2,300 megawatts to 10,000 megawatts.
• The announcement coincides with the arrival of the International Monetary Fund (IMF) for talks on a new support program and a debt sustainability assessment.