Ruto, Kindiki defend sale of State shares in Safaricom, KPC
They say proceeds will finance major infrastructure projects and help deliver on Kenya Kwanza's development agenda...
✨ Key Highlights
President William Ruto and Deputy President Kithure Kindiki have defended the government's decision to sell stakes in Safaricom and Kenya Pipeline Company. The proceeds are earmarked for financing major infrastructure projects as part of the Kenya Kwanza administration's development agenda.
- Sh350 billion has been mobilised for the newly formed National Infrastructure Fund (NIF).
- Key individuals defending the sale include President William Ruto and Deputy President Kithure Kindiki.
- The National Infrastructure Fund will exclusively finance infrastructure projects like roads, markets, and electricity, unlike previous sales where proceeds were used for recurrent expenditure.
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World Bank Approves Sh161.8 Billion Loan to Kenya After Demanding Reforms - July 2026
The World Bank has approved a Sh161.8 billion ($1.25 billion) financing package for Kenya, contingent upon the nation implementing a series of critical reforms. A separate report indicates that Kenya is among developing economies facing shrinking fiscal space due to rising debt and IMF-backed reforms, limiting its ability to fund growth and public services. Another report claims the International Monetary Fund prioritizes debt repayment and austerity over public spending, despite its stated commitment to inclusive growth, particularly affecting countries like Kenya. Deputy President Kithure Kindiki has pledged that proceeds from the sale of government assets will be strictly allocated to infrastructure development, not recurrent expenditure. President William Ruto and Deputy President Kithure Kindiki have defended the government's decision to sell stakes in Safaricom and Kenya Pipeline Company, with proceeds earmarked for financing major infrastructure projects.
