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Kenya is taking a strategic step to strengthen its economy by establishing a sovereign wealth fund and an infrastructure fund, President William Ruto has announced. The initiative aims to attract investment in critical sectors while avoiding the heavy borrowing that has burdened public finances in recent years. The government plans to raise capital through the privatization of state assets, beginning with shares in Kenya Pipeline Company, expected to generate around $1.01 billion. The infrastructure fund will prioritize boosting agriculture and expanding electricity production, addressing Kenya’s goal of achieving over 10,000 megawatts of new electricity production to support industrialization. While the funds’ operational timeline remains unclear, Ruto emphasized their role in securing economic opportunities for future generations and sustaining long-term national growth.
CNBC Africa