The fund,
built from stakes in Kenya Pipeline Company and Safaricom, started buying bonds
in July and expects Sh42 billion in annual returns by June 2027 to support
infrastructure like roads, energy, and water. CEO James Mworia says this
preserves capital, boosts bank liquidity, and sets up for Sh3.6 trillion over a
decade, including a possible refinery stake in Lamu.
Critics call it circular lending by the government to itself, point to slowed road building from 6,813 km to 2,584 km in recent years and housing shortfalls, amid frustrations over debt and stalled services.