Kibet, on the other hand, is currently the Director General, Public Investments and Portfolio Management, at the National Treasury.
The appointments come as the government moves to fully operationalise the NIF, which was established to provide a sustainable source of financing for large-scale infrastructure projects without relying heavily on borrowing.
The fund gained prominence earlier this year after the government channelled Ksh103.45 billion in net proceeds from the sale of a 65 per cent stake in the Kenya Pipeline Company (KPC) into the NIF as its seed capital.
As part of that strategy, the Treasury has identified proceeds from the partial divestiture of the government’s stake in a leading telecommunications company as another source of capital for the fund.
The transaction is expected to inject about Ksh244 billion, comprising Ksh204 billion from the share sale and Ksh40.2 billion paid upfront in place of future dividends.
At the same time, one of the flagship projects expected to benefit from the fund is the planned Ksh154.2 billion phase one modernisation of Jomo Kenyatta International Airport (JKIA), which the government says will significantly expand passenger handling capacity and improve cargo infrastructure.
Groundworks for the project have already begun at the airport.
The modernisation will include upgrades to existing terminals and airfield infrastructure alongside the construction of a new passenger terminal, increasing JKIA’s annual passenger handling capacity from 7.5 million to about 22 million.
Additionally, one of the projects that the Fund will also support is the planned expansion of the approximately 160-kilometre Nairobi-Namanga Highway into a dual carriageway with toll stations.
