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The President said the planned refinery will serve Kenya, Ethiopia, South Sudan, Uganda, Tanzania, Rwanda, Burundi and the Democratic Republic of Congo, adding that the project is expected to open up thousands of employment opportunities for Kenyan youth.
The newly appointed board members are James Mworia Mwirigi, Fahima Ali Ahmed Zein, Christopher Kibui Maranga, Latoya Ouna, Lawrence Kibet and Mohammed Abdirahman Hassan.
Speaking during the signing of the Sovereign Wealth Fund Act at State House,Nairobi on Wednesday, Ruto said the government would inject Sh20 billion from the National Infrastructure Fund (NIF) to attract the remaining investment from private financiers instead of relying on borrowing or increasing taxes.
Speaking on Radio Generation on Tuesday, Mwinamo argued that SACCOs remain one of the few reliable financing options for small and medium-sized enterprises (SMEs), many of which struggle to access bank loans.
Mbadi said while Kenyans have a constitutional right to challenge government decisions in court, leaders should avoid making conclusive statements on matters that are still awaiting judicial determination.
Kindiki noted that the legal framework required to operationalise the fund is already in place and that the government is finalising the remaining processes after securing the initial capital.
Treasury Cabinet Secretary John Mbadi said the allocation includes Sh7.5 billion for upgrading the national electricity grid, a project aimed at addressing transmission and distribution challenges that have emerged as more households and businesses are connected to the power network.
The development is anchored on JKIA’s long-term master plan running up to 2045, which outlines phased expansion works, future capacity needs and investment priorities meant to reshape airport operations over the coming decades.
The Deputy President further noted that long-standing barriers in access to national documentation had been removed, saying this had restored dignity to residents who had previously felt excluded.
The committee, led by Nakuru Town East MP David Gikaria, argued that the changes had stripped the ministry of most of its development budget and raised fears over the future of workers and ongoing projects.
CS Mbadi told the committee that the shift is intended to ease pressure on the national budget and allow more self-reliant financing among state agencies involved in commercially viable projects.
The allocation will be drawn from the National Infrastructure Fund and forms part of a broader financing structure for the airport overhaul, which is estimated to cost Sh193.7 billion. The amount set aside represents roughly 20 percent of the total project cost.