James Mworia: NIF NSE Listing to Unlock Kenya Infrastructure Funds

• James Mworia, the new CEO of the National Infrastructure Fund (NIF), advocates for listing an NIF Infrastructure Development Fund on the Nairobi Securities Exchange (NSE).
• This proposed fund would leverage Development Real Estate Investment Trust (D-REIT) regulations to raise capital for infrastructure projects.
• The NIF aims to mobilize nearly Sh5 trillion over the next decade to finance projects like highways, railways, and energy systems.
• Mworia's immediate priorities include setting up the NIF's organization, building its workforce, and developing a project pipeline.
• The NIF will utilize a mix of public and private financing, including government allocations, private investment, and grants.

For legal professionals advising on capital markets, corporate finance, or infrastructure projects in Kenya, this initiative warrants close attention.

James Mworia, recently appointed as the inaugural Chief Executive Officer of the National Infrastructure Fund (NIF), has publicly endorsed the listing of an infrastructure development fund on the Nairobi Securities Exchange (NSE). Speaking at Africa Capital Week 2026, Mworia articulated that such a listing would be instrumental in unlocking new investment opportunities and securing additional financing for critical national projects. Mworia, who previously served as the Chief Executive Officer of Centum Investments, assumed his new role earlier this week.

His vision involves establishing an NIF Infrastructure Development Fund that could strategically leverage the existing regulatory framework governing Development Real Estate Investment Trusts (D-REITs). Mworia explained that by adapting these D-REIT regulations, the fund could offer investors a liquid instrument, enabling them to easily buy and sell shares. This mechanism, he noted, would effectively address asset liability mismatch issues, thereby multiplying the benefits of D-REITs for the infrastructure sector and creating a dynamic investment vehicle on the Nairobi Securities Exchange.

The National Infrastructure Fund itself operates under a significant mandate, having received approval from the National Assembly in March. Its board, which includes Fahima Ali Ahmed Zein, Christopher Kibui Maranga, Latoya Ouna, Lawrence Kibet, and Mohammed Abdirahman Hassan, is tasked with mobilizing approximately Sh5 trillion over the next decade. This substantial capital is specifically earmarked for financing a wide array of infrastructure projects across Kenya.

The fund's comprehensive scope encompasses vital sectors such as highways, railways, ports, agribusiness infrastructure, and energy systems. To achieve its ambitious financial targets, the NIF plans to draw upon a diverse mix of public and private-sector financing, incorporating government allocations, private investment, proceeds from privatization, grants, and loans.

As the newly appointed CEO, James Mworia's immediate focus extends beyond the proposed NIF Infrastructure Development Fund's listing on the NSE. His initial priorities involve meticulously setting up the fund's organizational structure, establishing robust systems, and building a skilled workforce. Furthermore, he is responsible for cultivating the NIF's institutional culture, actively mobilizing co-investment capital, and developing a robust pipeline of viable infrastructure projects.

The proposed James Mworia NIF NSE listing, utilizing the D-REIT model for an infrastructure fund, represents a significant evolution in Kenya's capital markets and infrastructure financing landscape. This development could introduce novel investment vehicles, offering new opportunities for both institutional and retail investors to participate in large-scale national projects and address the nation's infrastructure deficit.

For legal professionals advising on capital markets, corporate finance, or infrastructure projects in Kenya, this initiative warrants close attention. The adaptation of Development Real Estate Investment Trusts Kenya regulations for infrastructure could present unique regulatory considerations and necessitate specialized legal expertise in structuring, compliance, and investor relations for clients looking to engage with or finance these ventures. The NIF's ambitious goals underscore a growing need for innovative financial and legal frameworks to support sustained national development.

Lawyers advising on capital markets, corporate finance, or infrastructure projects in Kenya should monitor the development of this proposed NIF Infrastructure Development Fund. Its listing on the NSE, leveraging D-REIT regulations, could introduce new investment vehicles and regulatory considerations for clients seeking to participate in or finance large-scale infrastructure projects.

Source: Original reporting via Capital FM