President William Ruto has announced plans by his administration to set up a special fund which will be used to finance major projects currently in the pipeline.
Speaking at Ithookwe Stadium in Kitui County during the marking of this year’s Mashujaa Day, the president said the fund will support construction of projects including dams, roads, ports, railways and stadia.
“We have the resources that will lift this country forward. We will be moving to parliament for us to set up the national infrastructure fund that is going to be funded from our taxes, proceeds from privatization and from other development partners so that we have a dedicated fund that is going to drive our energy generation, construction of dams, construction of infrastructure the same way other countries have done,” said the President.
According to the President, top priority by the government is to expand the country’s agricultural production through construction of 50 dams to support irrigation farming and reduce the country’s over reliance on food imports.
“Our first priority is food security. We cannot speak of prosperity while spending over Ksh 500 billion every year importing food, including maize, wheat, rice, sugar, and edible oils. This is not just an economic burden; it is a threat to our sovereignty,” he stated.
In a day which largely honoured the late former Prime Minister Raila Odinga, President Ruto said the dams will ensure the country put additional 2 million acres under irrigation.
Among dams being considered to be financed through the fund include the High Grand Falls Dam in Kitui County which is projected to cost at least Ksh 340 billion and will produce 700 megawatts of power.
The fund will also be used to support construction of additional 10,000km of road network as well as finance generation of extra 10,000 megawatts of power.
“We cannot industrialise without reliable, affordable, and sustainable energy. That is why we have set our sights on
expanding Kenya’s energy generation capacity from the current 2,300 megawatts to at least 10,000 megawatts within the next decade,” said Ruto.
Additionally, President Ruto announced plans by his administration to create a sovereign wealth fund which will be used to preserve Kenya’s wealth.
