Kenya’s National Infrastructure Fund has begun deploying its KES 340 billion seed capital into government bonds, aiming to invest the full amount by June 2027. The portfolio is expected to yield about KES 42 billion annually, roughly one‑third of FY2026/27 domestic borrowing. The fund targets KES 3.6 trillion over ten years through co‑investments and debt, focusing on energy, transport, ICT, water and agriculture, including a stake in Dangote’s planned Lamu refinery.