Kenya expands infrastructure financing options with new fund listing at NSE
By Faith Lagat, May 19, 2026Kenya has taken another step in deepening its capital markets after the official listing of the Spearhead Africa Infrastructure Fund (SAIF) at the Nairobi Securities Exchange (NSE).
The fund becomes the first infrastructure-focused investment vehicle to be listed on the exchange’s Unquoted Securities Platform (USP), opening new financing opportunities for large-scale infrastructure projects across East Africa.
National Treasury Cabinet Secretary John Mbadi presided over the ceremonial bell ringing at the NSE on Tuesday, May 19, 2026, alongside NSE Chairman Kiprono Kittony, British High Commissioner to Kenya Matt Baugh, and other stakeholders from the financial sector.
The listing is expected to strengthen Nairobi’s position as a regional financial hub while supporting the mobilisation of private capital for development projects.
SAIF, managed by Spearhead Africa Asset Management (SAAM), raised Ksh3.4 billion during its initial public offer. The fund received backing from institutional investors, including CPF Group and the UK government through the MOBILIST programme under the Foreign, Commonwealth & Development Office (FCDO).
The initiative is designed to support long-term debt financing for private-sector-led infrastructure projects in sectors such as renewable energy, logistics, electrification, and digital infrastructure.
Push for Market-Based Infrastructure Financing
Speaking during the event, Mbadi said infrastructure remains central to economic transformation across the continent. “Transport, energy, water, and digital networks remain the backbone of economic transformation,” he said.
“To close Africa’s annual infrastructure financing gap of $68–108 billion, we must shift toward market-based solutions that crowd in private capital.”
The Treasury CS noted that Kenya’s pension assets have now surpassed Ksh2.8 trillion, creating opportunities for institutional investors to diversify into long-term infrastructure financing. The fund offers investors a Kenyan shilling-denominated product, reducing exposure to foreign exchange risks commonly associated with infrastructure projects financed through external borrowing.
NSE Chairman Kiprono Kittony described the listing as a sign of growing confidence in Kenya’s financial markets and institutional structures.
NSE Chief Executive Officer Frank Mwiti said the Exchange has continued to expand beyond traditional equity and bond products to attract new forms of capital that support economic growth.
Regional Impact and Investor Confidence
SAIF is expected to finance infrastructure projects across East Africa while offering investors regulated and tradable exposure to the infrastructure sector.
SAAM Managing Director Ngatia Kirungie said the fund broadens access to infrastructure investment opportunities and demonstrates that local currency financing can support large-scale projects.
British High Commissioner Matt Baugh welcomed the listing, highlighting the UK’s continued partnership with Kenya in developing innovative financing mechanisms. CPF Group CEO Hosea Kili also noted that the fund aligns with pension fund objectives by providing long-term and stable returns.
The listing places the NSE among a growing number of emerging market exchanges offering specialised infrastructure investment products.