RUTO UNVEILS INVESTMENT FUNDS

Kenya is setting up a sovereign wealth fund and an infrastructure fund, President William Ruto said, to invest in key sectors without embarking on a debt binge that has stretched public finances over the past years.
The East African nation has one of the highest debt-to-revenue ratios in Africa, after it ramped up borrowing to develop infrastructure over the past decade.

"We are in the process of setting up two major funds. One, an infrastructure fund, and the other, one that we are set to unveil, sovereign wealth fund," Ruto added at the weekend.
Legislators have expedited laws governing privatisation of government ownership, he said, offering the government an opportunity to raise funds to set up the two vehicles.

"As citizens of tomorrow, we have to think of the tomorrow's generations and we have to save for them something, so they have where to start tomorrow," he clarified.

The privatisation process will be launched by selling shares in Kenya Pipeline Company, a state-owned company in charge of Kenya's petroleum products' transport infrastructure and into surrounding states.

The share offer will collect up to 130 billion shillings ($1.01 billion), Ruto said.

The fund will also be used to boost agriculture - Kenya's biggest economy sector - specifically expand production of vegetables so that some would be exported, Ruto said.