The National Infrastructure Fund Board has announced the appointment of James Mworia as the institution’s founding Chief Executive Officer, tasked with building the new State-backed fund from the ground up.

The Board announced the appointment on Monday, September 7, saying Mworia secured the position through a competitive recruitment process. His appointment took effect immediately as the government moves to operationalise the Fund, which has been created to mobilise capital for major infrastructure projects across Kenya.

“The Board of the National Infrastructure Fund is pleased to announce the appointment of Dr James Mworia, MBS, as founding Chief Executive Officer, following a competitive recruitment process,” the Board said.

Mworia’s appointment comes less than two months after he joined the National Infrastructure Fund Board as an independent director. He was appointed to the Board in July alongside five other members as the government began putting the Fund’s leadership structure in place.

His new role, however, places him on the other side of the institution. Instead of serving in an oversight position, Mworia will now be responsible for the Fund’s day-to-day operations and implementation of its investment strategy.

Task of building the Fund

As founding CEO, Mworia will have the challenge of turning the National Infrastructure Fund from a newly established institution into a functioning investment organisation.

He will be expected to put together a workforce, establish operational systems and develop the investment and risk management structures needed to run the Fund. Another major task will be identifying infrastructure projects that can attract investors and developing them into commercially viable investments.

The National Infrastructure Fund was established to help Kenya find new ways of financing large projects without placing all the burden on government borrowing.

It will focus on sectors including transport, logistics, energy, ICT, water and agriculture. The Fund is expected to bring together public and private capital, including investments from pension funds, development finance institutions and other investors.

The Board said Mworia’s experience in investment management and capital mobilisation made him suitable for the role.

He has spent nearly two decades leading Centum Investment Company and has more than 25 years of experience in investment management, enterprise development and capital allocation.

“The Board is confident that Dr Mworia’s record of building institutions and enterprises, mobilising capital and bringing investments to market will enable NIF to deliver critical infrastructure,” the Board said.

Mworia has also worked with different sources of capital, including banks, institutional investors and development finance institutions. This experience could prove important as the Fund seeks to convince investors to put money into Kenya’s infrastructure projects.

His appointment also marks the end of an era at Centum, where he stepped down to take up the new government role. Centum has since appointed Thomas Omondi-Achola as acting Group CEO.

Mworia now takes charge at a critical stage for the National Infrastructure Fund. His success will largely depend on whether he can build a strong institution and develop projects that are attractive enough to bring private and international capital into Kenya’s infrastructure sector.