James Mworia has been appointed the founding Chief Executive Officer of Kenya’s newly established National Infrastructure Fund (NIF), putting the veteran investment executive at the centre of the government’s plan to mobilise private capital for major infrastructure projects.
The NIF Board announced the appointment on Monday, September 7, 2026, following a competitive recruitment process. Mworia takes up the position immediately, marking a major shift from his previous role as an independent director on the Fund’s board.
His appointment comes less than two months after he joined the NIF board. Treasury Cabinet Secretary John Mbadi appointed Mworia and five other members to the inaugural board on July 8 as the government moved to establish the institution’s governance structure.
From board member to founding CEO
Mworia’s new position gives him a substantially different responsibility within the Fund.
As an independent director, his role was focused on oversight and governance. As CEO, he will now be responsible for establishing the institution’s operations and implementing its investment strategy.
The National Infrastructure Fund Board said Mworia will lead the dual task of establishing NIF as a credible national investment institution and building the infrastructure enterprises required to deliver its mandate.
“Dr Mworia’s initial priorities will include establishing NIF’s organisation, people, systems and institutional culture; operationalising its governance, investment and risk-management frameworks; developing a credible and investable project pipeline; mobilising co-investment capital; and progressing priority projects through rigorous appraisal, structuring and execution,” the board said.
Mworia’s move to the executive position also means he cannot continue serving as an independent director of the Fund because the National Infrastructure Fund Act does not allow an independent director to remain in that position after becoming an employee of the institution.
What the National Infrastructure Fund is meant to do
The National Infrastructure Fund was established under the National Infrastructure Fund Act, 2026, with a mandate to accelerate infrastructure development while mobilising private and other non-traditional sources of financing.
The Fund is intended to reduce Kenya’s reliance on conventional government borrowing to finance commercially viable infrastructure projects.
It will target sectors including transport and logistics, energy, ICT, water and agriculture.
The model is designed to combine public resources with private investment, including capital from pension funds, development finance institutions and international investors.
The government expects the approach to create a pipeline of bankable projects that can attract long-term financing while allowing capital to be recycled into new infrastructure investments.
Why Mworia was chosen
The NIF Board said Mworia brings more than 25 years of experience in investment management, enterprise development and capital allocation.
He has served as Group Chief Executive Officer and Managing Director of Centum Investment Company Plc for 17 years and has worked across investment origination, financing, enterprise development and portfolio management.
The board said his experience building institutions, mobilising capital and bringing investments to market would be important as NIF begins its operations.
“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, deepen Kenya’s capital markets, raise productivity and strengthen Kenya’s competitiveness,” the board said.
A new way of financing infrastructure
The Fund is part of the government’s broader effort to find alternatives to traditional debt financing.
President William Ruto has previously said NIF is intended to leverage government resources to attract substantially more private capital for infrastructure development. The Fund is expected to mobilise and invest up to Sh5 trillion under the government’s long-term infrastructure financing model.
Rather than relying entirely on government borrowing to finance projects, the model seeks to develop infrastructure projects into commercially viable investments that can attract local and international investors.
The Fund is therefore expected to work across the project lifecycle — from identifying national infrastructure priorities and developing bankable projects to attracting investment and eventually transitioning mature assets to long-term owners or capital markets.
Mworia leaves Centum
The appointment also marks the end of Mworia’s long tenure at Centum, where he has been one of Kenya’s prominent corporate executives.
Following his departure, Centum has appointed Thomas Omondi-Achola as acting Group CEO, as the investment company begins the transition to new leadership.
Mworia now faces a different challenge: building a government-backed investment institution from the ground up.
His immediate task will be to establish NIF’s workforce, systems and investment frameworks while developing projects capable of attracting significant private and international capital.
For the government, the success of the Fund will ultimately depend on whether it can turn Kenya’s infrastructure needs into commercially viable investments and create a sustainable alternative to heavy reliance on public borrowing.
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