COTU supports establishment of National Infrastructure Fund and the Sovereign Wealth Fund

The two key long-term transformation wagons will be shepherded by President William Ruto's administration, targeting to achieve the "road to Singapore" transformation agenda estimated to cost Ksh.5 trillion.

In a statement on Tuesday, COTU said that a plan to transform Kenya into a modern society has been long overdue, and the new trajectory will help put the nation on the global map.

"We have long held the view that no country develops by accident because they must attract investment and create jobs through the deliberate investment in quality roads and railways, modern ports and airports, reliable energy, affordable housing, water and sanitation, digital infrastructure, hotels, efficient logistics systems, and resilient urban planning," the Organisation noted.

COTU further lauded President Ruto for "demonstrating boldness, clarity of thought" in projecting a better future for the nation, terming it a pivotal transformative move.

"Indeed, since independence, no Kenyan leader has pursued transformation with this level of decisiveness and ambition. Had such bold choices been made earlier, Kenya would today be a very different society," the statement added.

The Union also censured those opposing the establishment of the funds, saying that short-term thinking will hold Kenya to its old roots that have dogged development for aeons.

"We urge those who doubt this path to visit countries such as Malaysia and Singapore, where long-term infrastructure planning and sovereign investment vehicles laid the foundation for industrialization, job creation, and rising living standards," said COTU.

"Closer home, we invite critics to visit Kisumu, Eldoret, Kakamega, and other towns and witness firsthand how affordable housing and modern infrastructure are already improving the quality of life for workers, restoring dignity, and transforming urban landscapes."

The move has been disputed by Kiharu Member of Parliament (MP) Ndindi Nyoro, accusing President Ruto’s administration of failing to account for nearly Ksh.4 trillion borrowed since 2022.

Nyoro says before introducing another mega fund, the government must first explain to Kenyans how the borrowed money has been spent and how the proposed fund will be overseen.

“The government is coming to sell grandiose ideas so that Kenyans can lose track of the essentials. How do you tell Kenyans of Grandiose plans when capitation is being reduced at the same time you are selling trillion plans,” he posed on Monday while speaking to journalists

The NIF will be overseen by a competitively appointed Board and CEO, while the SWF will operate under a "robust policy framework" to ensure prudent investment, fiscal discipline and inter-generational equity.