# Understanding the National Infrastructure Fund

An episode of [The Mwango Capital Podcast](https://invisiblenetwork.ai/podcast/1583367792), 17 Oct 2026, 58 min.

Audio: https://api.substack.com/feed/podcast/220816651/22b6a8c8fd85c5eb416352c98841b581.mp3

In this episode recorded on September 15, 2026, we sit down with Dr. James Mworia (founding CEO, National Infrastructure Fund) to examine the architecture, governance, and mandate of Kenya’s newly established DFI. We explore NIF's SPV project finance structure, its private capital crowding-in target, the redeployment of privatisation proceeds into productive infrastructure, the bankability and risk allocation of priority projects like the JKIA expansion, and the potential for listed development infrastructure trusts (D-REITs) to recycle domestic capital. Show Notes 00:00:00 Introduction 00:10:32 Succession and Transition to NIF 00:14:04 NIF’s Mandate 00:16:00 Debt Concerns and Economic Rationale 00:21:49 Project Selection and Priority Pipeline 00:31:23 Guarding Against Political Interference 00:38:21 NSE Listing and Possibility of a D-REIT 00:41:33 Reporting Mechanisms and Recycling Capital 00:44:38 JKIA Deal Structure and Risks 00:55:25 Recap and Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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