Kenya’s President William Ruto has signed into law legislation establishing the country’s Sovereign Wealth Fund.
The fund is designed to cushion the economy against financial shocks, finance strategic infrastructure projects, and preserve wealth for future generations once the country’s mineral and petroleum resources are depleted.
The Sovereign Wealth Fund will manage Kenya’s surplus reserves and help strengthen long-term economic stability. It will also provide funding for key development projects while safeguarding national savings.
Ruto said the fund reflects Kenya’s commitment to financing sustainable development and ensuring the country’s natural resources benefit its citizens.
He stressed that minerals should support local value addition rather than simply being exported in raw form.
Ruto said the Sovereign Wealth Fund belongs to the people of Kenya, not the government, and will be managed in line with the country’s Constitution and the rule of law.
–SABC–
