President William Ruto unveils Sh44 billion Linzi listing, eyes IPOs for State firms

Kenya has taken a major leap in market-driven infrastructure financing with the listing of the Linzi 003 Infrastructure Asset-Backed Security, raising over Sh44 billion through the Nairobi Securities Exchange (NSE).

Speaking during the bell-ringing ceremony at the NSE on Wednesday, President William Ruto hailed the listing as a turning point in the country’s strategy to mobilise domestic capital for transformative projects while reducing reliance on external borrowing.

Ruto said the milestone marked a deepening of the capital markets and was proof that Kenya can fund key national priorities sustainably.

"This feat joins our Government-to-Government (G-to-G) fuel supply innovation that many countries are learning from us, the first-ever asset-backed infrastructure securitisation programme that has raised 175 billion off-balance sheets and our currency diversification strategy that is gradually reducing our borrowing costs,” he stated.

The President revealed that the proceeds from the listing will go towards building the Talanta Sports City Stadium, the first purpose-built international stadium in Kenya since Moi Sports Centre Kasarani was completed in 1987.

“With a 60,000-seater capacity, Talanta Sports City is not merely filling that long-standing gap; it is redefining the nation’s sporting landscape,” he said, noting the facility will help nurture talent and attract global tournaments.

The president commended the NSE for facilitating three listings in one month and praised Linzi Finco Trust and Liaison Group partners for pioneering the financial structuring.

“The strong recovery of the NSE, with market capitalisation now at Sh2.5 trillion, reflects the soundness and consistency of our economic policies,” Ruto said, pointing out that tough but strategic decisions had stabilised the economy and boosted investor confidence.

He said both local and international investors are now engaging Kenya with renewed trust, citing his recent visit to London, where four major global firms - Lloyd’s of London, Bupa International, Africa Speciality Risk, and Africa Finance Corporation - committed to expanding operations in Kenya.

The president also announced a structured, time-bound privatisation programme targeting state-owned enterprises, starting with the Kenya Pipeline Company. He said Cabinet approval for its IPO is expected before the end of the month, after which the proposal will be taken to the National Assembly.

“There is compelling evidence that privatisation is necessary to eliminate inefficiencies and raise the standards of governance in our public enterprises,” he said.

As part of broader reforms, the National Treasury is developing a minimum disclosure and listing framework for all Public Interest Entities.

These entities will be required to disclose standardised financial and operational data and list at least 20 per cent of their equity on the NSE within a year.

“This reform will promote transparency, improve governance, expand local ownership, and give Kenyans the opportunity to directly participate in our country’s economic success,” Ruto said.

Highlighting economic progress, the president said inflation had dropped from 9.6 per cent to 3.8 per cent, the exchange rate had stabilised at Sh129 to the dollar, down from Sh165, and foreign reserves had grown from $6.5 billion to $11.8 billion. “Maize output has increased by over 50 per cent, and farmer earnings for tea, coffee, and milk have also gone up,” he added.

Other Topics To Read

• Business
• Headlines
• Presdent William Ruto
• Affordable Housing Programme
• nairobi securities exchange
• Public Debt and Privatisation Committee
• NSE
• Talanta Sports City Stadium
• Privatisation Commission
• ClimateWorx programme
• Linzi 003 Infrastructure Asset-Backed Security
• President William Ruto unveils Sh44 billion Linzi listing
• eyes IPOs for State firms

On employment, Ruto said the Affordable Housing Programme was active in all 47 counties and had already created jobs for 320,000 Kenyans, a figure he expects to double.

He also cited the labour mobility programme that has seen 400,000 Kenyans placed in foreign jobs, the ClimateWorX programme onboarding 120,000 workers, and a digital jobs framework with 180,000 people earning through technology.

He said major reforms were also underway in health and education, with over 110,000 community health promoters (CHPs) already deployed and more than 25 million Kenyans enrolled under the Social Health Authority (SHA). In education, he said the Competency-Based Curriculum transition was complete, 76,000 teachers had been employed in two years, and 24,000 more would be hired in January.

On savings, Ruto said public contributions to the NSSF had grown from Sh320 billion to Sh640 billion in two years, and the new funding model in higher education was making access more equitable and sustainable.

Responding to criticism that his administration was doing too much too fast, Ruto said, “Yes, I made promises. Yes, I took on many challenges that had bogged down our nation for far too long. This was deliberate to match our leadership with our national ambition.”

He said he was determined to challenge mediocrity and push for excellence despite doubts from critics and cynics. “The critics may say I am wrong. The cynics may say I am lying. And the naysayers may even say I am mad. But what if they are all wrong, and they are,” Ruto said.

Ruto urged Kenyans to join in the push to uplift the country’s economic foundation and ambition.

“We dream of things that never were and ask, ‘Why not?’ Please join me, and the millions of patriots who believe in a higher standard for our beloved nation, and let us march forward boldly, unbowed and unfazed, into the future.”