The press release issued by the Foreign Office on 19 May 2026.
Second UK-backed listing in 2026 enables KSH 3.4 billion investment in local infrastructure, supporting jobs, services and long‑term growth.
The UK government in partnership with Kenya’s CPF Financial Services has supported the listing of the Spearhead Africa Infrastructure Fund (SAIF) on the Nairobi Securities Exchange (NSE). SAIF is the first infrastructure fund to list on the NSE, marking an important development for Kenya’s capital markets.
The fund raised a total of KSH 3.4 billion. This will be invested into infrastructure projects in sectors including renewable energy, digital infrastructure, logistics and electrification, using long‑term finance using Kenyan shillings.
The listing was marked by a bell‑ringing ceremony at a public launch at the NSE on 19 May 2026, attended by British High Commissioner to Kenya, Matt Baugh, and the Cabinet Secretary for National Treasury & Economic Planning, John Mbadi, alongside representatives from across the Kenyan capital markets sector.
Infrastructure underpins everyday life – from power and connectivity to transport and jobs. Yet until now, the lack of listed infrastructure products has limited Kenyan institutional investors’ ability to invest in these sectors.
SAIF’s listing helps change that by allowing local investors, including pension funds, to invest in Kenyan infrastructure through the listed market and using Kenyan shillings. This reduces foreign exchange risk for borrowers and supports long term investment aligned with Kenya’s development priorities.
The UK’s investment anchor investment was delivered though it’s MOBILIST programme. MOBILIST provides technical assistance and catalytic investment to help bring new investment products to public markets. In Kenya, this support has helped establish infrastructure as a new asset class on the NSE.
MOBILIST is a prime example of the UK’s new approach to international development: moving from donor to investor, and using public capital to unlock sustainable, privately led growth.
This is the second MOBILIST‑backed listing in Kenya in 2026, following the successful listing of Africa Logistics Properties Real Estate Investment Trust (ALP REIT) in March, in which the programme was an anchor investor.
Matt Baugh, British High Commissioner to Kenya, said:
This latest listing is further demonstration of the UK’s partnership to secure Kenyan investment in the things that Kenyans rely on every day. Better infrastructure means better services – energy, digital, logistics and electrification, strengthening the basis for long-term growth. All delivered in partnership. The total of KSH 3.4 billion raised from the UK’s anchor investment of KSH 1.2 billion reflects our shift from donor to investor – using funds to raise capital that delivers impact at scale. We’re going far, together.
Ngatia Kirungie, Managing Director and CEO, Spearhead Africa Asset Management, said:
SAIF is designed to democratize access to the infrastructure asset class for all investors and demonstrates that local currency infrastructure finance can be delivered at scale, in a structure that meets both investor expectations and project owners’ requirements. The strong participation of domestic and international institutional investors and support from our regulators underscores the credibility of SAIF’s structure and strategy and signals a broader evolution in African capital markets, where fast-growing pools of domestic capital can be channeled into productive investments that foster sustainable economic growth for all.
By listing on the exchange, SAIF offers investors a regulated, transparent and tradable way to invest in long‑term infrastructure projects, making it easier for domestic capital to support economic growth.
By supporting listings like SAIF and ALP REIT, the UK and Kenya are helping to strengthen Kenya’s capital markets and enable more local investment in infrastructure that supports jobs, services and long‑term prosperity.
This approach aligns with the Kenya–UK Strategic Partnership and the UK’s wider Africa approach, which prioritises economic transformation led by African priorities.
EDITORS’ NOTES
- MOBILIST is a UK government programme that supports the development of capital markets in emerging economies by providing early investment to help new companies and funds list on public stock exchanges.
- MOBILIST investments aim to mobilise private capital, support job creation and strengthen financial systems.
- Spearhead Africa Infrastructure Fund (SAIF) is managed by Spearhead Africa Asset Management and is regulated by Kenya’s Capital Markets Authority.