President William Ruto on Wednesday presided over the bell-ringing ceremony at the Nairobi Securities Exchange (NSE) to commemorate the listing of the Linzi 003 Infrastructure Asset-Backed Security, the first of its kind in the country.
The Sh44 billion security, aimed at funding the construction of the Talanta Sports City Stadium, underscores Kenya’s growing prowess in leveraging domestic capital markets to finance transformative national projects.
Speaking at the event, President Ruto hailed the listing as a testament to Kenya’s commitment to mobilising local resources and fostering a culture of savings to drive productive investments.
“This feat affirms our confidence in market-based financing and demonstrates how we can sustainably fund large-scale infrastructure through our capital markets,” he said, highlighting the innovative financial structuring behind the Linzi Finco Trust and its partners at the LIAISON Group.
The Talanta Sports City Stadium, a 60,000-seater world-class facility, is set to redefine Kenya’s sporting landscape.
As the first purpose-built international stadium in over four decades, since the Moi International Sports Centre in 1987, it aims to host global tournaments, nurture local talent, and restore Kenya’s reputation as a sporting powerhouse.
The project is a cornerstone of the administration’s vision to modernise infrastructure while reducing reliance on external borrowing.
The listing comes amid a robust recovery of the NSE, with market capitalisation now standing at Sh2.5 trillion, reflecting growing investor confidence.
President Ruto attributed this to the government’s strategic economic policies, which have stabilised inflation at 3.8 per cent (down from 9.6 per cent), maintained the exchange rate at Sh129 to the dollar, and boosted foreign exchange reserves to USD11.8 billion from USD6.5 billion two years ago.
The President also outlined plans to deepen Kenya’s capital markets through a structured privatisation program, starting with the listing of the Kenya Pipeline Company.
This initiative, expected to gain Cabinet approval by month’s end, aims to enhance governance, unlock value, and attract long-term capital.
Additionally, the National Treasury is developing a framework to mandate Public Interest Entities to disclose standardised financial data and list at least 20 per cent of their equity on the NSE within a year, promoting transparency and broader local ownership.
Reflecting on broader economic gains, President Ruto highlighted the success of the Affordable Housing Programme, now active in all 47 counties and employing over 320,000 Kenyans, alongside labor mobility programs placing 400,000 citizens in jobs abroad.
The Social Health Authority (SHA) has enrolled over 25 million Kenyans, advancing universal health coverage, while education reforms, including the hiring of 76,000 teachers and a new student-centered funding model, are strengthening the sector.
Addressing critics, President Ruto defended his administration’s ambitious agenda, stating, “We are an ambitious nation, and leadership must rise to meet that ambition. Transformation is happening, pledge by pledge.”
He called for patience and fair judgment, framing his reforms as a disciplined effort to break free from mediocrity and realise Kenya’s long-delayed promise.
The listing of the Linzi Asset-Backed Security marks a pivotal moment in Kenya’s economic journey, signalling a shift toward innovative, market-driven solutions to fund national development.
