NAIROBI, July 8 (Xinhua) -- Kenyan President William Ruto on Wednesday signed the Sovereign Wealth Fund Bill 2026 into law, creating a structured legal framework to manage and reinvest the country's public wealth.
The new law establishes a framework that reserves 30 percent of Kenya's petroleum and mineral revenues for future generations.
Speaking during the signing ceremony in Nairobi, the Kenyan capital, Ruto noted that the government has completed the first comprehensive nationwide mineral survey in the country's history, whose findings confirm the presence of significant deposits of strategic and industrial minerals across the country.
"These resources will accelerate industrialization, create quality jobs, expand exports, strengthen our external position, and generate prosperity on a scale previous generations could scarcely have imagined. But only when managed wisely," he said.
According to the president, the Sovereign Wealth Fund is anchored on three core pillars: the Urithi Fund, which dedicates 30 percent of petroleum and mineral revenues to future generations; the Stabilization Fund, which serves as a financial buffer during crises; and the National Infrastructure Fund, which finances strategic projects and drives job creation.
Ruto noted that through the Stabilization Fund, Kenya will build a financial buffer against extraordinary shocks, ensuring that global economic storms do not escalate into national crises.
"The Act provides for independent professional management, strong parliamentary oversight, transparent public reporting, and robust auditing. Every shilling must be accounted for. Every decision must be guided by prudence. Every investment must be measured by the legacy it leaves for future generations," he added. ■