Rich investors gain Sh147bn windfall on Ruto’s tax-free bonds

Infrastructure bond investors have enjoyed a windfall in the past two years, as the Kenya Kwanza government ramped up its borrowing using costly tax-free securities.

Central Bank of Kenya (CBK) data shows that between January 2023 and February this year, the value of outstanding infrastructure bonds (IFBs) in the market increased by a net Sh533 billion to Sh1.92 trillion.