Nairobi, Jan. 13 -- The Treasury plans to spend Sh204 billion raised from the partial sale of government shares in Safaricom exclusively on commercially viable infrastructure projects.

Treasury Cabinet Secretary John Mbadi told a joint sitting of the National Assembly's Finance and National Planning, and Public Debt and Privatisation committees on Tuesday that the government has incorporated the National Infrastructure Fund as a limited liability company to manage the proceeds.

"The proceeds of the sale of Safaricom shares will be exclusively used to de-risk and lower the cost of infrastructure projects. I have already established the National Infrastructure Fund Limited Company, where I am the sole shareholder," Mr Mbadi said.

He adde...