CMA Kenya and Afri Fund Capital Sign MoU to Support LAPSSET Corridor Infrastructure
Summary
The Capital Markets Authority Kenya signed a Memorandum of Understanding with Afri Fund Capital on March 9, 2026, to promote uptake of capital market products funding infrastructure projects in the LAPSSET Corridor. The agreement identifies priority areas including capital market instruments, green/ESG-labeled instruments, infrastructure-related products, and collective investment vehicles. CMA CEO Wyckliffee Shamiah stated the collaboration aims to mobilize private capital to fund priority national infrastructure projects under the National Government Agenda.
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What changed
The Capital Markets Authority Kenya and Afri Fund Capital have entered into a cooperation framework to facilitate the issuance of capital market instruments for LAPSSET Corridor infrastructure projects in Northern Kenya. Priority areas include green/ESG-labeled instruments, infrastructure-related products, and collective investment vehicles structured with investor protection and governance safeguards.
Affected parties include infrastructure developers, investors, and financial intermediaries seeking to participate in LAPSSET Corridor financing. The MoU is non-binding and serves as a framework for future product development rather than imposing immediate compliance obligations.
Archived snapshot
Apr 23, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
CMA and Afri Fund Capital sign MoU to support uptake of capital market products
Nairobi, 09 March 2026 …The Capital Markets Authority (CMA) has signed a Memorandum of Understanding (MoU) with Afri Fund Capital (AFC) to promote uptake of capital market products to fund various infrastructural projects including projects in the Lamu Port-South Sudan-Ethiopia Transport (LAPSSET) Corridor.
AFC, an infrastructure investment and project development firm, is undertaking initiatives to structure, mobilize and deploy private capital to finance bankable development projects. These include infrastructure, power generation, logistics, industrial development, and Special Economic Zone (SEZ)-linked opportunities aligned to national and regional development priorities. The investments are earmarked for the LAPSSET Corridor to unlock the immense untapped potential of the Northern Kenya region.
Through the MoU, CMA and Afri Fund Capital have mapped several priority areas including; identifying and prioritizing a pipeline of capital market instruments relevant to the markets deepening agenda; infrastructure-related instruments; green/ESG-labeled instruments; and collective investment vehicles, among others. The MOU is also expected to facilitate early-stage product structuring considering critical issues such as investor protection, disclosures, governance, eligibility, and suitability.
Speaking after signing the MOU, the CMA Chief Executive Officer, Mr. Wyckliffe Shamiah, said; ‘’the collaboration with Afri Fund Capital is timely as the capital market is well positioned to mobilise private capital to fund infrastructural projects expected to catalyse additional economic activity in Northern Kenya. This strategy is aligned to the National Government Agenda of leveraging private capital to fund priority national infrastructure projects’’.
The Afri Fund Capital Chief Executive Officer, Mr. Martin Ngunga, observed; ‘’our project funding model is designed to ensure we broaden participation and inclusivity by deploying innovative and relevant financial market instruments. We see the collaboration with CMA as key in facilitating issuance of relevant capital market instruments which are aligned to the long-term nature of infrastructure projects’’.
BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY
The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and various Regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke
BACKGROUND INFORMATION ON AFRI FUND CAPITAL
Afri Fund Capital (AFC) is an infrastructure investment and project development firm focused on structuring, mobilising and deploying private capital to finance bankable development projects across Africa. AFC supports transformative initiatives spanning infrastructure, power generation, logistics, industrial development and Special Economic Zone (SEZ)-linked opportunities aligned to national and regional development priorities. Through innovative and relevant capital market instruments, AFC broadens participation and inclusivity in long-term infrastructure financing, while promoting strong governance, investor protection and transparent disclosures in product structuring and execution. For more information, please contact: Muthoni Koinange, Programmes Director on muthoni.k@afrifundcapital.com
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