Safaricom sale ruling risks Ruto’s $39bn project pipeline

A Kenyan court ruling blocking the sale of a 15% Safaricom stake to Vodacom removes $1.9bn in expected seed capital for the National Infrastructure Fund, which was intended to anchor a seven-year, $39bn project pipeline. The decision delays the government's plan to monetise state assets to fund infrastructure, potentially forcing Kenya to seek alternative financing at a time of constrained fiscal space. It also raises procedural risk for future state divestitures, as investors may price in legal and regulatory uncertainty around similar transactions.