President Uhuru Kenyatta announced the establishment of the Sovereign Wealth Fund Bill during his State of The Nation address in parliament on April 4, 2019.
Uhuru revealed that the bill would be tabled in parliament following his address to the nation.
He disclosed that the bill was meant to protect the country’s finite natural resources, adding that it was of utmost importance that everyone undertook the conservation of the environment as a solemn duty.
“My administration has developed and will be presenting during this session of Parliament, the Sovereign Wealth Fund Bill,” he divulged.
The Jubilee Party leader also expressed the importance of the Bill for future generations as it would enable the State to manage those resources sustainably for the fair and equitable benefit to all.
â€śWe are a country blessed with natural resources which if properly managed, will transform in a big way our nation and the welfare of our people,â€ť he asserted.
He then went ahead and laid out the various tenets of the Bill stating that it proposed the creation of a Fund and provides a legal framework to guide the investment of revenues from oil, gas, mineral and other qualifying natural resources.
The Fund, as proposed in this Bill, comprises of three parts, notably:
Â (i) A stabilization fund
Â (ii) An infrastructure and Development FundÂ
Â (iii) A future Generation Fund
Uhuru affirmed that all the monies in the Fund will be used to finance critical national development programmes in order to ensure sustainability.
“Kenya is a global leader in green energy with 85% of our energy coming from renewable resources,” he revealed.
President Uhuru also stated that his governmentÂ would remain steadfast in its pursuit of leading in environmental conservation.
“Kenya remains a global leader in Environmental Conservation and Sustainable Development,” he reiterated.
Adding that some of the measures already undertaken include interventions for the Sustainable Exploitation of the Blue Economy, a sustained ban on environmentally harmful classes of plastic and polythene packaging materials.