The construction of the Talanta Sports City is set to accelerate following the official bell-ringing ceremony led by President William Ruto at the Nairobi Securities Exchange (NSE), to celebrate the listing of the Linzi 003 Infrastructure Asset-Backed Security.
This listing, the first of its kind in Kenya, has raised Ksh44.791 billion, which will directly fund the development of the 60,000-seater Talanta Sports City Stadium.
An Infrastructure Asset-Backed Security (IABS) is a financial instrument where investors provide funding in return for interest payments, and the bond is secured against the future cash flows or assets of a specific infrastructure project.
President Ruto, while speaking during the ceremony on Wednesday, July 23, described the listing as a “compelling example of how financial markets can accelerate national transformation.”
He praised the NSE, Linzi FinCo Trust, and LIAISON Group partners for their role in structuring a creative financing solution that connects public infrastructure goals with private market participation.
“The Talanta Sports City marks Kenya’s first large-scale, purpose-built international stadium project in more than 40 years. The last comparable undertaking was the construction of Moi International Sports Centre, Kasarani, completed in 1987 ahead of the All-Africa Games. Since then, Kenya has relied on ageing infrastructure, with no new international-standard stadium built from the ground up until now,” said Ruto.
“With a 60,000-seater capacity, Talanta Sports City is not merely filling that long-standing gap; it is redefining the nation’s sporting landscape. This modern, world-class complex is designed to host global tournaments, foster local talent, and restore Kenya’s reputation as a sporting powerhouse.”
Details about the Linzi Infrastructure Asset-Backed Security (IABS) which will fund Talanta Sports City project
Linzi FinCo 003 Trust is the special-purpose vehicle (SPV) that issued medium-term notes to investors. These notes are secured and rated AA (KE)(IR) by GCR Moody’s, indicating strong credit quality.
The notes carry an internal rate of return (IRR) of 15.04% per annum and will mature in 2040 — a 15-year tenor.
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The IABS offer, which closed on June 30, 2025, was oversubscribed, with bids totaling Ksh44.875 billion, against the target of Ksh44.791 billion.
This represents a subscription rate of 100.1889%, showing strong investor confidence in the government’s ability to deliver the project and repay the notes through expected revenue streams.
Each note was offered at 100% issue price, and all valid bids were accepted on a pro rata basis.
The successful listing of the Linzi 003 IABS accelerates the construction of Talanta Sports City, a flagship which will feature a brand-new ultramodern stadium in readiness for the 2027 Africa Cup of Nations (AFCON), which Kenya will co-host alongside neighbours Uganda and Tanzania.
President Ruto led the groundbreaking for the proposed 60,000-seater stadium on March 1, 2024, with the construction expected to end between December 2025 and March 2026.
Listing State-owned corporations on NSE and a new framework for public entities
Meanwhile, the Head of State during the bell ringing ceremony also highlighted the diversification of State-owned enterprises through Initial Public Offerings (IPOs) on the NSE, unlocking value, which he said is aimed at improving governance, and attracting long-term capital.
According to him, the government is implementing a structured, time-bound divestiture programme, starting with the listing of Kenya Pipeline Company (KPC).
“I expect the Cabinet to grant approval for this IPO before the end of the month, after which it will be submitted to the National Assembly for consideration. There is compelling evidence that privatisation is necessary to eliminate inefficiencies and raise the standards of governance in our public enterprises,” he said.
“While other nations in the region have moved boldly and strategically to divest and reinvigorate their economies, Kenya has not undertaken a single privatisation in over a decade. That is about to change.”
Also Read: Ruto Confirms Listing of Kenya Pipeline on NSE
To further strengthen the capital markets, Ruto said that the National Treasury is developing a minimum disclosure and listing framework for all public interest entities operating in Kenya.
Public entities will be required to begin disclosing standardised financial and operational data in line with capital markets standards. Within one year of initial disclosure, they will be required to list at least 20% of their equity on the NSE.
The president stated that this reform will promote transparency, enhance governance, foster local ownership, and enable Kenyans to participate directly in the country’s economic success.
According to Ruto, the National Treasury Cabinet Secretary John Mbadi will immediately establish an industry council to guide this process and advise the Attorney-General on the appropriate legal instruments for adoption.
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