The Nairobi Securities Exchange (NSE) has officially listed a Ksh44.7 billion Infrastructure Asset-Backed Security (IABS) to finance the construction of Talanta Sports City, a 60,000-seat stadium set to be a key venue for the 2027 Africa Cup of Nations (AFCON). The listing, under the Linzi FinCo Trust as “Linzi 003”, is the largest of its kind in the history of the bourse and signals Kenya’s growing reliance on local capital markets to fund large-scale infrastructure.
President William Ruto, speaking at the bell-ringing ceremony at the NSE, lauded the listing as a “landmark achievement” and a crucial shift in Kenya’s development financing. He said the government is committed to embracing innovative and sustainable funding models that limit debt burdens and build long-term fiscal resilience. “The successful listing of Linzi 003 affirms our belief in market-based financing to sustainably fund transformative infrastructure,” Ruto stated.
Talanta Sports City is one of Kenya’s flagship projects under the Bottom-Up Economic Transformation Agenda and forms part of national preparations to co-host AFCON 2027 alongside Uganda and Tanzania. The stadium is designed to meet international standards for major tournaments and serve as a national hub for sporting talent, development, and innovation. It is a cornerstone of the government’s broader ambition to make world-class sports infrastructure a reality.
The Linzi 003 bond is structured as a true-sale securitisation, backed by receivables from the Sports, Arts and Social Development Fund. Additional safeguards such as a Debt Service Reserve Account and a standby letter of credit offer investor protection, while the bond’s interest income will be exempt from withholding tax, making it more attractive to institutional investors.
Beyond Talanta Sports City, the listing reflects broader innovation within Kenya’s financial sector. NSE also facilitated two other major July transactions: a Ksh3 billion Sharia-compliant Linzi Sukuk for affordable housing, and the launch of the Satrix MSCI World Feeder ETF, allowing Kenyan investors to access international equities. “These milestones illustrate the increasing depth, sophistication, and relevance of our capital markets,” Ruto noted.
The securitisation model used in funding Talanta Sports City represents a strategic shift from traditional government borrowing. It sets a precedent for future public infrastructure financing, demonstrating how domestic capital can be mobilized for national development while safeguarding macroeconomic stability. The Talanta project stands as both a sports and financial milestone for Kenya.
