Nairobi, May 12 -- Kenya will use Sh38.7 billion from the proceeds of Kenya Pipeline Company stake sale to expand Jomo Kenyatta International Airport (JKIA).

President William Ruto on Tuesday revealed that the country will pump the billions from the National Infrastructure Fund into the upgrade of the main Nairobi airport as he courted global investors to tap into the investment.

The Sh38.7 billion amounts to 20 percent of the estimated Sh193.7 billion total cost needed for JKIA revamp and less than two years after it cancelled a controversial deal with India's Adani Group.

President Ruto says that by the close of July, the National Infrastructure Fund is expected to have Sh387.4 billion worth of seed capital, following proceeds from t...