Unlocking County Capital: Why Subnational Bonds Could Reshape Kenya’s Fiscal Future

In 2021, Laikipia issued Kenya’s first county infrastructure bond, raising KSh 1.16 billion from private investors. It was a test of law, process, and public trust. Imperfect, yes, but proof of concept all the same. It showed that with structure, transparency, and resolve, counties can access capital markets on their own terms.