President William Ruto has defended his decision to securitise the Sports, Arts and Social Development Fund (SASDF) to finance major national stadium infrastructure projects.Download our Mozzart Sport app for more newsSpeaking on Monday, 14 September, during a roundtable meeting with journalists, Ruto said the decision, which has been widely criticised in some quarters, will enable the country to construct world-class facilities.History as Kenya lands World Athletics Championships hosting rights“The fund has been there for 15 years. What have they done?” He questioned.“At least for my administration we can account for the seven years that the fund will be securitised as we shall have 32 stadia in the country,” he said.##NAJAVA_MECA_9962435##Ruto claimed the fund had been misappropriated and did little to develop sports but insisted it is now doing its work through the securitisation process.“At least now everybody can see what the money is doing. The development of sports facilities remains an integral part of helping our youth excel in their talent,” he added.Kenya name provisional squad for U23 Africa Cup of Nations qualifiersThe government borrowed more than Ksh44 billion through securitisation to build Talanta Stadium, one of the venues set to host the 2027 Africa Cup of Nations finals to be played in Kenya, Uganda and Tanzania.But critics of the move have questioned the high interest rate the 15-year loan is set to attract, with claims that the fund will end up paying more than Ksh100 billion.##NAJAVA_MECA_9962423##A fortnight ago, the government announced plans to borrow another Ksh38.74 billion against future Sports Fund revenues to finance the construction of 33 new and ongoing stadium projects across the country.To ensure the process is successful, the Sports, Arts and Social Development Fund (SASDF) has started the process of recruiting a transaction advisor and lead arranger to structure the 15-year facility.Livid Gor Mahia fans express frustrations after CAF Champions League ousterIt will become the second securitisation backed by the fund after the Ksh44.8 billion Talanta bond.The Ministry of Sports is currently undertaking stadium projects in Nairobi, Mombasa, Kisumu, Nakuru, Eldoret and more than 20 other counties, while upgrading Kasarani and Nyayo stadiums ahead of the 2027 Africa Cup of Nations.##NAJAVA_MECA_9962394##The Sports Fund is mainly financed through taxes and levies collected from the betting industry.But the decision to securitise the fund has at times affected funding for teams to attend international events, considering pressure on the fund to meet loan repayments and sponsor national teams.