Thursday, 18th September 2025
by inAfrika Reporter
KCB Group and the African Export-Import Bank (Afreximbank) have signed a landmark Memorandum of Understanding (MOU) to unlock a combined US$800 million in financial and trade facilitation support for investors setting up in the Vipingo Special Economic Zone (SEZ) in Kilifi County.
The agreement, unveiled during the Arise Integrated Industrial Platforms (Arise IIP) – Kenya Investment Forum 2025, marks a strategic boost for Kenya’s ambitions to position Vipingo as a premier hub for export-oriented industries. Under the arrangement, Afreximbank will provide US$500 million while KCB Group will inject US$300 million in funding to accelerate industrial investment within the SEZ.
The financing framework is designed to help both local and international investors establish operations in manufacturing, agro-processing, logistics, and value-addition enterprises. Investors will access tailored financing solutions including working capital, project finance, trade financing, project preparation facilities, guarantees, and advisory services — all aimed at lowering the cost of entry and enabling scale.
Speaking during the signing ceremony in Vipingo on September 16, 2025, KCB Group CEO Paul Russo said the partnership would catalyse Kenya’s industrial growth.
“This agreement marks a significant step in our mission to catalyse sustainable industrial growth in Kenya and across the region. We are delighted to elevate Vipingo SEZ as a gateway to transforming, creating and sustaining an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets,” he stated.
Vipingo SEZ is one of Kenya’s flagship projects under the Special Economic Zones Authority (SEZA) and is envisioned as a catalyst for attracting investment, strengthening export-oriented industries, and driving regional development. The KCB–Afreximbank partnership is expected to accelerate critical infrastructure rollout, spur job creation, and position Kilifi as a magnet for domestic and foreign direct investment.
Afreximbank Managing Director for Export Development, Ms. Oluranti Doherty, underscored the Bank’s commitment to driving Africa’s industrial transformation.
“Afreximbank’s mandate is to promote and expand African trade, and this partnership with KCB is a concrete demonstration of that commitment. Special Economic Zones are powerful engines for industrialization, export growth, and economic diversification. Through this financing framework, we will not only enable enterprises to scale but also support the creation of sustainable supply chains that uplift local communities and drive regional integration,” she said.
The MOU was signed by Mr. Russo for KCB Group, Ms. Doherty for Afreximbank, and Mr. George Olaka, CEO of Arise IIP–Kenya. The ceremony was witnessed by President William Ruto, Afreximbank President Prof. Benedict Oramah, and Arise IIP Founder and CEO Gagan Gupta.
The deal forms part of Afreximbank’s US$3 billion Country Programme for Kenya, signed in May 2023, which targets industrial development zones including Naivasha Industrial Park, Dongo Kundu Industrial Park, and now Vipingo SEZ. Afreximbank has already disbursed US$40 million to kick-start the development of Vipingo SEZ, with an additional US$500 million earmarked to support individual investors establishing operations within the zone.
By combining financial muscle, expertise, and networks, this partnership is set to transform Vipingo into a competitive industrial hub — anchoring Kenya’s export growth, creating jobs, and reinforcing the country’s role as a gateway to regional and global markets.
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