Afreximbank and Kenya Forge Landmark Agreements.

Saturday, 1st March 2025

By inAfrika Reporter

MOMBASA, Kenya – The African Export-Import Bank (Afreximbank) has cemented a strategic partnership with the Kenyan government to accelerate industrialization and export manufacturing. At a high-profile signing ceremony in Mombasa, Afreximbank committed to financing the development and operationalization of industrial parks and special economic zones, reinforcing Kenya’s ambition to become a regional industrial powerhouse.

Afreximbank, through its affiliate Arise Integrated Industrial Platforms (Arise IIP), will spearhead the establishment of industrial parks designed to create an ecosystem where export-oriented industries can thrive. By leveraging economies of scale, shared infrastructure, and enhanced access to global markets, the initiative aims to strengthen Kenya’s manufacturing capabilities and increase its competitiveness on the global stage.

Two key projects—Dongo Kundu Integrated Industrial Park in Mombasa and Naivasha Special Economic Zone II—are set to redefine Kenya’s industrial landscape. These projects align with the country’s Vision 2030 development blueprint, which prioritizes economic transformation through industrial expansion. The parks are expected to generate significant employment opportunities, attract foreign direct investment, and enhance Kenya’s role as a leading exporter within Africa and beyond.

President William Ruto hailed the agreements as a milestone in Kenya’s economic development. “We have a responsibility to steer our country towards manufacturing, industrialization, and value addition. The partnerships we are fostering today will drive economic growth and position Kenya as an attractive investment destination,” he stated.

Afreximbank President and Board Chairman, Prof. Benedict Oramah, emphasized Africa’s need to transition from a dependency-driven economy to one that capitalizes on its vast resources. “Africa has long been a supplier of raw materials, watching others benefit from our wealth. These industrial parks mark a fundamental shift—an opportunity for us to reclaim our economic destiny. Kenya is taking a bold step in reshaping its future,” he remarked.

Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, signed the agreement for the Dongo Kundu Industrial Park. Similarly, Dr. Kenneth Chelule, CEO of the Special Economic Zones Authority, and Mrs. Doherty formalized the agreement for Naivasha II, with President Ruto and Prof. Oramah witnessing the historic signings.

Dongo Kundu Industrial Park is envisioned as a state-of-the-art facility that will spur industrial growth in Mombasa, boosting the region’s economic output. Meanwhile, Naivasha II, spanning approximately 5,000 acres in Mai Mahiu, will include a free trade zone, an industrial park, and a logistics hub. Situated along the Northern Corridor Transport System, which integrates road and rail infrastructure, the SEZ will offer seamless trade connectivity to the East and Central African hinterland, benefiting countries such as Burundi, the Democratic Republic of Congo, Rwanda, South Sudan, and Uganda.

The agreements also include a three-year, $3 billion Kenya Country Programme by Afreximbank, dedicated to supporting trade and trade-related investments. This initiative is expected to catalyze Kenya’s industrial transformation, fostering inclusive economic growth and deepening regional trade integration.

The signing ceremony saw the presence of senior government officials and industry leaders, including Cabinet Secretaries Davis Chirchir (Roads and Transport), Hassan Ali Joho (Mining, Blue Economy, and Maritime Affairs), Salim Mvurya (Youth Affairs, Creative Economy, and Sports), and Lee Kinyanjui (Investment, Trade, and Industry). Other dignitaries included Mombasa Governor Abdulswamad Shariff Nassir, Kenya Ports Authority Chairman Benjamin Tayari, and Special Economic Zones Authority Chairperson Fredrick Muteti.

With this bold initiative, Kenya is set to strengthen its industrial base, expand export capacity, and reinforce its position as a key player in Africa’s economic transformation.