Kenya and Afreximbank Partner to Drive Industrial Growth with Landmark Agreements

African Export-Import Bank (Afreximbank), Africa’s leading trade development bank, has signed a series of strategic agreements with the Kenyan government in Mombasa to accelerate the country’s industrialisation and export-driven growth. These agreements, formalised during a high-level signing ceremony, will enable Afreximbank to finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to enhance Kenya’s manufacturing and trade capacity.

Through its affiliate, Arise Integrated Industrial Platforms (Arise IIP), Afreximbank will spearhead the development of industrial parks designed to foster export-oriented industries by providing economies of scale, shared infrastructure, and seamless access to global markets.

Key initiatives include the establishment of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II). Having secured land leases, Afreximbank will leverage the expertise of Arise IIP, a renowned developer of special economic zones across Africa, to drive these projects forward.

Both projects align with the Kenyan government’s Fourth Medium-Term Plan (2023-2027) under Vision 2030, specifically the “Bottom-Up Economic Transformation Agenda for Inclusive Growth.” This underscores Kenya’s commitment to strengthening its industrial base and expanding its capacity to export value-added products across Africa and globally.

Speaking at the event, the President of Kenya, H.E. Dr. William S. Ruto, highlighted the significance of the agreements in advancing Kenya’s industrial ambitions. He emphasized the country’s dedication to manufacturing, industrialisation, agro-processing, and value addition within special economic zones, noting that these investments would create an attractive environment for both local and international investors.

Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, underscored the transformative potential of these projects, describing them as a bold step toward industrial self-reliance. He reaffirmed that the days of Africa exporting raw materials while relying on external aid and loans were behind, as initiatives like these empower nations to harness their own resources for economic prosperity.

The signing ceremony saw Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, sign the Dongo Kundu Special Economic Zone agreement. The Naivasha Special Economic Zone agreement was signed by Dr. Kenneth Chelule, CEO of the Special Economic Zones Authority, and Mrs. Doherty, with H.E. Dr. William Ruto and Prof. Benedict Oramah witnessing the proceedings.

The Dongo Kundu Industrial Park, located within the Mombasa SEZ, is expected to stimulate economic growth in Mombasa County and Kenya at large by establishing a state-of-the-art industrial hub. Meanwhile, the Naivasha II Special Economic Zone at Mai Mahiu will feature a free trade zone, an industrial park, a logistics hub, and public utilities supported by a robust road network. Spanning approximately 5,000 acres, this development is strategically positioned along the Northern Corridor Transport System, benefiting from proximity to the Naivasha Inland Container Depot, which serves multiple East and Central African nations, including Burundi, the Democratic Republic of Congo, Rwanda, South Sudan, and Uganda.

Distinguished attendees included Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank; Hon. Davis Chirchir, Cabinet Secretary for Roads and Transport; Hon. Hassan Ali Joho, Cabinet Secretary for Mining, Blue Economy, and Maritime Affairs; Hon. Salim Mvurya, Cabinet Secretary for Youth Affairs, Creative Economy, and Sports; and Hon. Lee Kinyanjui, Cabinet Secretary for Investment, Trade, and Industry. Also present were Captain William K. Ruto, Managing Director of the Kenya Ports Authority; Dr. Kenneth Chelule, CEO of the Special Economic Zones Authority; H.E. Abdulswamad Shariff Nassir, Governor of Mombasa County; Hon. Benjamin Tayari, Chairman of the Kenya Ports Authority; and Mr. Fredrick Muteti, EBS, Chairperson of the Special Economic Zones Authority.

The newly signed agreements mark a significant milestone in Kenya’s journey toward industrialisation and global trade integration, reinforcing its position as a competitive player in Africa’s economic transformation.