Afreximbank and Kenya on Friday entered into a partnership to accelerate Kenya’s industrialisation and export-led development agenda. This alliance began Kenya’s economic transformation into an African manufacturing hub.
Afreximbank industrialisation and export development
Afreximbank will support Kenya’s industrialisation and export manufacturing by funding the creation and operation of industrial parks and special economic zones (SEZs).
The proposed industrial parks, developed through Afreximbank’s affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create an environment conducive to export-oriented industries by leveraging economies of scale, shared infrastructure, and access to global markets.
Two key projects include the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II), for which Afreximbank has secured leases and plans to utilise Arise IIP’s expertise in developing integrated industrial parks across Africa.
This initiative aligns with Kenya’s broader economic strategy, which includes enhancing local production and trade. As part of a broader $3 billion agreement signed earlier, Afreximbank is committed to supporting Kenya’s development agenda by boosting infrastructure, trade, and investment sectors.
President William Ruto has lauded Afreximbank’s role in driving economic progress across Africa and stressed the importance of such collaborations for sustainable growth.
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Infrastructure and investment boost
The partnership between Afreximbank and Kenya also focuses on enhancing infrastructure and investment. The $3 billion agreement aims to propel Kenya’s long-term development goals by investing in critical sectors such as infrastructure and trade.
This investment is projected to boost Kenya’s regional and global competitiveness. Afreximbank supports the pharmaceutical and cotton value chains to boost local production and industry.
Afreximbank’s President, Professor Benedict Oramah, highlighted the importance of decentralisation and the African Sub-Sovereign Government Network (AFSNET) in promoting trade, investment, and grassroots development within the framework of the African Continental Free Trade Area (AfCFTA). This collaboration shows Afreximbank’s dedication to sub-Saharan economic cooperation.