The KCB Group and the African Export-Import Bank (Afreximbank) have formalized a strategic partnership through a Memorandum of Understanding.
The agreement, which was signed in Vipingo located in Kilifi County, is designed to channel substantial financial resources and trade facilitation support to investors within the Vipingo Special Economic Zone (SEZ).
This collaborative framework sees Afreximbank committing an initial Sh64.60 billion ($500 million), with KCB Group providing an additional Sh38.76 billion ($300 million), to create a powerful financial pool aimed at transforming the zone into a hub for export-led growth.
The announcement, made during the Arise Integrated Industrial Platforms – Kenya Investment Forum 2025, highlights a concerted effort by key financial institutions and business leaders to position Kenya as a premier destination for investment on the continent. The core objective of the funding is to offer prospective investors competitive and tailored financing solutions.
These will encompass a wide spectrum of financial products, including working capital facilities, project finance, trade financing, guarantees, and advisory support. The focus will be squarely on attracting enterprises in manufacturing, agro-processing, logistics, and value-addition, sectors critical to building resilient and diversified supply chains.
According to Paul Russo, KCB Group CEO, the agreement is a significant step in the mission to catalyze sustainable industrial growth 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 said.
This sentiment was echoed by Oluranti Doherty, Afreximbank’s Managing Director for Export Development, who stated that the bank’s mandate is to promote African trade and that Special Economic Zones are powerful engines for industrialization 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 Vipingo SEZ is a flagship project under Kenya’s Special Economic Zones Authority (SEZA), envisioned as a catalyst for attracting both foreign and domestic direct investment while spurring regional development.
By channeling affordable capital into the zone, the KCB-Afreximbank partnership is expected to be the key that unlocks critical infrastructure and strengthens Kenya’s export capabilities, positioning Kilifi County as a new magnet for industrial activity.
The signing ceremony was witnessed by high-profile leaders including H.E. Dr. William Ruto, President of Kenya, and Prof. Benedict Oramah, President of Afreximbank, highlighting the high-level commitment to this initiative.
This funding for Vipingo falls under the broader umbrella of Afreximbank’s Sh387.61 billion ($3 billion) Country Programme for Kenya, established in May 2023 to support the nation’s industrial development. The programme already supports other key projects like the Naivasha and Dongo Kundu Industrial Parks.
Notably, the bank has already disbursed Sh5.17 billion ($40 million) for the development of the Vipingo SEZ’s infrastructure, with this latest Sh64.60 billion ($500 million) commitment dedicated solely to supporting the individual investors who will operate within it.
