The African Export-Import Bank (Afreximbank), Africa’s leading trade development bank, has made a major move to bolster Kenya’s industrialization and export-led growth agenda.
During a signing ceremony held in Mombasa, Kenya, Afreximbank formalized a series of initiatives aimed at financing the development and operationalization of industrial parks (IPs) and special economic zones (SEZs) across the country. The agreements were signed by Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, for the Dongo Kundu Special Economic Zone.
Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic Zones Authority, and Mrs. Doherty signed the Naivasha Special Economic Zone agreement. Under the agreement, Afreximbank, through its affiliate company Arise Integrated Industrial Platforms (Arise IIP), will spearhead the development of two key projects: the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II).
These initiatives aim to foster an environment conducive to export-oriented industries by utilizing economies of scale, shared infrastructure, and access to global markets. The Dongo Kundu Industrial Park, located within the Mombasa SEZ, is poised to be a cutting-edge facility that will greatly enhance economic growth and industrialization in Mombasa County and the surrounding areas.
On the other hand, the Naivasha II project, based in Mai Mahiu, will incorporate a free trade zone, an industrial park, a logistics zone, and a public utility area, all supported by a strong road network. Spanning roughly 5,000 acres, the Naivasha II project will leverage its advantageous position along the Northern Corridor Transport System, which includes the standard gauge railway (SGR), a major highway, and its close proximity to the Naivasha Inland Container Depot, an essential hub for East and Central Africa.
According to President William S. Ruto, during the signing ceremony, these initiatives are crucial in driving the country’s economic transformation.
“We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialization, agro-processing, and value addition within SEZs. The signing of these agreements today marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment,” he said.
He also called on all stakeholders to work together to make Kenya an attractive destination for investment, as it takes collective responsibility to steer the nation toward prosperity. Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, echoed these sentiments, emphasizing the transformative potential of the projects.
“Africa has been heralded as a land of opportunity, blessed with resources that power the world. Yet, we have struggled to translate this wealth into lasting prosperity for our people. For decades, we have watched as others reap the rewards of our natural resources, leaving us tethered to a cycle of dependency—exchanging our riches for aid and loans that kept us on the fringes of the global breadbasket. Those days are behind us. Today, Kenya takes a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the Government’s plan to boost the country’s economic growth under the Vision 2030 development blueprint,” he said.
These projects are expected to have far-reaching impacts on Kenya’s economy, creating jobs, boosting export capacity, and attracting foreign investment. They will strengthen Kenya’s capacity for export manufacturing and industrialization, aligning with the government’s Vision 2030 development blueprint, particularly the Fourth Medium Term Plan (2023-2027) titled “Bottom-Up Economic Transformation Agenda for Inclusive Growth.”
