• Afreximbank and KCB Group sign $800 mln financing deal for Vipingo SEZ
• Project targets industrial, agro-processing, logistics and value-added sectors
• Move aligns with Kenya Vision 2030 plan to expand industrialization and exports

Afreximbank and Kenya Commercial Bank (KCB Group) signed a $800 million financing agreement on September 17 to support the development of the Vipingo Special Economic Zone (SEZ) in Kenya. Afreximbank will provide $500 million, while KCB will contribute $300 million.

The financing aims to give investors tailored solutions to drive industrial, agro-processing, logistics, and other value-added activities in this strategic coastal zone. The partnership also seeks to improve access to international markets, strengthen local supply chains, and promote sustainable industrial growth.

“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,” said Paul Russo, CEO of KCB Group.

The agreement comes as Kenya advances reforms under its “Vision Kenya 2030” strategy, which aims to make the country a middle-income, industrialized economy with better living standards by 2030. Industrial parks and SEZs are central to this plan, attracting both domestic and foreign investment.

Progress is already visible, with export earnings rising to 284.3 billion Kenyan shillings in the third quarter of 2024, up from 268.2 billion in the same period of 2023, according to the Kenya National Bureau of Statistics (KNBS).

The Vipingo project is part of a broader Afreximbank initiative, which has committed $3 billion to Kenya to accelerate industrialization across several economic parks, including Naivasha, Dongo Kundu, and Vipingo.