NAIROBI, Kenya– Kenya Commercial Bank (KCB) Group and the African Export-Import Bank (Afreximbank) have signed a financing agreement to operationalize the Vipingo Special Economic Zone (SEZ) in Kilifi County.
The two institutions will provide a combined Sh100.6 billion, with Afreximbank committing Sh67.2 billion (US$500 million) and KCB pledging Sh40.3 billion (US$300 million).
The deal was formalized during the Arise Integrated Industrial Platforms (Arise IIP) Kenya Investment Forum, attended by government officials, financiers, and business leaders.
Under the framework, investors setting up at the Vipingo SEZ will access a mix of funding options, including project finance, trade facilities, guarantees, and advisory support. Priority sectors include manufacturing, agro-processing, logistics, and value addition.
“This agreement marks a significant step in our mission to catalyze sustainable industrial growth in Kenya and 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,” said KCB Group CEO Paul Russo.
Afreximbank’s Managing Director for Export Development, Oluranti Doherty, said the partnership reflects the lender’s core mandate of promoting and expanding African trade. She noted that Special Economic Zones remain critical drivers of industrialization, export growth, 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,” said Doherty.
The Vipingo SEZ is among Kenya’s flagship projects under the Special Economic Zones Authority (SEZA), designed to attract foreign and local investment.
The partnership is also part of Afreximbank’s Sh403 billion (US$3 billion) Country Programme for Kenya, launched in 2023 to support industrial parks including Naivasha, Dongo Kundu, and Vipingo.
