NAIROBI, Kenya— The Kenya Development Corporation (KDC) and the Saudi Export-Import Bank (Saudi EXIM Bank) have deepened bilateral trade and investment cooperation between Kenya and the Kingdom of Saudi Arabia.
Top officials from both institutions held a high-level meeting in Nairobi on Tuesday to advance the implementation of a Memorandum of Understanding (MoU) aimed at unlocking joint economic opportunities.
The talks chaired by Cabinet Secretary for Investments, Trade and Industry, Lee Kinyanjui focused on collaboration in priority sectors including agriculture, livestock, tourism, hospitality, and insurance.
“We are excited about the opportunities this partnership presents between KDC and Saudi EXIM Bank,” said Kinyanjui.
“The two countries have complementary trade and investment priorities. Kenya is rich in agriculture, while Saudi Arabia brings financial muscle and oil resources. This collaboration will enhance access to finance for businesses, including SMEs.”
The MoU outlines a framework for cooperation in areas such as joint project financing, credit guarantees, export promotion, co-financing of private sector ventures, and sharing of market intelligence.
Both parties also committed to facilitating partnerships between Kenyan and Saudi businesses and supporting knowledge exchange initiatives.
KDC Director General Norah Ratemo described the deal as a major boost for Kenya’s export competitiveness.
According to Ratemo,the move aligns with the Corporation’s strategic focus on enhancing the livestock value chain and promoting value addition in agriculture.
“The partnership is a significant step toward boosting Kenya’s export competitiveness and unlocking new growth opportunities for local enterprises,” said Ratemo.
The Saudi EXIM delegation led by the bank’s CEO,Saad Al-Khalb,affirmed the bank’s commitment to supporting Kenya’s economic goals through tailored financial solutions.
“Some of the products we offer such as insurance and supply chain support align well with Kenya’s agri-business priorities,” noted Al-Khalb.
The agreement comes at a time when Kenya is seeking to diversify its trade partnerships and increase foreign investment inflows.
Both sides expressed optimism that the partnership would open new export markets and strengthen private sector collaboration between the two nations.
