By Ayomide Otitoju
KCB Group and the African Export-Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to provide a combined $800 million in financial and trade facilitation support for investors in the Vipingo Special Economic Zone (SEZ) in Kilifi County.
Under the agreement, Afreximbank will extend $500 million while KCB Group will contribute $300 million to support prospective investors in establishing operations within the SEZ. The initiative targets manufacturing, agro-processing, logistics, and value-addition enterprises.
The partnership was unveiled at the Arise Integrated Industrial Platforms (Arise IIP) – Kenya Investment Forum 2025, where business leaders explored strategies to position Kenya as a premier investment hub.
KCB and Afreximbank said the framework will provide competitive financing solutions, including project finance, trade facilities, guarantees, working capital, advisory support, and a project preparation facility.
Speaking at the signing ceremony on September 16 in Vipingo, KCB Group CEO Paul Russo described the agreement as a milestone in advancing Kenya’s industrial agenda.
“This agreement marks a significant step in our mission to catalyse sustainable industrial growth in Kenya and across the region,” Russo said. “We are delighted to elevate Vipingo SEZ as a gateway for export-oriented industries to thrive by leveraging economies of scale, shared infrastructure, and global market access.”
Afreximbank’s Managing Director for Export Development, Ms. Oluranti Doherty, emphasized the bank’s commitment to supporting African trade.
“Special Economic Zones are powerful engines for industrialization, export growth, and economic diversification,” Doherty said. “Through this financing framework, we will enable enterprises to scale while supporting sustainable supply chains that uplift communities and drive regional integration.”
The Vipingo SEZ, a flagship project under the Special Economic Zones Authority (SEZA), is expected to attract significant domestic and foreign investment by channeling affordable capital into infrastructure and export-oriented industries.
The MoU was signed by Russo for KCB Group, Doherty for Afreximbank, and George Olaka, CEO of Arise IIP–Kenya. It was witnessed by President William Ruto, Afreximbank President Prof. Benedict Oramah, and Arise IIP founder and CEO Gagan Gupta.
The deal aligns with Afreximbank’s $3 billion Country Programme for Kenya, launched in May 2023, which supports industrial development projects including the Naivasha Industrial Park, Dongo Kundu Industrial Park, and now the Vipingo SEZ. The bank has already disbursed $40 million to advance the Vipingo project, with a further $500 million earmarked for investors setting up within the zone.
