Kenya and Afreximbank have signed agreements aimed at advancing the country’s industrialization and boosting its export sector. The agreements, formalized in Mombasa on February 28, 2025, will see Afreximbank finance the creation and operationalization of industrial parks and special economic zones (SEZs) in Kenya. These initiatives align with Kenya’s Vision 2030 development plan, which prioritizes boosting the manufacturing sector and facilitating export growth.
The two primary projects involved are the Dongo Kundu Integrated Industrial Park and Naivasha Special Economic Zone II (Naivasha II). Afreximbank will oversee the development of these zones through its affiliate, Arise Integrated Industrial Platforms (Arise IIP), which specializes in building integrated industrial parks across Africa. The parks are designed to foster export-oriented industries by offering shared infrastructure and better access to global markets.
Kenya’s President, H.E. Dr. William Ruto, spoke at the ceremony, stressing the importance of these initiatives in enhancing Kenya’s manufacturing capacity and creating a more attractive environment for investment. He framed the agreements as a testament to the government’s commitment to industrialization, rather than loans or foreign aid.
Afreximbank President Prof. Benedict Oramah also commented, reflecting on Africa’s potential to leverage its resources for economic prosperity. He described the agreements as a promise to transform Kenya into a hub of industrialization and self-reliance, moving beyond dependency on foreign aid.
The Dongo Kundu Industrial Park, located within the Mombasa SEZ, will serve as a key driver of economic development in Mombasa and beyond. Similarly, the Naivasha II SEZ, which covers 5,000 acres, will be strategically positioned to serve as a logistics and trade hub, benefiting from its proximity to East Africa’s major transport corridors.
The event was attended by several dignitaries, including cabinet secretaries and representatives from various sectors.
