KCB Group and the African Export-Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to provide financial and trade facilitation support for investors in the Vipingo Special Economic Zone (SEZ) in Kilifi County.

Under the agreement, Afreximbank will extend an initial funding commitment of US$500 million, while KCB Group will contribute US$300 million towards the development of the SEZ.

The partnership was unveiled during the Arise Integrated Industrial Platforms (Arise IIP) – Kenya Investment Forum 2025, where leaders from across business and government gathered to discuss strategies for positioning Kenya as a leading investment hub.

The financing framework will offer investors competitive solutions, including project finance, trade facilities, guarantees, advisory services, and working capital support. Targeted sectors include manufacturing, agro-processing, logistics, and value addition enterprises.

Speaking at the signing ceremony in Vipingo, KCB Group Chief Executive Officer Paul Russo said the agreement underscores the bank’s commitment to driving sustainable industrialization.

“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 for export-oriented industries to thrive, leveraging shared infrastructure and access to global markets,” Russo said.

Afreximbank’s Managing Director for Export Development, Ms. Oluranti Doherty, emphasized the bank’s mandate to drive African trade and industrial growth.

“Special Economic Zones are powerful engines for 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,” she noted.

The MoU was signed by Mr. Russo on behalf of KCB Group, Ms. Doherty for Afreximbank, and Mr. George Olaka, CEO of Arise IIP-Kenya.

The ceremony was witnessed by President William Ruto, Afreximbank President Prof. Benedict Oramah, and Arise IIP Founder and CEO Gagan Gupta.

Vipingo SEZ, a flagship project under the Special Economic Zones Authority (SEZA), is envisioned as a catalyst for regional development and investment attraction. The collaboration between KCB and Afreximbank is expected to unlock infrastructure, stimulate export-oriented industries, and strengthen Kilifi’s appeal to both local and international investors.

The initiative forms part of Afreximbank’s US$3 billion Country Programme for Kenya, signed in May 2023, which is geared towards industrial development in key hubs including the Naivasha Industrial Park, Dongo Kundu Industrial Park, and Vipingo SEZ. In 2024, Afreximbank disbursed US$40 million for the development of Vipingo SEZ and has now pledged an additional US$500 million to support incoming investors.