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The deal shows how global and regional lenders are teaming up with local banks to close Africa’s industrial financing gap
Nairobi, Kenya | THE INDEPENDENT | KCB Group and the African Export-Import Bank (Afreximbank) have signed a financing agreement worth $800mn to support investors in the Vipingo Special Economic Zone (SEZ) in Kenya’s Kilifi County, a flagship project under the Special Economic Zones Authority.
The deal, announced at the Kenya Investment Forum 2025 hosted by Arise Integrated Industrial Platforms, commits $500mn from Afreximbank and $300mn from KCB. The funding is intended to provide competitive financing packages for manufacturers, agro-processors, logistics operators and value-addition enterprises establishing operations in the SEZ.
Investors will gain access to project finance, working capital, trade facilities, guarantees and advisory services, with both institutions pledging to pool expertise and networks to attract local and international firms.
“This agreement marks a significant step in our mission to catalyse sustainable industrial growth in Kenya and across the region,” said Paul Russo, KCB Group chief executive.
“Vipingo SEZ can become a gateway for export-oriented industries, leveraging economies of scale, shared infrastructure and access to global markets.”
Afreximbank described the partnership as consistent with its mandate to expand African trade. “Special Economic Zones are powerful engines for industrialisation, export growth and economic diversification,” said Oluranti Doherty, the bank’s managing director for export development.
“Through this financing framework we will not only enable enterprises to scale but also support sustainable supply chains that uplift local communities.”
The agreement was signed in Vipingo on September 16 by Russo for KCB, Doherty for Afreximbank and George Olaka, chief executive of Arise IIP-Kenya. It was witnessed by Kenya’s president William Ruto, Afreximbank chair Benedict Oramah and Arise IIP founder Gagan Gupta.
Vipingo SEZ is part of Kenya’s broader push to attract foreign direct investment into industrial hubs. It follows Afreximbank’s $3bn country programme signed in May 2023, earmarked for industrial projects including the Naivasha Industrial Park and Dongo Kundu Industrial Park. The bank has already disbursed $40mn for initial works at Vipingo and committed an additional $500mn to support incoming investors.
The deal highlights how multilateral development banks and regional lenders are increasingly working with local financial institutions to address Africa’s infrastructure and industrial financing gap. For Kenya, it underscores an effort to position Kilifi as a magnet for capital and an anchor for its long-term industrialisation agenda.
