State agency wants development financing aligned to AfCFTA

Kenya Development Corporation Director General Norah Ratemo during the drive mission breakfast meeting aimed at bringing development partners and private sector actors together to showcase the progress of the DRIVE program on May 13, 2025. [David Gichuru, Standard]

The Kenya Development Corporation (KDC) has called for alignment of development financing with the African Continental Free Trade Area (AfCFTA).

KDC board Chairman Dr Sakwa Bunyasi, speaking during a recent benchmarking session with a delegation from Zambia, noted the importance of economic integration not only for AfCFTA but also for Agenda 2063 - Africa's strategic framework for achieving inclusive and sustainable development by 2063.

He said these ambitions are achievable with resilient institutions capable of delivering transformative change.

Dr Bunyasi said the benchmarking engagement reaffirms the continent's Pan-African commitment to building a shared future grounded in economic sovereignty, self-reliance, and inclusive prosperity.

"Kenya, through KDC, is charting a new frontier in development finance, one that is responsive, accountable, and strategically aligned with national and continental priorities," he said.

"As Africa advances towards the promises of Agenda 2063 and the economic integration envisioned under AfCFTA, strong, transparent institutions must be our foundation," added Dr Bunyasi. The Zambian was drawn from the country's Committee on Parastatal Bodies of the National Assembly. They were in the country to benchmark the best practices on development finance, an area KDC specialises in, and how to provide oversight.

Zambia also has its own, the Industrial Development Corporation (IDC), wholly owned by the government.

KDC, on the other hand, is a state-owned private firm domiciled under the National Treasury.

Leading the Zambian delegation, Dr Chitalu Chilufya, chairperson of the Committee on Parastatal Bodies, affirmed the value of the exchange as Zambia strengthens its own development institutions, particularly the Industrial Development Corporation (IDC). "Our visit to KDC has provided a compelling view of how parastatal reforms can serve as engines of economic transformation. Kenya's approach to integrating capital deployment with strategic policy frameworks resonates strongly with our national priorities," he said.

Dr Chilufya added that the experience will be instrumental as the country enhances governance, impact assessment, and strategic oversight across Zambia's state-owned enterprises. "We are aligned in our vision for a self-reliant, industrial Africa powered by efficient, transparent institutions," he said.

KDC Director General Norah Ratemo said the institution was created not only to fill financing gaps but to unlock entire value chains that drive sustainable development. She said KDC's business model is anchored in national priorities under the Bottom-Up Economic Transformation Agenda (BETA) and harmonised with regional integration goals under AfCFTA.

"We provide more than capital; we de-risk investments, offer strategic advisory services, and align every intervention with a long-term development blueprint that transforms communities, industries, and nations," she said.