Afreximbank in pact to promote industrial parks, economic zones

Parliamentary Committee on Trade, Industry and Co-operatives during a tour of the Special Economic Zone in Naivasha. [File, Standard]

The African Export-Import Bank (Afreximbank), Africa's trade development bank, has ratified a series of initiatives designed to support Kenya's industrialisation and export-led development agenda.

According to the terms of the initiatives, which were formalised at a signing ceremony with the Kenyan authorities in Mombasa recently, the bank will finance the development and operationalisation of industrial parks and Special Economic Zones (SEZs) to bolster the country's industrialisation and export manufacturing.

The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive by leveraging economies of scale, shared infrastructure and access to global markets.

Two projects to be undertaken by Afreximbank, with the support of the Government of Kenya and other strategic collaborators, are the development of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II).

After securing leases of the relevant land, Afreximbank will leverage the expertise and experience of Arise IIP, a special economic zone developer with experience in the development of integrated industrial parks in Africa. Both the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II are included in the Fourth Medium Term Plan (2023-2027) of the Kenyan government's Vision 2030, entitled "Bottom-Up Economic Transformation Agenda for Inclusive Growth." "

We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialisation, agro-processing," said President William Ruto.