KCB Group and the African Export-Import Bank (Afreximbank) have signed a landmark Memorandum of Understanding (MoU) to mobilize US$800 million in financing for enterprises setting up in the Vipingo Special Economic Zone (SEZ) in Kilifi County.
The deal, announced at the Arise Integrated Industrial Platforms (Arise IIP) – Kenya Investment Forum 2025, will see Afreximbank provide US$500 million while KCB commits US$300 million towards trade facilitation and project finance in the industrial hub.
The partnership aims to accelerate the development of manufacturing, agro-processing, logistics, and value-addition enterprises by offering investors competitive financing solutions. These include working capital facilities, project and trade finance, guarantees, and advisory services.
Speaking at the signing ceremony in Vipingo, KCB Group CEO Paul Russo said the agreement marks a “significant step” in positioning Kenya as a regional industrial powerhouse.
“We are delighted to elevate Vipingo SEZ as a gateway to transforming, creating, and sustaining an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure, and access to global markets,” Russo noted.
Afreximbank’s Managing Director for Export Development, Oluranti Doherty, said the collaboration aligns with the bank’s mission to expand African trade.
“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 sustainable supply chains that uplift local communities and drive regional integration,” she said.
The signing was witnessed by President William Ruto, Prof. Benedict Oramah, President and Chairman of Afreximbank, and Gagan Gupta, Founder and CEO of Arise IIP.
Vipingo SEZ is among Kenya’s flagship projects under the Special Economic Zones Authority (SEZA). The initiative is expected to attract domestic and foreign direct investment, unlock critical infrastructure, and strengthen Kenya’s export-oriented industries.
The funding falls under Afreximbank’s US$3 billion Country Programme to Kenya, signed in May 2023, which supports industrial development in strategic sites including Naivasha Industrial Park, Dongo Kundu Industrial Park, and now Vipingo SEZ. To date, Afreximbank has already disbursed US$40 million for Vipingo’s initial development.
The agreement underscores the importance of strategic partnerships in bridging Africa’s financing gap and enabling the private sector to play a central role in sustainable economic transformation.