KCB Group PLC and the African Export-Import Bank (Afreximbank) have signed a Memorandum of Understanding to provide financial and trade support for investors at the Vipingo Special Economic Zone (SEZ) in Kilifi County.
Under the deal, Afreximbank will commit US$500 million while KCB will provide US$300 million in funding. The partnership was announced during the Arise Integrated Industrial Platforms (Arise IIP) – Kenya Investment Forum 2025.
The framework will offer investors financing options such as working capital, project finance, trade financing, guarantees, and advisory services, with a focus on sectors including manufacturing, agro-processing, logistics, and value addition.
Speaking at the signing ceremony on September 16, 2025, in Vipingo, KCB Group CEO Paul Russo said the agreement would support industrial growth and position Vipingo SEZ as a hub for export-oriented industries.
“This agreement marks a significant step in our mission to catalyse sustainable industrial growth in Kenya and across the region. 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.”
Afreximbank’s Managing Director for Export Development, Oluranti Doherty, said the partnership aligns with the bank’s goal of promoting African trade and industrialization.
“Afreximbank’s mandate is to promote and expand African trade, and this partnership with KCB is a concrete demonstration of that commitment. 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.”
The deal was signed by Mr. Russo for KCB, Ms. Doherty for Afreximbank, and George Olaka, CEO of Arise IIP-Kenya. Witnesses included Afreximbank President Prof. Benedict Oramah and Arise IIP Founder and CEO Gagan Gupta.
The agreement builds on Afreximbank’s US$3 billion Country Programme for Kenya, launched in May 2023, which supports industrial development projects including the Naivasha Industrial Park, Dongo Kundu Industrial Park, and Vipingo SEZ.
The bank has already disbursed US$40 million to facilitate Vipingo SEZ’s development, with further funding planned for investors establishing operations within the zone.