A major new partnership is set to boost Kenya’s industrial landscape. KCB Group and Afreximbank have signed a Memorandum of Understanding (MOU) to provide significant financial and trade support for investors in the Vipingo Special Economic Zone (SEZ) in Kilifi County.
The agreement was announced during the Arise Integrated Industrial Platforms (Arise IIP) – Kenya Investment Forum 2025, which aims to position Kenya as a premier investment destination.
Under the new deal, Afreximbank will provide an initial funding of $500 million, while KCB Group will contribute $300 million. This combined funding will play a critical role in developing the SEZ.
This initiative is part of Afreximbank’s broader $3 billion Country Programme to Kenya, which began in May 2023 to support industrial growth across the nation.
The partnership will provide competitive and tailored financial solutions for businesses looking to operate within the Vipingo SEZ. The focus is on key sectors such as:
- Manufacturing
- Agro-processing
- Logistics
- Value-addition enterprises
Investors will gain access to a range of financial products, including working capital, project finance, trade financing, and advisory support, to help them establish and grow their operations.
Paul Russo, CEO of KCB Group, emphasized the partnership’s importance for sustainable development. “This agreement marks a significant step in our mission to drive sustainable industrial growth in Kenya,” he said. “We believe the Vipingo SEZ will become a hub for export-oriented industries, leveraging shared infrastructure and access to global markets.”
Ms. Oluranti Doherty, Managing Director of Export Development at Afreximbank, highlighted how the collaboration aligns with the bank’s core mission. “Our mandate is to promote African trade, and this partnership with KCB is a clear demonstration of that commitment,” she noted. “Special Economic Zones are powerful engines for industrialization, and this framework will not only help enterprises scale but also support sustainable supply chains that benefit local communities.”
The MOU was signed on September 16, 2025, in Vipingo. The ceremony was attended by key officials, including H.E. Dr. William Ruto, the President of the Republic of Kenya.
As a flagship project under the Special Economic Zones Authority (SEZA), the Vipingo SEZ is poised to attract both domestic and foreign direct investment.