African Export-Import Bank (Afreximbank), Africa’s foremost trade development Bank has added more projects to its portfolio with the ratification of a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda.
The $1billion Dongo Kundu and Naivasha Special Economic Zones development are part of President Wiliam Ruto’s legacy and his agenda to transform Kenya into an industrial powerhouse and a thriving economy.
The deal will see Afreximbank finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing.
Through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), Afreximbank will develop the industrial parks which will create and sustain an environment in which export-oriented industries can thrive.
Leveraging economies of scale, shared infrastructure and access to global markets, the parks will not only position Kenya as an industrial powerhouse, but will also create thousands of job opportunities.
The Dongo Kundu SEZ is approximately 3,000 acres large, strategically located adjacent to the Mombasa Port in Likoni SubCounty of Mombasa County.
The mega project that will be developed by Arise IIP that specialises in special economic zone development integrated industrial parks is suited for a variety of industries.
It features zoned areas for industrial activity, enterprise and trade, tourism, and port services.
Ruto: Mega project is an investment, not a loan
President Ruto noted that the mega project is not a loan, but is an investment by Kenya’s strategic partners who have faith in the country and its immense economic potential.
"We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialization, agro-processing, and value addition within Special Economic Zones.
President Ruto explained that the focus of the projects will be footwear, agro-processing medical and pharmaceutical supplies as Kenya shifts focus from exporting raw materials to manufacturing and value addition.
The target for these two investments will be here in Dongo Kundu, focusing on footwear, agro-processing and medical and pharmaceutical supplies, including petro-chemical industries. “We will also target the textile industry, e-mobility and glass manufacturing, among others.
Translating Kenya's vast resources into wealth & lasting prosperity
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank noted that the signing of the deal carried more weight than just ink on paper as it is a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.
Africa has been heralded as a land of opportunity, blessed with resources that power the world. Yet, we have struggled to translate this wealth into lasting prosperity for our people. For decades, we have watched as others reap the rewards of our natural resources, leaving us tethered to a cycle of dependency—exchanging our riches for aid and loans that kept us on the fringes of the global breadbasket.
Those days are behind us. Today, Kenya takes a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the Government’s plan to boost the country's economic growth under the Vision 2030 development blueprint.
He noted that across Africa, citizens are tired of promises and fed up with dreams of better lives that are soon shattered, adding that the project is a step in the right direction.