Kenya and Afreximbank sign milestone agreements to develop industrial parks and SEZs, boosting manufacturing, exports, and economic transformation
In a significant move to bolster Kenya’s industrial and export sectors, the African Export-Import Bank (Afreximbank) and the Kenyan government have formalized a series of initiatives aimed at promoting industrialization and export-led development. These agreements, signed in Mombasa, focus on the development and operationalization of industrial parks (IPs) and special economic zones (SEZs) to enhance the country’s manufacturing capabilities.
Strategic Projects: Dongo Kundu and Naivasha II
Central to this collaboration are two flagship projects: the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II). These projects are integral components of Kenya’s Vision 2030 development blueprint, specifically the Fourth Medium Term Plan (2023-2027) titled “Bottom-Up Economic Transformation Agenda for Inclusive Growth.” This plan underscores the government’s commitment to strengthening and accelerating Kenya’s capacity to export value-added goods within Africa and globally.
Leadership Perspectives
Kenyan President Dr. William S. Ruto emphasized the nation’s responsibility to harness the immense potential of manufacturing, industrialization, agro-processing, and value addition within SEZs. He stated, “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. The signing of these agreements today marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment.”
Afreximbank President Prof. Benedict Oramah reflected on Africa’s historical challenges in translating its resource wealth into lasting prosperity. He noted, “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.”
The collaboration between Afreximbank and the Kenyan government signifies a strategic effort to accelerate industrialization and export-led development in Kenya. By focusing on the development of industrial parks and SEZs, these initiatives aim to create sustainable environments for export-oriented industries, thereby enhancing Kenya’s position in the global market. The successful implementation of projects like Dongo Kundu and Naivasha II could serve as models for similar initiatives across the continent, fostering economic growth and regional integration.
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