Mombasa, Kenya, 28 February 2025 – The African Export-Import Bank (Afreximbank) has signed landmark agreements with the Kenyan government to advance the country’s industrialization and export capabilities, committing to finance industrial parks and special economic zones (SEZs). Announced in Mombasa, the initiatives include a $3 billion, three-year country program to bolster trade and investment, marking a significant step in Kenya’s economic transformation.
Under the agreements, Afreximbank, through its affiliate Arise Integrated Industrial Platforms (Arise IIP), will develop the Dongo Kundu Integrated Industrial Park in Mombasa’s SEZ and the Naivasha Special Economic Zone II (Naivasha II) in Mai Mahiu. These projects, spanning 5,000 acres in Naivasha alone, aim to foster export-oriented industries by leveraging shared infrastructure and strategic locations. Dongo Kundu is poised to boost Mombasa County’s economy, while Naivasha II, near the Northern Corridor Transport System and the Naivasha Inland Container Depot, will enhance access to East and Central African markets.
Kenya’s President, H.E. Dr. William S. Ruto, hailed the agreements as a pivotal moment: “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. We convene here today to sign an investment – and not a loan – undertaken by people whose faith in this country and its possibilities motivates their decision. This is our country, let’s continue to do whatever it takes to make it an attractive destination for those who want to invest.”
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Afreximbank’s President, Prof. Benedict Oramah, emphasized the broader vision: “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. Today’s signatures are more than ink on paper—they are a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.”
The deals were formalized by Mrs. Oluranti Doherty, Afreximbank’s Managing Director of Export Development, alongside Captain William K. Ruto of the Kenya Ports Authority for Dongo Kundu, and Dr. Kenneth Chelule of the Special Economic Zones Authority for Naivasha II. Both projects align with Kenya’s Vision 2030 and its “Bottom-Up Economic Transformation Agenda,” aiming to shift the nation from raw material exports to value-added manufacturing. The $3 billion program will further support trade diversification, job creation, and resilience, positioning Kenya as a competitive player in global markets.
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