KCB Group and Afreximbank Commit $800 Million to Boost Investment in Vipingo Special Economic Zone

KCB Group PLC and African Export-Import Bank (Afreximbank) have entered a Memorandum of Understanding aimed at providing financial and trade facilitation support to investors operating in the Vipingo Special Economic Zone (SEZ) in Kilifi County.

Under the agreement, Afreximbank and KCB Group will provide initial funding of US$500 million and US$300 million, respectively, towards the initiative.  

The announcement was made during the Arise Integrated Industrial Platforms (Arise IIP) – Kenya Investment Forum 2025, where business leaders converged to deliberate on how to position Kenya as a preferred investment destination.  

Under the framework, prospective investors will benefit from competitive financing solutions to establish operations within the SEZ, with a focus on manufacturing, agro-processing, logistics, and value-addition enterprises.  By combining resources, expertise, and networks, KCB and Afreximbank will empower both local and international investors to enjoy tailored financing solutions, including working capital facilities, project finance, trade financing, project preparation facility, guarantees, and advisory support, among others.

Speaking during the signing ceremony on September 16, 2025, in Vipingo, KCB Group CEO, Paul Russo, said, “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.”

The Vipingo SEZ is one of Kenya’s flagship projects under the Special Economic Zones Authority (SEZA), envisioned as a catalyst for attracting investment and spurring regional development. By channeling affordable capital into the zone, the partnership between KCB and Afreximbank is expected to unlock critical infrastructure, strengthen export-oriented industries, and position Kilifi as a magnet for both domestic and foreign direct investment.

On her part, Afreximbank’s Managing Director, Export Development, Ms. Oluranti Doherty, noted: “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.”

Mr. Russo signed on behalf of KCB Group, Ms. Doherty for Afreximbank, and Mr. George Olaka, CEO of Arise IIP-Kenya, signed for his organisation. The ceremony was witnessed by, among others, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, and Mr. Gagan Gupta, Founder and CEO of ARISE IIP.

The agreement underscores the role of strategic partnerships in bridging Africa’s financing gap while enabling the private sector to play a transformative role in sustainable development. The funding to Vipingo SEZ is under the Afreximbank’s US$3 billion Country Programme to Kenya, signed in May 2023 to support the development of various sectors of its economy, with a special focus on industrial development, namely the Naivasha Industrial Park, Dongo Kundu Industrial Park, and now the Vipingo SEZ. Afreximbank disbursed US$40 million in funding to facilitate the development of the Vipingo Special Economic Zone (SEZ), with a further commitment of US$500 million to support individual investors setting up operations within the Zone.

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