KCB Group and the African Export-Import Bank (Afreximbank) have signed a landmark agreement to jointly finance the operationalization of the Vipingo Special Economic Zone (SEZ) in Kilifi County, Kenya.
Under the Memorandum of Understanding (MoU), Afreximbank will provide US$ 500 million, while KCB Group will contribute US$ 300 million in initial funding. The financing is designed to support investors setting up operations within the SEZ, targeting sectors such as manufacturing, agro-processing, logistics, and value addition.
The announcement was made during the Arise Integrated Industrial Platforms (Arise IIP) – Kenya Investment Forum 2025, a high-level gathering that brought together business leaders to discuss how to position Kenya as a preferred global investment destination.
Speaking at the signing ceremony on September 16, 2025, KCB Group CEO Paul Russo highlighted the strategic importance of the deal:
“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.”
Russo emphasized that the partnership will unlock critical infrastructure, provide affordable financing, and enable investors to leverage economies of scale, shared infrastructure, and access to global markets.
Afreximbank’s Managing Director for Export Development, Ms. Oluranti Doherty, reiterated the Bank’s commitment to advancing Africa’s trade agenda:
“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.”
The Vipingo SEZ is a flagship project under Kenya’s Special Economic Zones Authority (SEZA). By combining resources and expertise, KCB and Afreximbank will provide tailored financial solutions such as project finance, trade facilities, guarantees, and advisory services to both local and international investors.
The signing ceremony was attended by H.E. Dr. William Ruto, President of the Republic of Kenya; Prof. Benedict Oramah, President and Chairman of the Board of Afreximbank; and Mr. Gagan Gupta, Founder and CEO of Arise IIP. Mr. Russo signed on behalf of KCB Group, Ms. Doherty for Afreximbank, and Mr. George Olaka, CEO of Arise IIP-Kenya, signed for his organization.
The investment is part of Afreximbank’s US$ 3 billion Country Programme for Kenya, launched in May 2023, which focuses on industrial development. This includes the Naivasha Industrial Park, Dongo Kundu Industrial Park, and now the Vipingo SEZ. Afreximbank has already disbursed US$ 40 million towards the development of the Vipingo SEZ, with the additional commitment of US$ 500 million earmarked to support individual investors.
The Vipingo SEZ is expected to act as a catalyst for attracting foreign direct investment (FDI), boosting export-oriented industries, and creating employment opportunities in Kilifi County. The deal underscores the role of strategic partnerships in bridging Africa’s financing gap and empowering the private sector to drive sustainable development.
