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African Export–Import Bank has identified the key projects that it will finance and run in the country following a new deal with the Kenyan government.
In the deal signed on May 2, this year, the bank through its subsidiary will conduct a feasibility study on the proposed projects, finance and run them.
In Kenya, Afreximbank is eyeing to finance several special economic zones across the different counties as part of its industrial parks development and Special Economic Zones (SEZs) investment plan in Africa.
“GoK (Government of Kenya) and Afreximbank signed a Memorandum of Understanding to provide a framework of cooperation and to facilitate collaboration for the development, financing and implementation of identified projects,” reads the government of Kenya-Afreximbank meeting briefing document.
The lender, through its subsidiary Fund for Export Development in Africa (FEDA), will leverage on the expertise of its industrial parks implementation partner, Arise Integrated Industrial Platforms Limited.
Arise IIP will carry out studies and feasibility of the Studies, develop, finance, manage and operate the integrated industrial platforms projects.
The Kenyan investment projects are part of the $400 million (Sh56.7 billion) agreement in principle that Afreximbank advanced to ARISE IIP, for the development of industrial parks and Special Economic Zones (SEZs) in several African countries.
In Mombasa, the projects will pump funds into the 3,000-acre flagship Dongo Kundu SEZ, including the Port of Mombasa logistics part.
Other projects include Naivasha II SEZ, Isiolo SEZ, Nasewa EPZ in Busia County, Eldoret EPZ in Uasin Gishu, Sagana EPZ in Kirinyaga and the specific assets studies and operationalisation of Kenanie Leather Park and of Rivatex Textile East Africa.
The plan will also include the establishment of the $600m (Sh85 billion) e-mobility manufacturing plant in Kenya.
“In order to fully attain the envisioned objectives, it is important the government of Kenya prioritises the itemised actions and initiatives which are strategic to national economic development under the Kenya country programme,” the lender said in statement.
President William Ruto has been pushing for African states to support the pan-African lender in funding African projects.
On Friday during a meeting with Afreximbank president Benedict Oramah and former Nigerian president Olusegun Obasanjo, Ruto pointed out that the bank will play a crucial role in boosting intra-African trade with its Pan-African Payment System.
Yesterday, President Ruto said Africa can build a prosperous and stable continent usings its own resources.
He said this must be Africa-driven by its own people, leaders and resources.
President Ruto stated that the starting point should be the reforming of the African Union.
He regretted that over five decades after independence, the continent still relies on external funding to drive its agenda.
“We must free the AU from constraints so that it can pursue urgent and critical interventions in the continent using internally-generated resources,” said President Ruto.
It was not right, he insisted, for over 60 per cent of AU programmes to be financed by overseas partners.
The President said the Pan-African movement has always been about sovereignty.
“The chronic dependence on well-meaning partners is inconsistent with this aspiration.”
He was addressing the Fifth Mid-Year Coordination Meeting of the African Union, the Regional Economic Communities, the Regional Mechanisms and the African Union Member States at the UN Complex in Gigiri, Nairobi.
Present were Presidents Azali Assoumani (Comoros), Ali Bongo (Gabon), Abdel Fattah (Egypt), Macky Sall (Senegal), Ismail Guelleh (Djibouti) and Bola Tinubu (Nigeria), African Union Commission Chairperson Moussa Faki, among others.
The Head of State told the session that African integration is unstoppable as it will open doors for unprecedented transformation.
He pointed out that the African Continental Free Trade Area will be the world’s largest free-trade area, bringing together 54 countries.
“This single market will lift 30 million people out of extreme poverty and boost incomes.”
The President explained that the success of COP27 in Egypt was a signal that Africa is taking off.
“It showed that Africa can speak in one voice and contribute to global development and climate action.” BY THE STAR