KCB and Afreximbank Seal $800 Million Deal to Operationalise Vipingo Special Economic Zone KCB Group and Afreximbank have committed $800 million to fast-track the Vipingo Special Economic Zone, in a landmark deal set to transform Kilifi into an industrial powerhouse and position Kenya as a hub for export-led growth.

In a move that underscores the growing importance of Special Economic Zones (SEZs) in driving Africa’s industrialisation, KCB Group and the African Export-Import Bank (Afreximbank) have signed a landmark Memorandum of Understanding (MoU) to provide $800 million in financing support for the Vipingo Special Economic Zone in Kilifi County, Kenya. Under the agreement signed in Nairobi on September 17, 2025, Afreximbank will contribute $500 million while KCB Group will inject $300 million towards the initiative. The deal was announced at the Arise Integrated Industrial Platforms (Arise IIP) – Kenya Investment Forum 2025, a high-level gathering of business leaders seeking to cement Kenya’s position as a premier investment destination.

Unlocking Opportunities for Industrialisation

The financing framework is designed to provide competitive financial solutions for prospective investors in the SEZ. Priority sectors have been identified as manufacturing, agro-processing, logistics, and value addition enterprises, all of which are seen as critical to Kenya’s industrial growth. Investors will benefit from tailor-made support that includes working capital, project financing and preparation, trade facilities, guarantees, and advisory services. By pooling their resources, networks, and expertise, KCB and Afreximbank hope to empower both local and international investors to scale operations within Vipingo SEZ, thereby catalysing Kenya’s export-oriented industrial growth and positioning the zone as a key regional hub.

Strategic Voices Behind the Deal

Speaking at the signing ceremony, KCB Group CEO Paul Russo described the partnership as a transformative milestone in the bank’s long-term vision for Kenya and the region. “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,” he said, emphasising the role of shared infrastructure, economies of scale, and global market access.

From Afreximbank’s side, Oluranti Doherty, Managing Director of Export Development, highlighted the broader developmental impact. “Special Economic Zones are powerful engines for industrialisation, 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,” she said.

The ceremony was witnessed by President William Ruto, Prof. Benedict Oramah, the President and Chairman of Afreximbank, George Olaka, the CEO of Arise IIP–Kenya, and Gagan Gupta, the Founder and CEO of Arise IIP, underscoring the weight of national and international support behind the project.

Vipingo SEZ: A National Flagship

The Vipingo SEZ is among Kenya’s flagship projects under the Special Economic Zones Authority (SEZA) and is envisioned as a catalyst for industrialisation and regional trade. By channelling affordable financing into the project, the KCB–Afreximbank partnership is expected to unlock critical infrastructure, strengthen export-oriented industries, and position Kilifi County as a hub for both domestic and foreign direct investment. The funding is also part of Afreximbank’s broader $3 billion Country Programme for Kenya, signed in May 2023, which targets industrial development projects such as the Naivasha Industrial Park and the Dongo Kundu Industrial Park, with Vipingo now joining the list. Already, Afreximbank has disbursed $40 million to kick-start Vipingo’s development and committed a further $500 million to support investors entering the zone.

The Bigger Picture: Africa’s Financing and Trade Future

This agreement illustrates how strategic partnerships are helping bridge Africa’s financing gap while enabling the private sector to play a transformative role in sustainable development. For Afreximbank, the deal fits squarely within its mandate to expand intra-African trade and accelerate industrialisation in line with the African Continental Free Trade Area (AfCFTA). The bank has already rolled out continent-wide initiatives such as the Pan-African Payment and Settlement System (PAPSS) and a $10 billion Adjustment Fund to support AfCFTA implementation.

For KCB, the initiative cements its reputation as East Africa’s largest commercial bank and a leading player in trade finance. With operations spanning seven African countries and correspondent ties with over 200 banks globally, KCB is positioning itself as a key enabler of trade and investment flows that extend far beyond Kenya’s borders.

A New Dawn for Kenya’s Industrial Ambitions

With this $800 million commitment, the Vipingo SEZ is poised to become more than just an industrial hub. It represents a bold step in Kenya’s ambition to industrialise, diversify its economy, and become a gateway for global trade. By fostering investment, creating jobs, and building sustainable supply chains, the partnership between KCB and Afreximbank is not only financing infrastructure but also financing Kenya’s future.