The Kenyan government has welcomed the opening of the Export-Import Bank of India (India Exim Bank) East African representative office in Nairobi.
Prime Cabinet Secretary and Cabinet Secretary for Foreign & Diaspora Affairs Musalia Mudavadi expressed Kenya’s appreciation for India’s choice of Nairobi, calling it a sign of confidence in Kenya’s position as a leading regional financial and economic hub.
He assured the bank of a supportive business environment and emphasized the benefits for both Kenya and the East African Community (EAC).
Mudavadi pointed out that Exim Bank’s presence will not only boost trade and investment between Kenya and India but also open doors for the entire region. He emphasized Kenya’s role as a gateway to economic stability and a key player in continental growth.
Delighted to have presided over the inauguration of India Exim Bank’s East Africa representative office in Kenya’s capital, Nairobi. This symbolizes Kenya’s growing presence on the international stage as the region’s primary gateway for trade and investment, establishing itself… pic.twitter.com/1gmdrmFYVu
— Musalia W Mudavadi (@MusaliaMudavadi) May 31, 2024
Existing Partnership and Future Collaboration
Mudavadi welcomed Exim Bank’s existing support for Kenyan enterprises in energy, textiles, and agriculture. He encouraged further collaboration in healthcare, technology, and alignment with Kenya’s national development agenda, “Bottom-Up Economic Transformation Agenda (BETA).”
He expressed hope for job creation, skills transfer for Kenyan youth, and deeper collaboration on African Continental Free Trade Area (AfCFTA) development.
“Your experiences from the Indian market will be beneficial to our business community, particularly the small and medium enterprises, who are interested in the diversity, quality and range of financial products that you will offer to meet their financial needs.”
Kenya’s Strong Financial Infrastructure
Mudavadi highlighted Kenya’s strong financial infrastructure, with Kenyan financial institutions having the most branches (552) across the East and Central African region (up to the Democratic Republic of Congo and South Sudan). He believes this positions Kenya well to work with Exim Bank in expanding financial services throughout the region.
Strengthening India-East Africa Ties
Vivek Joshi, Secretary of India’s Department of Financial Services, echoed the sentiment of strengthening India’s relationship with East African economies. He anticipates this new office fostering new businesses, opportunities, and closer ties.
With our focus on boosting trade and investment, and also supporting socio-economic development projects, the commitment to develop partnerships and promote economic development in Africa is reflected in our wide range of activities and programmes. @MusaliaMudavadi pic.twitter.com/2kDd4QDXPq
— India Exim Bank (@IndiaEximBank) May 31, 2024
Increased Credit Facility for Kenya
Mudavadi acknowledged the confirmation made during President Ruto’s visit to India in December 2023, where Prime Minister Modi pledged to expand the credit facility available to Kenya to USD 250 million.
The India Exim Bank’s new regional office is located at the Oval Building on Jalaram Road in Westlands, Nairobi. It will serve Burundi, Kenya, Rwanda, South Sudan, Tanzania, and Uganda.
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