Multinational bank India Exim Bank has sealed a deal to establish it’s East African Headquarters in Kenya.
The decision followed a request made by the financial institution to President William Ruto’s administration.
Announcing the deal, Chief Cabinet Secretary Musalia Mudavadi stated that the deal was critical in spurring development in the country.
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Additionally, Mudavadi lauded the move arguing that it was key to reducing the unemployment gap in the country.
The bank is a key financer of major projects in Kenya and other African countries.
The partnership is expected to drive further investments in different sectors.
Here is Mudavadi’s statement
I am happy to report that the Government of Kenya has acceded to the request of India Exim Bank to locate its East Africa Representative Office in Nairobi.
India Exim Bank has previously provided financial support to Kenya with respect to development projects in the energy, textile and apparel and agricultural sectors and small and medium scale enterprises.
The establishment of India Exim Bank in Nairobi is a confirmation of the confidence in Kenya and the competitive edge of Nairobi as a regional financial hub.
In the short-term, the Bank will create employment opportunities for Kenyans and deepen their skills in the sector. In the long-term, collaboration between Kenya and the Bank will support national development priorities
