Kenya’s Vipingo Special Economic Zone (SEZ) is set for a major boost after KCB Group PLC and the African Export-Import Bank (Afreximbank) committed fresh financing worth Sh64 billion to support investors setting up operations in the coastal hub.

The two institutions sealed the deal on Tuesday, in Vipingo, signing a Memorandum of Understanding (MoU) that will see Afreximbank inject Sh38.4 billion while KCB provides Sh23 billion.

The announcement was made during the Arise Integrated Industrial Platforms – Kenya Investment Forum 2025, a gathering of local and international business leaders exploring Kenya’s potential as an investment destination.

The funding agreement is designed to ease entry for enterprises in manufacturing, agro-processing, logistics, and value addition.

Investors will have access to a range of competitive products, including trade and project finance, working capital, guarantees, advisory services, and preparation facilities.

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The bank’s chief executive, Paul Russo, underlined that the partnership is designed to create an enabling environment for export-oriented businesses.

"This agreement marks a significant step in our mission to catalyse sustainable industrial growth in Kenya and across the region," Russo stated.

"We are delighted to elevate Vipingo SEZ as a gateway to transforming, creating and sustaining an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets."

Afreximbank underlined that the move is consistent with its broader mandate to expand intra-African trade.

In her remarks, Managing Director for Export Development Oluranti Doherty spoke of the potential of special economic zones to reshape economies.

"Afreximbank’s mandate is to promote and expand African trade, and this partnership with KCB is a concrete demonstration of that commitment. Special Economic Zones are powerful engines for industrialisation, export growth, and economic diversification," Doherty remarked.

"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."

Prominent industry figures, including Afreximbank President Benedict Oramah and Arise IIP Founder Gagan Gupta witnessed the signing.

George Olaka, CEO of Arise IIP-Kenya, joined Russo and Doherty in formalising the pact.

Vipingo SEZ is among Kenya’s flagship projects under the Special Economic Zones Authority and is regarded as a cornerstone for regional development.

Afreximbank has already disbursed Sh3.1 billion to facilitate groundwork at the site.

The financing forms part of the bank’s Sh230 billion Country Programme for Kenya, launched in 2023, which also targets the Naivasha and Dongo Kundu industrial parks.

By unlocking affordable capital for new ventures, the KCB–Afreximbank partnership is expected to draw in both domestic and foreign investors while bolstering export-oriented industries.

For Kilifi County, the deal signals the emergence of Vipingo as a new focal point of Kenya’s industrial future.