KCB, Afreximbank commit $800m to fast-track Vipingo Special Economic Zone

KCB Group and the African Export-Import Bank (Afreximbank) have signed a financing deal worth $800 million to support the operationalisation of the Vipingo Special Economic Zone (SEZ) in Kilifi County.

Under the agreement, announced during the Arise Integrated Industrial Platforms (Arise IIP) – Kenya Investment Forum 2025, Afreximbank will provide $500 million while KCB will commit $300 million to facilitate investments within the SEZ, a statement from the partners said.

The financing framework will provide prospective investors with tailored solutions such as project finance, working capital, trade financing, guarantees, advisory services and project preparation support. Target sectors include manufacturing, agro-processing, logistics, and other value-addition enterprises.

Speaking during the signing ceremony on Tuesday in Vipingo, KCB Group CEO Paul Russo said the partnership would help position the SEZ as a regional hub for export-oriented industries.

“This agreement marks a significant step in our mission to catalyse sustainable industrial growth in Kenya and across the region,” Russo said. “We are delighted to elevate Vipingo SEZ as a gateway to creating and sustaining an environment in which export-oriented industries can thrive, leveraging economies of scale, shared infrastructure and access to global markets.”

Afreximbank’s Managing Director, Export Development, Oluranti Doherty, described the initiative as part of the bank’s mandate to expand African trade.

“Special Economic Zones are powerful engines for industrialisation, export growth, and economic diversification,” she said. “Through this 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.”

The ceremony was witnessed by President William Ruto; Prof. Benedict Oramah, President and Chairman of the Afreximbank board; and Gagan Gupta, Founder and CEO of Arise IIP.

The Vipingo SEZ is one of Kenya’s flagship projects under the Special Economic Zones Authority (SEZA), envisioned as a catalyst for attracting investment and spurring regional development. By channeling affordable capital, the initiative is expected to unlock critical infrastructure, strengthen export industries, and position Kilifi as a magnet for domestic and foreign investment.

The financing also falls under Afreximbank’s $3 billion Country Programme for Kenya, launched in May 2023 to boost industrial development. The bank has already disbursed $40 million for the development of the Vipingo SEZ, with the latest agreement including a further $500 million commitment to support individual investors setting up operations in the zone.