India Exim Bank opens East Africa office in Nairobi
![India Exim Bank opens East Africa office in Nairobi India Exim Bank opens East Africa office in Nairobi](https://citizentv.obs.af-south-1.myhuaweicloud.com/125527/conversions/India-Exim-og_image.webp)
Prime CS Musalia Mudavadi presides over the opening of the India Exim Bank Representative Office in Nairobi on May 31, 2024. PHOTO | OPCS
The government has
applauded the move by the India Exim Bank to open its East Africa
representative office in Nairobi.
Prime Cabinet
Secretary Musalia Mudavadi said Kenya appreciates the government of India for
choosing Nairobi as the preferred location for the office.
This follows the
approval by the Kenyan Government in November last year.
“This move affirms
India’s confidence in Kenya’s position as the leading regional financial and
economic hub. We assure you of a competitive business environment to support
the growth of your business in Kenya and the East African Community.” said
Mudavadi.
Mudavadi, also the
Cabinet Secretary for Foreign and Diaspora Affairs, said the entry of Exim Bank
to Kenya and the East African region will not only promote trade and investment
between Kenya and India but also open the region to other lucrative
opportunities.
He said the choice
of Nairobi is both strategic and significant as Kenya is a key gateway to
economic stability and prosperity of the East African region and a competitive
hub for the continental economic growth.
“I am pleased to
note that Exim Bank is already providing concessional lines of credit to
Kenya’s enterprises in priority sectors including Energy, Textiles and Apparel
and Agriculture. There lies a great opportunity for you to support other
priority sectors, including healthcare and technology,” he noted.
“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.”
The Prime CS said
Kenya is looking into the future citing that in the long run, it will be
looking for deeper collaboration between the Government and the Bank in support
for national development priorities anchored on the Bottom-Up Economic
Transformation Agenda (BETA) mantra in fostering Kenya’s economic fortunes.
“It is our
expectation that, besides providing finance, Exim Bank will create quality jobs
and facilitate transfer of skills to our young graduates who are looking for
challenging opportunities.” said Mudavadi.
Kenya will help
the institution to open partnerships in the development of Africa’s trade and
investment opportunities under the African Continental Free Trade Area.
“The financial
infrastructure in the entire East African region is on the shoulders of Kenya
and your entry just consolidates that position and gives us an opportunity to
work together to continue providing financial services in the region. For
instance, out of the banks in the East African countries all the way to the
Democratic Republic of Congo and South Sudan, Kenyan financial institutions
have a population of 552 branches in the entire region,” said Mudavadi.
“I am sure that
this new office by India Exim Bank will augment India’s relationship with the
East African economies, while taking it to greater heights in terms of new
businesses, greater opportunities, while building relationship,” said Vivek
Joshi the Secretary Department of Financial Services of the Government of
India.
The opening of the
India Exim Bank regional office in Kenya follows the visit by President William
Ruto to India in December last year.
Mudavadi extended
Kenya’s appreciation to the government and people of India for cementing the
good relations between these two countries and the people- to-people
interactions.
“During the visit
amongst many other things the Indian Exim Bank confirmed through the Prime
Minister Narendra Modi, that they were going to expend the credit facility to
USD 250 million as an immediate facility available to Kenyans and Kenyan
enterprises.” remarked Mudavadi.
India Exim Bank
will now have its regional offices located at the Oval Building on Jalaram Road
in Westlands, Nairobi and it will serve the Republics of Burundi, Kenya,
Rwanda, South Sudan, the United Republic of Tanzania, and the Republic of
Uganda among others.
Present were the Secretary
Department of Financial Services of the Government of India Vivek Joshi, Namgya
Khampa, the High Commissioner of India to Kenya and the Managing Director India
Exim Bank Harsha Bangari.
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