India Exim Bank opens East Africa office in Nairobi

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.