Kenya seeks Ksh.32 billion financial support from India

Trade Cabinet Secretary Salim Mvurya now says negotiations are underway to secure a USD 250 million (Ksh.32.25 billion) financing package from India to boost manufacturing here in the country.

Flanked by India’s High Commissioner to Kenya, Namgya Khampa, Mvurya said that should the deal go through, sectors like agriculture, manufacturing and SMEs are set to benefit.

“Already the government of India has given us USD 15 million in credit which is being administered by the Kenya Development Corporation,” said Mvurya.

“Part of these funds are supporting MSME development and more importantly those enterprises that import machinery and equipment from India, they also get an incentive, so already they have supported us with 15 million dollars in that respect. The Government of India has also been very critical in the pharmaceutical sector.”

On its part, India has affirmed its commitment to cooperation with Kenya.

“We are really looking at how we can step up and find mutually beneficial projects that help grow the partnership and add value to the economy of Kenya and work with the priorities of Kenya," Khampa stated.

“We are looking forward to the next meeting of the joint trade committee, and having detailed in-depth discussions on many of these areas, on how we can grow trade, how we can grow investment between our 2 countries and we believe that the future and the prospects of these are bright.”