The Kenyan government approved a request from India’s state-owned export-import bank to open a regional office in Nairobi starting in December, officials announced Tuesday.
The move aims to “enhance interaction with Kenya and other regional countries” and “greatly enhance financial cooperation between India and African countries, especially Kenya,” according to a statement from the prime cabinet secretary Musalia Mudavadi’s office.
Establishing the India Exim Bank office in Kenya “is a confirmation of the confidence in Kenya and the competitive edge of Nairobi as a regional financial hub,” the statement read.
In the short term, the bank is expected to create local employment opportunities and “deepen skills in the sector,” while longer-term collaboration will “support national development priorities”.
India Exim Bank has previously financed Kenyan projects in energy, textiles, agriculture and small businesses. As an export-import bank, its role globally is to “provide and disburse concessional lines of credit to developing countries.”
“The establishment of India Exim Bank in Nairobi is a confirmation of the confidence in Kenya and the competitive edge of Nairobi as a regional financial hub,” said Salim Swaleh, director of the prime minister’s press office.
Swaleh added said the India Exim Bank office will also facilitate greater financial ties between India and other African states.
“Its physical presence in Nairobi will greatly enhance interaction with Kenya and other regional countries,” Swaleh said. “In addition, it will enhance financial cooperation between India and African countries, especially Kenya.”
