India Exim Bank’s request to establish its East Africa Representative Office in Nairobi has been officially endorsed by the Kenyan government.
The request was considered and approved in a Cabinet meeting held on Monday, thus paving the way for the legal process which will lead to India Exim Bank commencing operations in Kenya.
Prime Cabinet Secretary Musalia Mudavadi, confirming the new development, stressed the historical financial support extended by India Exim Bank to Kenya.
“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 Mr Mudavadi.
The Prime Cabinet Secretary further noted the move would not only fortify economic ties but also contribute to the local employment landscape.
Anticipating positive impacts on skill development within the financial sector, Mr Mudavadi expressed optimism regarding the creation of employment opportunities for Kenyans.
Looking ahead, Mudavadi asserted that the collaborative efforts between Kenya and India Exim Bank would play a pivotal role in supporting the nation’s long-term development priorities.
He highlighted the bank’s commitment to providing financial support for key development projects, encompassing sectors such as energy, textile and apparel, agriculture, and the flourishing domain of small and medium-scale enterprises.