Kenya Commercial Bank Group (KCB) on Wednesday signed a
Memorandum of Understanding (MoU) with Invest International, a Dutch financial
institution.
In a significant move aimed at boosting trade and investment ties
between Kenya and the Netherlands, the MoU forebodes the establishment of the
Dutch Desk.
By partnering with Invest International, KCB will create a platform that will provide tailored financial solutions for Dutch businesses looking to enter or expand operations in Kenya.
The move is set to foster entrepreneurship and economic growth in key sectors.
“The Dutch Desk will offer a comprehensive suite of
financial services, including the opening of local accounts, working capital
funding, trade financing, investment loans, and long-term financing for Kenyan
importers. This initiative is designed to create an enabling environment for
small and medium enterprises (SMEs), promoting job creation and accelerated
growth for Dutch startups and businesses operating in Kenya” the statement stated.
A Declaration of Intent (DoI) is in works between the two partnering governments as part of their wider cooperation framework.
The DoI will support
priority infrastructure projects in the water, coastal infrastructure,
agriculture, renewable energy, manufacturing and healthcare sectors.
It will also dwell on the advancement of Public-Private Partnerships
(PPPs) in the aforementioned sectors aiming to drive Kenya’s Sustainable
Development Goals (SDGs)
“Various key PPP projects have already been identified.
These projects will advance to the next phase with support from the Kenyan
government, Invest International, and other stakeholders, contributing to
Kenya’s infrastructure development,” it read.
Invest International lauded the partnership saying it is key to addressing Kenya’s critical infrastructure needs.
It cites that through
alignment with global initiatives such as the Global Gateway Initiative and the
Northern Corridor Development, sustainable growth in economic development and
regional integration will be achieved.
Invest International is among the 18 Dutch companies in
Kenya set to establish their footing and boost trade and investment in the
region.