The government intends to invest more than Sh128 billion in the Dongo Kundu and Naivasha special economic zones projects
In a lease agreement inked between the African Export-Import Bank (Afreximbank), the Kenya Ports Authority, and the Special Economic Zone Authority, the Sh128 .5 billion project is expected to bolstered the country's industrialization and export manufacturing agenda when completed.
President William Ruto and several top government officials, including cabinet secretaries, graced the signing ceremony in Mombasa.
The multibillion project expected to position the country as a regional export powerhouse and industrial hub is projected to create at least 40,000 jobs in Dongo Kundu and 100,000 jobs in Naivasha respectively.
Afreximbank President Prof. Benedict Oramah while acknowledging the country’s determination for an industrial transformation, said under the treaty the bank, in partnership with the government intends to finance the Dongo Kundu and Naivasha Special Economic Zones under the Bottom Up Economic Transformation Agenda (BETA) on value addition to the tune of $1 billion (approximately Sh128.5 billion).
He decried that although that Africa has been heralded as a land of opportunity, blessed with resources that power the world, it was still struggling to translate its wealth into lasting prosperity for her people.
For decades, he added, Africa has watched as others reap the rewards of its natural resources, leaving her people tethered to a cycle of dependency—exchanging its riches for aid and loans that kept its people on the fringes of the global breadbasket.
“Those days are behind us. Today, Kenya is taking a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the government’s plan to boost the country’s economic growth under the Vision 2030 development blueprint,” said Prof. Oramah.
“Today’s signatures are more than ink on paper—they are a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.”
Transport and Roads Cabinet Secretary Davis Chirchir said the project is poised to catalyze industrialization and resonate with the ministry’s Integrated Transport Policy.
“Today’s event signifies more than just a lease agreement signing. It represents a commitment to enhancing our transport infrastructure and creating a conducive environment for trade and investment,” he stated.
The Dongo Kundu SEZ, he added, is a testament to the government’s commitment to developing a robust economy that will benefit the country.
Investment, Trade and Industry CS Lee Kinyanjui urged local and international manufacturers to take advantage of all opportunities provided by the government, including tax holidays, to invest in the SEZs.
Senate Speaker Amason Kingi stated that the SEZs will enable Kenya to flex its muscles to command its presence in the export market.
“We have witnessed an earthmoving signing of a deal that has never been seen before in this country,” said Speaker Kingi, adding that while others are signing tribal partnerships, the Head of State is signing mega-investment partnerships.
Mining CS Hassan Joho said the Dongo Kundu SEZ will open up a new economic frontier, and it will employ many people. He thanked the President for actualizing the SEZ that was conceptualized many aeons ago and has been used as a campaign tool by politicians.
Sports CS Salim Mvurya stressed the need to align the skills of the youths to investments in the SEZs, he lauded KPA for completing compensation for the Dongo Kundu Project Affected Persons.
