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Prime Cabinet Secretary Musalia Mudavadi has confirmed that the government has approved India Exim Bank's request to establish its East Africa Representative Office in Nairobi.
In a post he made on his official social media pages, Mudavadi, who also serves as the Foreign and Diaspora Affairs Cabinet Secretary, highlighted India Exim Bank's prior financial assistance to Kenya and emphasised their collaborative efforts in various sectors.
"I am happy to report that the Government of Kenya has acceded to the request of India Exim Bank to locate its East Africa Representative Office in Nairobi.
"India Exim Bank has previously provided financial support to Kenya with respect to development projects in the energy, textile and apparel and agricultural sectors and small and medium-scale enterprises," read Mudavadi's post.
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EXIM Bank of India
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Mudavadi underscored the positive impact on Kenya, anticipating job creation and skill development within the financial sector.
"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," he added.
The Export-Import Bank of India (Exim Bank), a specialized financial institution established in 1982, primarily focuses on financing and promoting India's international trade.
It operates under the ownership of the Government of India and functions as a statutory corporation, adhering to the Export-Import Bank of India Act, 1981.
As part of its commitment to fostering trade ties, Exim Bank announced plans on June 15, 2023, to boost investments under a government-supported line of credit program.
This initiative aims to facilitate Indian companies' access to the fast-growing African markets. The move aligns with Indian Prime Minister Narendra Modi's efforts to strengthen ties with African nations amid increasing competition, particularly from China.
The bank’s customer asset portfolio in 2023 rose 14% to Sh2.7 trillion.