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Kenya launches Nairobi Financial Centre to attract foreign investments [Photos]

The Nairobi International Financial Centre targets to attract investments totalling more than Sh235.74 billion

Kenya launches Nairobi Financial Centre to attract foreign investments

Kenya has officially launched the Nairobi International Financial Centre to promote the capital city as the preferred destination for the international business community.

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The NIFC, launched at the Kenya International Convention Centre on Monday, is mandated to attract ambitious businesses to Nairobi and provide them with the conditions to flourish in Kenya and the region.

The centre will promote business by partnering with the National Treasury, Central Bank of Kenya, Kenya Revenue Authority, KenInvest, Capital Markets Authority, Retirement Benefits Authority, Insurance Regulatory Authority, Business Registration Service and the Department of Immigration.

The goal of the centre is to assist in directing foreign investment to Kenya, allowing businesses and investors to benefit from trade and investment possibilities.

By 2030, it hopes to attract investments totalling more than $2 billion (Sh235.74 billion).

A financial centre is a location with a concentration of banks, asset management firms, insurance or financial markets with venues and support services for these activities to take place.

Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, hedge funds, and reinsurance.

The NIFC is managed by a board of directors chaired by Vincent Rague who has more than 25 years of global experience in investment, corporate finance, banking and policy advisory work.

He has served in senior positions in the National Treasury and the World Bank.

The NIFC steering committee chaired by the President provides a crucial mechanism to ensure a whole-of-government approach.

Global insurer Prudential became the first NIFC-certified firm, with plans to move its regional headquarters to Nairobi.

NIFC Firms will have access to the business facilitation services offered by the NIFC Authority such as fast-track work permit issuance and immigration services, tax administration services and business registration services.

NIFC firms shall

  1. not be subject to any nationalization or expropriation measures or any restrictions on private ownership
  2. have the freedom to repatriate profits and realize investments
  3. have the freedom to recruit and employ staff of their choice on such terms as they wish to agree, subject to work permit provisions and any international treaty obligations entered into by the Government in respect of terms of employment of employees
  4. be capable of being owned up to 100% by persons that are not nationals of, or resident in, Kenya

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