Mombasa: 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 bolster the country’s industrialization and export manufacturing agenda when completed.
According to Kenya News Agency, President Dr. 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 acknowledged the country’s determination for an industrial transformation, stating that 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 Ksh128.5 billion).
Prof. Oramah highlighted the challenges Africa has faced in translating its wealth into lasting prosperity, emphasizing that the new projects mark a significant step in reshaping this narrative. He described the parks as integral to the Government’s plan to boost economic growth under the Vision 2030 development blueprint, and the signing as a promise to the people of Kenya for industrial growth and self-reliance.
Transport and Roads Cabinet Secretary (CS) Chirchir remarked that the project is set to catalyze industrialization and align with the ministry’s Integrated Transport Policy. He emphasized the commitment to enhancing transport infrastructure and creating a conducive environment for trade and investment.
Investment, Trade and Industry CS Lee Kinyanjui encouraged manufacturers to seize opportunities provided by the government, including tax holidays, to invest in the SEZs. Senate Speaker Amason Kingi noted the significance of the agreement, contrasting it with other regional agreements, and praised the investment partnerships.
Mining CS Hassan Joho expressed that the Dongo Kundu SEZ will open a new economic frontier and create employment opportunities. Sports CS Salim Mvurya highlighted the importance of aligning youth skills with SEZ investments and commended KPA for completing compensation for the Dongo Kundu Project Affected Persons.