Kenya is exploring cooperation in several areas connected to the development of export markets.
These include accelerated development of industrial parks, improvement of quality assurance centres, support to structured commodities trading, regional trade insurance, and development of critical transport infrastructure.
Cabinet Secretary for Investments, Trade and Industry, Rebecca Miano spoke Sunday the 12th of November 2023 afternoon when she paid a courtesy call to the President of AfriExim Bank, Professor Benedict Oramah and his senior management team at their Cairo-based headquarters.
During deliberations by the two parties, CS Miano advanced the case for projects of mutual interest in trade, industry and investment.
Once implemented, each of these areas of focus clearly betoken Kenya with the capacity to shore up her prospects in intra-Africa trade over and above other global export-related opportunities.
Also on the agenda at the same consultative forum was the case for the local assembly of electrical vehicles, a sector embraced with keen interest by green energy advocates in this day and age of increased awareness of the downsides associated with climate change.
The bank further updated the CS on the on-going roll out of the Pan African Payments and Settlement System (PAPPS), and an initiative to support African Engineering, Procurement and Construction (EPC) contractors to access financing for and exposure to key infrastructure projects across the continent.
CS Miano observed that PAPPS presaged a welcome relief that would save African nations—Kenya included—massive seepage of her Forex reserves.
Other welcome news from the President of AfriExim Bank was that the institution he heads is currently piloting an initiative to encourage agricultural trade by connecting buyers and producers within the continent.
Once fully in place, Africa will ease her food security woes, observed CS Miano.
She was accompanied by Trade Principal Secretary, Alfred K’Ombudo.
On the overall, CS Miano and PS K’Ombudo concurred that there is need to swiftly clear any impediments delaying the launch and execution of the projects the AfriExim Bank has undertaken to support in Kenya.
The delegation from Kenya and AfriExim Bank’s top brass committed to hastening their steps in clearing hold-ups standing on the way of Kenya-bound projects starting with identifying technical glitches and officialdom-related knots.
