Kenya’s status as Africa’s financial hub will get a major boost following talks for South Korea Exim Bank to open a regional office in Nairobi.
This follows talks between ICT and digital economy PS John Tanui and South Korea Ambassador Kang Hyung Shik. Tanui said the move is a step toward strengthening bilateral financing and development collaboration.
On May 19, the Kenyan embassy in Seoul indicated Byung-Hyun Hwang, the director of the Innovative Growth Finance Department at the bank, had been tapped to lead the process.
The bank is already funding projects in Kenya, among them a $238 million (Sh31 billion) financing agreement for the implementation of the Konza Digital Media City at the Konza Technopolis.
“Kenya appreciates Korea’s strong support in advancing our Digital Superhighway and Green Economy pillars under the Bottom-Up Economic Transformation Agenda. We look forward to continued collaboration that drives innovation, skills development, and sustainable growth,” the PS said. The project will provide a digital media and entertainment platform for research and training at Kenya’s Silicon Savannah.
This is also follows the opening of the India Exim Bank in Nairobi in June 2024, with the aim of expanding its business footprint and fostering trade and investment ties between India, Kenya and the broader region. Its other offices are in Abidjan, Côte d’Ivoire and Johannesburg, South Africa.
Kenya launched its international financial centre in Nairobi in 2022 to attract large foreign firms and boost capital flows. It seeks to model Nairobi as a financial district in line with existing centres in European, Middle Eastern and the Far East capitals such as London, Dubai and Hong Kong.
On July 3, President William Ruto said Kenya was becoming Africa’s financial hub, and five companies will be moving their headquarters to the country.
“Lloyds of London have signed to open their Africa office in Nairobi International Financial Centre. When I was in Spain, the European Bank for Reconstruction and Development announced they will be opening their Africa office in Nairobi. Bupa International has also signed to open an office in Nairobi as well as Africa Finance Corporation, as well as Africa Specialty Risk,” he said.
In January, Teleperformance expanded its operations in Kenya with a new office at the Two Rivers International Finance and Innovation Centre (TRIFIC) special economic zone.
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