India's Exim Bank on Friday inaugurated its East Africa representative office in Nairobi.
The Bank opened its regional offices at the Oval Building in Westlands.
The office will serve Burundi, Kenya, Rwanda, South Sudan, Tanzania and Uganda among others.
This follows the approval by the Kenyan Government in November last year.
Speaking during the opening ceremony, Prime Cabinet Secretary Musalia Mudavadi said the move will bolster bilateral ties and enhance economic cooperation.
“This move affirms India’s confidence in Kenya’s position as the leading regional financial and economic hub," Mudavadi said.
"We assure you of a competitive business environment to support the growth of your business in Kenya and the East African Community,” Mudavadi added.
Mudavadi said the entry of Exim Bank to Kenya and the East African region will not only promote trade and investment between Kenya and India but also open the region to other lucrative opportunities.
Mudavadi said the strategic significance of Nairobi as the chosen location for the office, citing its status as a gateway to economic stability and prosperity in East Africa.
“I am pleased to note that Exim Bank is already providing concessional lines of credit to Kenya’s enterprises in priority sectors including Energy, Textiles and Apparel and Agriculture," he said.
He said there lies a great opportunity for the bank to support other priority sectors, including healthcare and technology.
According to Mudavadi, the bank's experience from the Indian market will be beneficial to the country's business community.
He in particular pointed out the small and medium enterprises, who are interested in the diversity, quality and range of financial products that the bank will offer to meet their financial needs.
The PCS also underscored the potential for Exim Bank to support Kenya's national development priorities, particularly under the Bottom-Up Economic Transformation Agenda (BETA) mantra.
He emphasised the importance of collaboration between the government and the bank in fostering economic development and creating quality job opportunities.
“It is our expectation that, besides providing finance, Exim Bank will create quality jobs and facilitate transfer of skills to our young graduates who are looking for challenging opportunities,” Mudavadi said.
Kenya will help the institution to open partnerships in the development of Africa’s trade and investment opportunities under the African Continental Free Trade Area.
He said the financial infrastructure in the entire East African region is on the shoulders of Kenya hence the bank's entry consolidates that position and gives the region an opportunity to work together to continue providing financial services.
He noted that out of the banks in the East African countries, Kenyan financial institutions have a population of 552 branches in the entire region.
“I am sure that this new office by India Exim Bank will augment India’s relationship with the East African economies while taking it to greater heights in terms of new businesses, greater opportunities while building relationships,” Vivek Joshi said.
Joshi is the Secretary Department of Financial Services of the Government of India.
Also present during the opening include the High Commissioner of India to Kenya Namgya Khampa and the Managing Director India Exim Bank Ms Harsha Bangari.
