Trade Cabinet Secretary Salim Mvurya has announced that discussions are currently taking place to obtain a financing package of USD 250 million (approximately Ksh. 32.25 billion) from India, aimed at enhancing the manufacturing sector in the country.
Accompanied by India’s High Commissioner to Kenya, Namgya Khampa, Mvurya indicated that the successful execution of this agreement would significantly benefit industries such as agriculture, manufacturing, and small and medium enterprises (SMEs).
“The Indian government has already extended a credit of USD 15 million, which is being managed by the Kenya Development Corporation,” Mvurya stated.
“Some of these funds are allocated to support the development of MSMEs, particularly those enterprises that import machinery and equipment from India. They also receive incentives for these activities, with previous support amounting to 15 million dollars in this area. The Indian government has played a vital role in the pharmaceutical sector as well.”
“In response, India has reaffirmed its dedication to collaboration with Kenya. ‘We are actively exploring ways to enhance our partnership through mutually beneficial projects that will contribute to the growth of Kenya’s economy while aligning with its priorities,’ said Khampa.
‘We are eager for the upcoming meeting of the joint trade committee, where we will engage in thorough discussions covering various topics related to boosting trade and investment between our two nations. We firmly believe that the future holds great promise for this collaboration.'”
