The Export-Import Bank of India (India Exim Bank) has announced the setting up of regional offices in Nairobi County.
In a notice published on Friday, May 31, the international bank noted that the offices would be based at the Oval in Westlands.
As is detailed, the Westlands offices will be the regional offices for East Africa.
"We are India's premier financial institution, engaged in financing, promoting and facilitating India's trade and investment with partner countries for over four decades.
"We are overjoyed to announce the opening of our East African Representative Office in Nairobi, Kenya which will further strengthen our ties in Africa. Looking forward to strengthening partnerships, shaping new possibilities," read the notice in part.
Following the announcement, the government welcomed the move underscoring the importance of the bank in promoting ties between Kenya and India.
Through Trade Cabinet Secretary Rebecca Miano, the government acknowledged that the selection of Nairobi was a vote of confidence in the economy and the country's business climate.
"Welcome to Kenya! The opening of your East African Representative Office in Nairobi affirms that Kenya is open for business. We look forward to collaborating with you. Karibuni sana," the CS stated.
Notably, the bank set up the offices following approval by the cabinet last year.
The Indian Exim Bank is fully owned by the government of India and supports trade between India and partner countries.
The bank was set up in 1982 and has facilitated India's international trade since then.
Kenya has also been among the biggest benefactors of loans extended to African countries. Some of the land issued by the bank has been used for government projects such as the supply of electricity to Kenyans.
"An Agreement on extension of a Line of Credit of USD 61.6 million (Ksh7.9 billion) by EXIM Bank of India to Kenya for utilization in the power transmission sector was signed during the visit of former Prime Minister Raila Odinga to India in November 2010.
"A Line of Credit agreement of USD 29.95 million (Ksh3.8 billion) for the upgradation of Rift Valley Textiles Factory (RIVATEX East Africa Limited) was signed in July 2016. The upgraded facility was inaugurated by former President Uhuru Kenyatta on June 21, 2019," the Embassy of India stated.
