A newly created fund by the African Export-Import Bank (Afreximbank), Fund for Export Development in Africa (FEDA), affirmed its commitment to invest in the Kenyan market, particularly focusing on small and medium-sized enterprises.
In a statement on Sunday, April 9, Afreximbank President Benedict Oramah indicated that plans were already put in place for investment projects to be lined up in Kenya.
He noted that the projects would be realised after Kenya signed an agreement with the bank, alongside Chad and Congo.
"The accession to the Feda Establishment Agreement by Kenya, Congo and Chad are important steps that are expected to catalyse more investment by FEDA towards these countries' industrialisation and value-add export development.
"We are delighted to onboard these new member countries and we look forward to mobilising other Afreximbank member states in due time to support FEDA's pan-African expansion," he stated.
Oramah added that the fund would enhance the opportunity to increase equity for Kenyan companies in a bid to promote industrialisation in the market.
The agreements came after the Treasury Cabinet Secretary Njuguna Ndung'u recently engaged with the pan-Africa lenders.
“The objective of the mission is to undertake a needs assessment of the Kenyan economy, fill information gaps and further discuss various proposed projects to be approved under the Kenya country programme,” he stated.
The Treasury CS had affirmed that the government was caught in a fix between settling the debt situation or financing the salaries of government officials.
"The national government is caught between two extremes; high level of debt financing and financing constraints due to limited access to finance in the domestic and international financial market," he stated.
Reports indicated that government staff working in ministries, and departments were yet to receive their March salaries owing to the cash crunch.
This is after various Members of Parliament, including National Assembly Minority leader Opiyo Wandayi, lamented over the salary delays - indicating that it was the first time the country is experiencing a salary crisis.
