Trade Cabinet Secretary Salim Mvurya announced that Kenya is in negotiations with India to secure a $250 million (Ksh.32.25 billion) financing package to enhance the country’s manufacturing sector.
The funding is expected to significantly benefit key sectors such as agriculture, manufacturing, and small and medium enterprises (SMEs).
During a briefing alongside India’s High Commissioner to Kenya, Namgya Khampa, Mvurya highlighted that India has already extended $15 million in credit through the Kenya Development Corporation.
This initial funding provides incentives for MSME growth, particularly for businesses importing machinery and equipment from India.
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"India has been instrumental, especially in supporting our MSMEs and the pharmaceutical sector," said Mvurya.
High Commissioner Khampa reaffirmed India’s commitment to strengthening economic ties with Kenya, emphasizing the importance of identifying mutually beneficial projects.
"We are eager to engage in detailed discussions on expanding trade and investment between our countries. The future of our partnership looks promising," Khampa stated, looking ahead to the upcoming joint trade committee meeting.
