Kenya Association of Manufacturers (KAM) has signed a Memorandum of Understanding (MoU) with Nairobi International Finance Centre (NIFC) to promote the growth of Kenya’s manufacturing sector by enhancing access to finance.
Speaking during the signing ceremony, NIFC Board Chair Vincent Rague noted that increasing financing and investment for manufacturing is key in driving productivity and competitiveness, “We look forward to working with KAM to transform Kenya into an industrial-led economy. The partnership is a testament to businesses that NIFC is focused on attracting more private capital to support the local financing needs and those in the region.”
KAM Ag. CEO, Tobias Alando noted that access to finances is a major challenge facing local manufacturers and appreciated the partnership, “We shall work together on the regulatory environment and advocacy on finances for manufacturing, to drive the sector’s competitiveness. This will be achieved through joint research initiatives, information sharing and lobbying for local and international players, and attracting green finance prioritized to foster innovation and enable sustainable growth.”
The MoU was signed during the NIFC launch ceremony. NIFC’s goal is to create a predictable and efficient business environment that encourages both domestic and foreign investment.