In the world of global infrastructure development, collaborative efforts between governments, international institutions, and private entities play an important role in realizing successful completion of any project.
The success of a project is not only solely measured by their completion but also by their ability to catalyze sustainable development and foster economic growth. For instance in Kenya, a compelling case study emerges from collaborative efforts between Japan, Kenya, and CitiBank.
“Through strategic collaborations, such as the Memorandum of Understanding (MOU) signed for projects like the Olkaria geothermal expansions and the Mombasa container terminal developments, we have seen such partnerships serve as gateways for Japanese companies into the African market,” noted Ambassador Dennis Awori, the Country Delegate and Chairman of CFAO Group while speaking at the recent Japan Day event held in Nairobi.
Dongo Kundu SEZ Infrastructure Project
Dongo Kundu Special Economic Zone (SEZ) is a joint project between Japan and Kenya located in Mombasa, along the Eastern Africa coastline, occupying approx. 1,200 hectares (3,000 acres). It is adjacent to Mombasa port, Southern Bypass Road, Standard Gauge Railway and the Moi International Airport.
The project is backed by the Japanese government and aims to attract international investors by providing a conducive business environment.
President William Ruto signed a KSh 260 Billion deal with Japan Govt during his visit to Japan in February for the development of the Dongo Kundu Special Economic Zone (SEZ)’s infrastructure ecosystem, and the Mombasa Gateway Bridge. This is part of the financial agreements worth Sh350 billion.
Dr. Kiyoonori Matshusima, a Special Economic Zones Development Advisor from the Japan International Cooperation Agency (JICA), says that since the deal was signed, the Dongo Kundu has seen interest from international investors, citing over 80 expressions of interest from diverse regions.
Onesmus Mwangolo, Senior Credit Officer – Business, Cooperate Bank Kenya on the crucial role of financial institutions like Citi Bank in facilitating such projects: “Citi Bank’s role in these projects is offering financial expertise and tailored solutions that bridge the gap between investors and opportunities in Kenya. Services like FX flow management and escrow accounts streamline the process for clients, ensuring seamless transactions and mitigating risks.”
