Kenya has entered into a Sh128 billion ($1 billion) lease agreement with the African Export-Import Bank (Afreximbank) for the development of the Dongo Kundu and Naivasha Special Economic Zones (SEZ).

Speaking in Mombasa after the agreement was signed, President William Ruto explained that the funds would significantly accelerate the development of the two SEZs, which are expected to generate a total of 140,000 jobs. The deal allocates Sh30 billion to the Dongo Kundu SEZ, a project that has faced uncertainty for decades.

“This Sh128 billion development lease agreement for the Dongo Kundu and Naivasha SEZs will speed up Kenya’s industrialisation, manufacturing, and agro-processing sectors, reinforcing our position as a regional export powerhouse,” said Ruto.