Kenya partners with Saudi Arabian Bank to boost access to finance for businesses
By Nancy Marende, August 5, 2025Kenya has partnered with the Saudi Export-Import Bank (Saudi EXIM) to enhance access to finance for businesses, particularly Small and Medium Enterprises (SMEs).
In a statement on Tuesday, August 5, 2025, Trade Cabinet Secretary Lee Kinyanjui revealed that the agreement was spearheaded by the Kenya Development Corporation (KDC).
“We are excited about the opportunities presented by the partnership between the Kenya Development Corporation and the Saudi EXIM Bank,” he stated.
The partnership is expected to unlock new areas of cooperation, leveraging Kenya’s agricultural potential and Saudi Arabia’s financial muscle and energy resources.
“Kenya and Saudi Arabia have complementary trade and investment priorities. Kenya is rich in agricultural potential, while Saudi Arabia brings financial strength and vital energy resources. This collaboration is expected to enhance access to finance for businesses, including SMEs, and unlock new areas of bilateral cooperation. Ultimately, it will support job creation and wealth generation for Kenyans,” he added.
Saudi Arabia partnership
The partnership comes months after President William Ruto invited Saudi Arabian investors to explore business opportunities in Kenya, emphasizing the country’s strategic location, stable economy, and favourable investment climate.
Speaking at State House, Nairobi, during a meeting with the leadership of the Federation of Saudi Chambers and its business community on February 11, 2025, President Ruto assured investors of Kenya’s commitment to facilitating public-private partnerships.
“We already have a legal framework that supports public-private partnerships, enabling investments in both the private and public sectors,” he said.
He added that the government is ready to implement additional measures to enhance Kenya’s attractiveness as an investment destination.
The President highlighted Kenya’s access to key international markets, including the European Union, where businesses can export to 27 countries, and the United States under the African Growth and Opportunity Act (AGOA), which allows duty-free and quota-free exports.
He further pointed out that investors would also benefit from the African market through the Tripartite Free Trade Agreement.
“This presents a great opportunity for Saudi investors to partner with their Kenyan counterparts and serve an even larger market,” Ruto noted.
The Saudi delegation included Saudi Arabian Ambassador to Kenya Khalid Alsalman, Federation of Saudi Chambers Chair Bani Huwayz Hassan Mujib, and Secretary-General Alorainan Waleed Hamad.
Mujib revealed that Saudi Arabia has 50,000 job opportunities for nurses, commending Kenya’s workforce.
“We have excellent and positive experiences with nurses from Kenya,” he said. He also noted a high demand for livestock in Saudi Arabia, numbering in the millions.