On the 4th of March Kenya moved closer towards establishing itself as a global financial hub with the launch of a steering committee that will develop a financial centre to be called the ‘Nairobi International Financial Centre’ (NIFC).
The proposal will be modelled on the lines of financial centres in Europe, the Middle East, and Far East, will seek to attract international investors through the development of an efficient and globally competitive financial services sector. Proposals have been made for the centre to be located in the vast 5,000 acre Konza Information and Communication Technology park which is under development at a cost of Sh 1.2 trillion in Eastern Province.
Kenyan Deputy Prime Minister and Minister for Finance Uhuru Kenyatta said it would aid in attracting international capital to fund regional investments, in developing the capital markets to mobilize resources to finance long term investments as well as in harnessing Kenya’s strengths to gain from the regional economic and financial integration.
“The purpose of setting up the NIFC is therefore not only to develop an efficient and globally competitive financial services sector, but to contribute to the development of our capital markets and mobilization of resources to finance long term investments,” he said.
“It will also help in developing and leveraging the country’s position as a regional services hub for transportation, tourism and financial services and promoting Kenya as the gateway for capital into the EAC region,” said Uhuru.
While noting that global competitiveness has intensified with a lot of significance being attached to the benefits of locations connected to global financial networks which are supported by world-class ICT platforms, Uhuru said the competitiveness of the Kenyan economy would be enhanced further only if Government increased access to finance, fostered competitive interest rates, as well as enhanced efficiency in financial intermediation.