Nairobi International Financial Centre(NIFC) is set to officially open for business later this year.
This disclosure was made by Treasury and National Planning Cabinet Secretary Ukur Yatani, while reading the 2022/23 budget in parliament.
CS Yatani told parliament that the Nairobi International Financial Centre(NIFC) Authority has put all the required regulations and operating framework and is now awaiting its official opening later this year. He added that NIFC would be critical in driving Kenya’s economic growth engine.
The NIFC seeks to attract ambitious local and international firms to Nairobi while providing an ideal operating environment to flourish in Kenya and the region.
Firms at the Nairobi International Financial Centre will have access to an ideal legal and regulatory framework, a competitive operating environment, a vibrant financial ecosystem and the opportunity to be located in one of Africa’s most exciting cities.
NIFC firms benefit from efficient doing-business facilitation services provided through the Authority and a dedicated dispute resolution process, including a cost-effective and expeditious arbitration.
The NIFC Authority will develop incentives to attract international firms to partner and collaborate with local firms to enhance local capacity.
The Authority will also offer incentives to encourage firms to export their services from Kenya to other countries regionally.
The financial hub will focus on attracting financial and related services that contribute to growing the economy.
It will concentrate on attracting global businesses that provide large pools of capital, drive innovation, and commit to sustainable growth.
The types of investment and services required to achieve these goals include financial institutions, asset managers, insurance companies, private equity, venture capital and investment firms, and financial services focused on fintech, green finance, and digital finance.
Additionally, professional services critical to a modern financial system, such as actuarial, trust and custody services, will also be needed.
Combined with the country’s strong financial credentials, Nairobi is a gateway into sub-Saharan Africa. It has access to the African Continental Free Trade Area (AfCTA), making it easy to trade across 54 African countries with 1.3 billion people and a combined GDP of $3.4 trillion.