Stanbic Bank Kenya partner with the Government of Kenya to unlock AfCFTA

Stanbic Bank Kenya, a subsidiary of the Standard Bank Group, has been selected as a key strategic partner by the Government of Kenya, through the Ministry of Investments, Trade, and Industry, for the Kenya International Investment Conference (KIICO 2023). This conference, with the theme “Unlocking Africa’s Gateway,” will take place in Nairobi, Kenya from May 29th to May 31st, 2023.

Leveraging off Standard Bank’s presence in the region, Stanbic Bank has brought on board key private sector players across Africa, from all their countries of representation to the KIICO 2023. Standard Bank Group is the largest African bank by assets. It operates in 20 African countries, with 5 global financial centres and 3 offshore hubs.

Stanbic Kenya and South Sudan’s Chief Executive, Dr. Joshua Oigara said this presence and connection with global financial centres enable the bank to facilitate investment, trade, and development flows in Africa, and to access international capital to facilitate growth, diversification, and development in Africa.

“We are exhilarated to collaborate with The Ministry of Investments, Trade. As Stanbic Bank, we are at the forefront in identifying and mitigating regional trade and investment barriers through engagement with governments, with the aim of identifying and proposing solutions for trade and investment barriers,” Dr Oigara added.

Over the years, Stanbic Bank’s contribution has been recognised as a trusted financial institution through various awards such as Kenya’s Best Investment Bank and Best Trade Finance Bank. Standard Bank Group has also garnered several awards at the Euromoney Awards for Excellence, further bolstering its position as the premier investment bank in Africa. As a central player in the local market financing the bank has funded deals across various sectors in the continent.

Hon. Moses Kuria, Cabinet Secretary, Ministry of Investments, Trade, and Industry emphasised Stanbic Bank’s crucial role as a partner for the Private Sector dialogue in promoting a private sector-led economy under the African Continental Free Trade Agreement (AfCFTA). “I want to recognise Stanbic Bank for being a worthy partner in driving trade in Africa.”

The KIICO 2023 conference will host 55 Trade Ministers from Africa to develop an implementation plan for the AfCFTA. The plan will unlock a market of 1.3 billion people, that is expected to grow to 2.5 billion by 2050, forming a strong integrated African market that will be a key driver for Kenya’s economic renaissance.

The Trade Ministers will be joined by CEOs of the top 100 Companies in Africa in a Dialogue that will seek to ensure that the African Private Sector is fully incorporated in the AfCFTA implementation roadmap.