Crossborder Investments Key to Enhancing Intra-Africa Trade

Prime Cabinet Secretary Musalia Mudavadi has said entry of Commercial International Bank (CIB) into Kenya’s market is a major win for Africa’s quest to enhance trade among its 54 member states.

Speaking at the Kenya-Egypt Business Forum in Nairobi attended by 40 Egyptian companies among them construction, transport, water, tourism, manufacturing and healthcare, Mr Mudavadi said Kenya was at the forefront of opening its market to African countries as a boon to intra-Africa trade saying this will generate more jobs for locals as well as help retain more wealth within the country.

“Kenya appreciates the people and the government of Egypt for accepting to have this engagement on Kenya-Egypt cross-border trade on the sidelines of the Joint Commission for Cooperation(JCC). As a government, we will facilitate and give you the necessary support so that trade, commerce and investments can grow and benefit the people in our two countries,” he said.

The PCS who was accompanied by Egypt’s Foreign Minister Sameh Hassan Shoukry said CIB as part of Egypt’s business community was welcome to do business in Kenya as well as use it as its launchpad to the rest of SubAfrican Africa.

The Egyptian FM said “our presence here, myself and PCS(Mudavadi), is a clear indication that at the governmental level, we are keen to support to clear any bottlenecks that may exist, to provide the environment conducive for greater collaborations to increase level of trade, participation and infrastructure among other areas, that we need and connectivity between us that has a beneficial effect on creating better environment for Eastern Africa and Africa as a whole for prosperity for peace and security,” he said.

CIB, which entered into the Kenyan market four years ago, via the acquisition of Mayfair Bank, is Egypt’s largest private sector lender by assets in excess of $24 billion and is listed on both the Egyptian and London stock exchanges.

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