Kenya has lauded the decision by the World Bank and the International Finance Corporation (IFC) to establish regional offices in Nairobi, a move expected to solidify the country’s position as a financial and development hub in Africa.
President William Ruto welcomed the announcement, highlighting the significance of having the regional vice-presidents for Eastern and Southern Africa based in Kenya. Speaking at State House, Nairobi, after a meeting with World Bank Vice-President for Eastern and Southern Africa, Victoria Kwakwa, and the bank’s Country Director for Kenya, Qiamiao Fan, Ruto expressed optimism about the economic impact of this decision.
“The government welcomes the decision that the World Bank and IFC Regional vice-presidents for Eastern and Southern Africa be based in Nairobi. This will make our capital city a central hub in our region and Africa, with a substantial World Bank community of 870 staff,” President Ruto stated.
The move is expected to enhance Kenya’s role in driving regional economic growth, fostering stronger financial partnerships, and facilitating quicker decision-making on development projects across Eastern and Southern Africa. It also underscores Kenya’s growing influence as a key player in international development and finance.
President Ruto further emphasized the long-standing relationship between Kenya and the World Bank, acknowledging its crucial role in supporting the country’s development agenda for over five decades.
“The World Bank has been a reliable financial partner in Kenya’s journey toward becoming an upper middle-income country by 2030. Through various initiatives aimed at poverty reduction and shared prosperity, the institution has played a significant role in our progress,” he added.
Kenya has benefited from World Bank-backed projects in infrastructure, health, education, and financial inclusion, which have contributed to economic resilience and job creation. With the regional offices now in Nairobi, the country is set to gain more direct engagement in global development strategies.
The establishment of these offices aligns with Kenya’s ambitions to attract more international financial institutions and multinational corporations, further positioning itself as a strategic economic gateway to Africa. As the World Bank and IFC strengthen their presence, Kenya is poised to reap the benefits of enhanced collaboration, investment opportunities, and accelerated economic development.
