The NIFC, launched at the Kenya International Convention Center on Monday, has a mandate to attract ambitious businesses to Nairobi and provide them with the conditions to thrive in Kenya and the region.
The center will promote business by partnering with the National Treasury, Central Bank of Kenya, Kenya Revenue Authority, KenInvest, Capital Markets Authority, Superannuation Benefits Authority, the Insurance Regulatory Authority, the Business Registration Service and the Department of Immigration.
The objective of the center is to help direct foreign investment into Kenya, enabling businesses and investors to benefit from trade and investment opportunities.
By 2030, it hopes to attract investments totaling more than $2 billion (235.74 billion shillings).
A financial center is a place with a concentration of banks, asset management companies, insurance companies or financial markets with venues and support services for these activities to take place.
Financial centers generally host companies that offer a wide range of financial services, for example in relation to mergers and acquisitions, public offerings or corporate actions; or who are involved in other areas of finance, such as private equity, hedge funds and reinsurance.
The NIFC is managed by a Board of Directors chaired by Vincent Rague who has over 25 years of global experience in investment, corporate finance, banking and policy advice.
He has held senior positions at the National Treasury and the World Bank.
The NIFC Steering Committee chaired by the President provides a crucial mechanism to ensure a whole-of-government approach.
Global insurer Prudential has become the first NIFC-certified company, with plans to move its regional headquarters to Nairobi.
NIFC companies will have access to business facilitation services offered by the NIFC Authority, such as expedited work permit issuance and immigration services, tax administration services and business registration services.
- not be subject to any measure of nationalization or expropriation or any restriction on private property
- have the freedom to repatriate profits and make investments
- have the freedom to recruit and employ personnel of their choice on terms they wish to agree, subject to work permit provisions and any international treaty obligations entered into by the government with respect to terms and conditions of employment employees
- be capable of being 100% owned by persons who are not nationals or residents of Kenya