The European Bank for Reconstruction and Development (EBRD) has made a significant decision to establish its African continental office in Nairobi, a move confirmed by the Kenyan presidency. This strategic development is pending parliamentary ratification in Kenya and is poised to deepen economic cooperation and drive growth across the continent.

The announcement was made by Kenyan President William Ruto during discussions with EBRD President Odile Renaud-Basso on the sidelines of the 4th International Conference on Financing for Development (FfD4) in Seville, Spain, on Monday. President Ruto welcomed the decision, emphasizing that the new office would strengthen support for Micro, Small and Medium Enterprises (MSMEs) and foster public-private partnerships, which are key drivers of economic growth.

President Ruto stated that the ratification process for the EBRD office is currently before the Kenyan Parliament, urging lawmakers to expedite its approval to facilitate the swift commencement of operations. The establishment of the Nairobi office is seen as a strong endorsement of Kenya’s economic potential and its ongoing reform agenda, particularly its Bottom-Up Economic Transformation Agenda (BETA).

Discussions between President Ruto and EBRD President Renaud-Basso also outlined a comprehensive engagement strategy. This plan includes support for climate financing, the promotion of green investments, and the organization of a major investor conference in Nairobi later this year. The EBRD affirmed its commitment to aligning its operations with Kenya’s development priorities, proposing a structured, long-term partnership.

The EBRD, a multilateral development bank owned by 75 countries and two European Union institutions, focuses on strengthening private-sector growth and sustainable development. Its decision to select Nairobi as its African hub marks a significant expansion of its operational footprint into Sub-Saharan Africa, aiming to enhance access to long-term capital for businesses, particularly in sectors such as agriculture, manufacturing, and renewable energy, across Kenya and the broader East African region.

By: TPA News Desk | editor@thepointafricanews.com