The Nairobi International Financial Centre (NIFC) Authority, a flagship initiative under the economic pillar of Kenya’s Vision 2030 has been launched.
The NIFC is a new business center established to provide a more attractive and globally competitive environment that encourages both domestic and foreign investment, supports innovation and contributes to the overall economic growth of the country.
National Treasury and Planning Cabinet Secretary Ukur Yatani speaking during the launch at the Kenyatta International Conference Centre (KICC), stated that the establishment of the NIFC is a gesture of the government’s commitment to the constitution to make Kenya a continental hub for financial services.
Yatani added that NIFC is expected to provide an important venue for business in Africa that will in turn facilitate investment and trading in the Sub-Saharan region.
“The National Treasury will continue to support NIFC Authority by facilitating the necessary physical financial source for it to reach the desired position,” stated Yatani.
The NIFC presents opportunities to innovate new solutions that can improve the lives of Kenyans and rapidly raise the national capital in a way that will spur development.
The government has to come up with the best way that the nation could have a robust connection that is capable of raising funds for projects, supporting the nation and tapping into new investment opportunities both locally and internationally.
The Nairobi International Financial Centre also aims at creating an efficient and predictable business environment to upgrade Nairobi as an emerging business hub in Africa.
According to Bloomberg, Nairobi has one of the most sophisticated and innovative financial services sectors in Africa with the Financial Times indicating that cutting edge financial solutions will tackle the threat of climate change with Kenya playing a leading role in the continent.
By Jedida Barasa and Caroline Mbusa
