Kenya partners with Qatar for the creation of an international financial center

Apr 21, 2015

It will be set up in Nairobi in the coming months.

Kenya and Qatar signed an agreement last week for the creation of the Nairobi International Financial Centre (NIFC), to be launched in the coming months.

Under the agreement, Qatar will offer assistance to the Kenyan government to implement plans aiming to transform Nairobi into a financial world-class destination, Xinhua reports.

"The signing of the MOU with Qatar aims to help support the implementation of the NIFC and can also lead to a possible introduction of a compensation Yuan Centre in Nairobi," said the Kenyan Ministry of Foreign Affairs in a statement.

Experts from the Qatar Financial Authority have been working with officials from the Kenyan Treasury since 2012 to implement the NIFC.

National Treasury Cabinet Secretary Henry Rotich said in a speech published by Standard Digital that this project is part of "Vision 2030", a programme which envisions the country as a premier financial services hub in the region with a wide range of competitive products and services.

"One of the ways of achieving this goal is ensuring Kenya becomes the gateway for Shariah-compliant financing, through establishment of an enabling environment that supports the development of compliant financial services and products," he said.ADNFCR-2976-ID-801784349-ADNFCR