The MOU with KenInvest, signed by MUFG's core banking unit, aims to establish a practical framework to help foster trade and investment between Kenya and Japan.
It will allow MUFG to increase its overall presence in Kenya and East Africa, both supporting Japanese firms and providing greater opportunities for local companies that need financing and project finance deals.
Masahiro Kuwahara, Chief Executive Officer fro EMEA, said:
“The growth opportunities that can be found in Africa, particularly in markets such as Kenya, mean that we are seeing an increasing number of Japanese corporates turn their attention towards the continent. Partnership agreements such as this MOU are a way in which we can add value to our clients as their long-term bank of choice."
Kenya is an important economic and logistical hub country for East Africa. Numerous projects are conducted by Japanese government in East Africa and further corporate expansion is expected following the sixth Tokyo International Conference on African Development (TICAD), which was held in Kenya on 27-28 August 2016. The event is regarded as a major platform for Japan and nations from across Africa to collaborate and promote the continent's development.
Kenya is currently progressing a national plan, 'Kenya's Vision 2030', that aims to increase global competitiveness and its attractiveness as a centre for foreign direct investment. KenInvest was established in 2004 as a statutory body mandated to promote and facilitate investments, as well as enhance economic development in Kenya.