Kenya: New Financial centre bets on tax incentives to attract foreign investors

By Herald Aloo
Posted on Wednesday, 20 July 2022 08:33

The Nairobi International Financial Centre (NIFC site)

After years of preparation, Kenya finally launched the Nairobi International Financial Centre (NIFC) on 4 July. The new centre is expected to compete with its peers, including Africa’s leading hubs in South Africa and Mauritius.

The goal of NIFC, a flagship initiative under the economic pillar of the country’s Vision 2030, is to support the business environment, streamline regulatory issues, attract foreign investors, boost capital flows and bolster employment.

Nairobi is already hosting regional headquarters of major global companies such as Diageo Plc, Amazon, Huawei, and Visa Inc which are operating within Africa or sub-Saharan Africa.

America tech firm Microsoft launched a new office and lab in Nairobi last March for its premier engineering hub.