Eastern and Southern African Trade & Development Bank and Bpifrance reinforce business cooperation between Kenyan and French companies
The Eastern and Southern African Trade & Development Bank (TDB) and Bpifrance signed a Memorandum of Understanding on June the 23rd 2021 to support economic cooperation between Kenya and France.
This new agreement will foster French and Kenyan companies to collaborate. It was signed by Isabelle Bébéar, Director-Head of International & European Affairs at Bpifrance, and Admassu Tadesse, Group MD and President Emeritus of TDB. The Ambassador of France to Kenya, H.E. Mrs. Aline Kuster-Menager, was also present to this signature.
Further develop export activities between France and Kenya
The main objective of this MoU is to develop a long-term relationship between TDB and Bpifrance, for the benefit of French companies and TDB Member States companies, with a focus on export activities. With this MoU, TDB and Bpifrance encourages investments through EuroQuity, a digital platform made for entrepreneurs to find investors and business partners internationally.
The agreement also aims at setting up financing facilities which allow TDB to finance the importation of goods and services from French companies. Bpifrance Assurance Export, which represents the French Export Credit Agency, will cover these financing facilities. The MoU opens the door for many other activities for both French and Kenyan companies, such as exploring opportunities on projects, or providing strategic, technical, and operational support between partners to develop their business ecosystems.
“Via this agreement, we look forward to synergizing with Bpifrance and scaling-up collaboration on transformative projects and transactions which can advance economic and trade cooperation between France and our region, and ultimately speed-up the latter’s sustainable economic development” said Admassu Tadesse. Indeed, the Eastern and Southern African Trade and Development bank (TDB) aims at financing and promoting trade, regional economic integration, and sustainable development. These values and objectives meet up Bpifrance ones, in a region that seduces more and more French companies.
A country that attracts French companies
Kenya is getting more and more opened to foreign investments to further develop its economy, and even legislation is evolving in this sense. The country’s growth has shown good results these last years (around 5-6%), supported by the development of infrastructures, and with other dynamic sectors such as agriculture, tourism, and transport. Many opportunities and evolution that are attracting foreign companies, including French ones, and that this kind of MoU encourages: "We hope that with this agreement, Bpifrance will facilitate the arrival of French companies in Kenya, and more broadly in the region served by TDB, which represents a very favorable ground for innovation and business relationships”, said Isabelle Bébéar.
French companies tend to favor French-speaking African countries when going in Africa. But this seems to change as cooperation between France and Kenyan companies has increased these last ten years. According to CCI France International, there were 110 French companies established in Kenya; this is 75 more than in 2013.
Even if Kenya’s and France’s economies have been impacted by the Covid-19 crisis, this agreement shows both countries’ will to support companies, and to encourage international cooperation in these difficult times.
Find the official press release here (English version can be downloaded on the right side of the page).