“German Desk – Financial Support and Solutions” opens in Kenya
German subsidiaries in East Africa and their local customers will be supported by the initiative “German Desk – Financial Support and Solutions”. It is a cooperation between Germany and Kenya offering several financial services.
Kenya is the largest economy in East Africa. Products and know-how from Germany are in demand. This is why German companies from various sectors are already represented with a subsidiary in the country or plan to open up this market for themselves.
To give targeted support to medium-sized German enterprises and their local customers in East Africa, the German Investment and Development Corporation (DEG) is offering a practical solution in cooperation with the Delegation of German Industry and Commerce in Nairobi (AHK) and the Kenyan I&M Bank: the “German Desk – Financial Support and Solutions”. The initiative is supported by the German Ministry for Economic Cooperation and Development (BMZ).
Financing and advice for medium-sized companies
The range of services offered by the “German Desk – Financial Support and Solutions” encompasses financial services from account creation to loan provision through to trade financing for local companies wishing to acquire German facilities or services.
“Jointly with the I&M Bank, a longstanding DEG customer, and AHK, we are offering German companies and their trading partners suitable financing solutions tailored to their needs within the scope of the German Desk. The enterprises are able to make use of the comprehensive network of cooperation partners locally and further expand their business relationships,” said Bruno Wenn, Chairman of DEG Management Board, at the launch in Nairobi on September 28, 2017.
Dr. Volker Treier, Foreign Trade Chief Executive of the Association of German Chambers of Commerce (DIHK), explained: “These financial services complement the portfolio of the German Chambers of Commerce (AHKs), which promote business relations on an equal footing by networking companies from Germany and from host countries with each other. Our aim is to make a further contribution towards stable economic development in Kenya.” The DIHK coordinates the AHK network worldwide with 130 locations in 90 countries.
Commenting on the development Kihara Maina, CEO I&M Bank Kenya, stated: “This strategic alliance aimed at setting up the German Desk further enhances I&M Bank’s aspiration on becoming the banking powerhouse in East Africa for medium to large businesses and premium clients.”
Jutta Frasch, Ambassador of the Republic of Germany to Kenya, commented on the occasion of the launch: “I am convinced that the German Desk will contribute substantially to strengthen the ties between Kenyan and German companies and thereby to our excellent bilateral relations. The project will also contribute to economic growth and much needed job creation in Kenya.”
German Desks to follow in Nigeria and Indonesia
The “German Desk – Financial Support and Solutions” in Kenya is already the second being launched. The first has been active in Peru since February, where the new service has met with an excellent response. A few undertakings have already been realized, such as financing for clients of a German construction machinery manufacturer and a German supplier of technology for material testing. Other German Desks are to be opened in the course of the year in Nigeria and Indonesia.