The EBRD in Kenya

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The EBRD started investing in Kenya in 2025

The EBRD’s private sector focused, locally based business model will help strengthen the country’s economy, promote sustainable energy supplies and enhance the quality and efficiency of its infrastructure.

15 July 2025

Joined the EBRD

2,030

Capital subscription (€000)

EBRD Governor: Mr John Ng’Ongo Mbadi
EBRD Alternate Governor: Mr Chris Kiptoo
EBRD Board Director: Brendan O’Connor
EBRD Board Alternate Director: Anders Garly Andersen

EBRD Shareholders information

The EBRD’s private-sector focused, locally based business model will help unlock access to finance, promote local businesses and foster sustainable and long-term growth – contributing to the transformation of Kenya’s economy.At the EBRD’s 2023 Annual Meeting in Samarkand, the Board of Governors approved an amendment to the Agreement Establishing the EBRD, enabling the Bank to operate in sub-Saharan Africa and Iraq.

4.7%

EBRD forecast for Kenya’s real GDP growth in 2026

4.6%

EBRD forecast for Kenya's real GDP growth in 2027

Real GDP growth accelerated to 5.3 per cent year on year in the first half of 2026 from 4.8 per cent a year earlier, driven by agriculture, financial services and real estate, and supported by the Central Bank of Kenya’s earlier easing cycle. Momentum has since cooled: the effective closure of the Strait of Hormuz has raised freight costs and weighed on Kenya’s tea, meat and horticultural exports to Gulf markets.

Nevertheless, the Stanbic Bank Kenya Purchasing Managers’ Index (PMI) returned to expansion territory in July after three months of contraction. Inflation accelerated from 4.4 per cent in March 2026 to 6.6 per cent in August, prompting the central bank to hold its policy rate at 8.75 per cent at three consecutive meetings since February. The fiscal deficit widened to an estimated 7.5 per cent of GDP in the first quarter of 2026 on a 20 per cent rise in spending, while public debt was around 70 per cent of GDP in March, with debt servicing absorbing roughly a fifth of revenue. S&P Global Ratings and Moody's Ratings upgraded Kenya's sovereign rating over the past year to B and B3, respectively, while talks on a new IMF-supported programme resumed in August.

Growth is projected to reach 4.7 per cent in 2026 and 4.6 per cent in 2027, supported by the resilient services and industrial sectors, a gradual recovery in agriculture and continued strength in private investment. The dominant near-term risks stem from higher oil prices and the continued disruption of key exports and tourism linked to the conflict in the Middle East, compounded by El Niño-related weather disruptions that could weigh on agriculture and add to food-price pressures. Fiscal pressures are likely to build ahead of the August 2027 elections, with limited scope for new revenue measures as the electoral cycle advances. Continued delays in securing a new IMF programme remain a key downside risk to financing conditions.

Contact the EBRD in Kenya

Head of Office, Heike Harmgart

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The EBRD in Kenya

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The EBRD in Kenya

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FIF - KCB - Senior Loan

EBRD moderates sub-Saharan Africa outlook despite resilient economic performance

EBRD supports growth of Kenya’s local-currency market

EBRD supports small businesses in Kenya

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