Title: Kenya's Trade Landscape Set for Transformation Through Innovative Finance at GTR East Africa 2023

Nairobi, June 14, 2023 – GTR East Africa 2023, a flagship event in the region's trade finance calendar, has commenced in Nairobi, bringing forth a platform for pivotal discussions on trade finance advancements and sustainable growth. With a strong focus on Kenya's role in shaping the future of trade, the event's sessions revolve around innovative solutions, collaboration, and embracing sustainability.

Under the theme "Trade Finance and Sustainable Development," GTR East Africa 2023 seeks to address the unique challenges within Kenya's trade ecosystem, while exploring opportunities to enhance economic growth and access to finance. The event has garnered participation from trade finance professionals, industry experts, and stakeholders, creating a rich environment for networking and knowledge sharing.

The keynote presentation underscored the transformative potential of global trade for Kenya, emphasizing its crucial role in sustainable development. The day's discussions centered on various critical topics, with one session taking a particularly close look at Kenya's trade finance landscape.

Moderated by Simon Cook, the panel discussion titled "Greasing the Wheels: Maximising Access to Hard Currency with Innovative Trade and Working Capital Finance" honed in on the obstacles faced by Kenyan manufacturers and importers. The struggle to secure hard currency for overseas procurement has been cited as a significant barrier to growth, especially amidst inflationary pressures and rising interest rates.

The panel delved into the impact of evolving financial markets on East Africa's corporate traders, evaluating the availability and pricing of trade finance across the region. Of particular importance was the exploration of the roles of Development Finance Institutions (DFIs), large corporates, trading houses, and both international and local banking sectors in bolstering opportunities for local companies to access hard currency trade financing.

Furthermore, the discussion shed light on lesser-known and innovative applications of financial instruments such as letters of credit and payables financing structures. These solutions hold the potential to alleviate pressures on importers' balance sheets while simultaneously mitigating counterparty risks. Fintech offerings were also highlighted as transformative tools capable of reshaping trade finance dynamics within Kenya.

The event also emphasized Kenya's role in regional sustainability efforts. The session "Resetting the sustainable trade narrative with Africa-centric sustainable development goals" brought experts together to discuss aligning trade activities with Kenya's specific needs, environmental preservation, and social development.

As GTR East Africa 2023 continues, participants remain engaged in thought-provoking discussions, networking opportunities, and exposure to pioneering ideas. The event provides a significant platform for Kenya to foster collaboration, promote sustainable growth, and unlock the potential of innovative trade finance practices.

In a world increasingly interconnected, GTR East Africa 2023 propels Kenya toward a future where trade and sustainable development are not mutually exclusive, but rather, mutually reinforcing drivers of economic progress. The event stands as a testament to Kenya's commitment to navigating the evolving trade landscape while setting new standards for responsible and forward-looking business practices.