Kenya so far holds an IFC portfolio of investment to the tune of nearly a
Sh100 billion ($1 billion) and this was on the increase. FILE PHOTO |
NMG
World Bank’s private financing arm International Finance
Corporation invested Sh20 billion in Kenya the year ended June and
expects that this will at least double in the year ending next June.
In
releasing its sub-Saharan Africa (SSA) results on Thursday, the
organisation said Kenya so far holds an IFC portfolio of investment to
the tune of nearly a Sh100 billion ($1 billion) and this was on the
increase.
IFC director of SSA Oumar Seydi told a press
conference in Nairobi on Thursday that the company had committed
long-term financing for SSA to the tune of Sh630 billion ($6.2 billion)
for the fiscal year that ended in June, nearly double the amount of
Sh350 billion ($3.5 billion) invested in the previous year.
Among the companies in Kenya that the IFC has invested are Goodlife Pharmacies and several banking institutions.
The
company had also proposed to invest at least $50 million or Sh5 billion
in Athi River Mining #ticker:ARM before its collapse, but Mr Seydi said
deal would await the resolution of the administration that the cement
firm has now been put under following its financial difficulties.
“Africa
is at the core of IFC’s global strategy to ensure the private sector
has a greater impact and we are deploying financial and advisory tools
to create new markets,” he said yesterday.
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