World Bank’s private financing arm to pump at least Sh40 billion in Kenya in the year ending June 2019
Kenya so far holds an IFC portfolio of investment to the tune of nearly a Sh100 billion ($1 billion).
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While releasing its sub-Saharan Africa (SSA) results on Thursday, the firm announced that it had invested Sh20 billion in Kenya the year ended June and expects that this will at least double for the same period under review.
“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,” IFC director of SSA Oumar Seydi told a press conference in Nairobi.
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Mr. Seydi added 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.
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, according to the firm.
Among the companies in Kenya that the IFC has invested are Goodlife Pharmacies and several banking institutions.
Goodlife Pharmacy Limited said it will now expand to more than 100 stores in the next four years across East Africa to create the largest retail pharmacy chain in the region after IFC's injection of more than Sh300 million early this year.
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The company had also proposed to invest at least $50 million (Sh5 billion) in Athi River Mining company, Kenya’s second-largest cement maker before its collapse. Mr Seydi said deal would await the resolution of the administration that the cement firm has now been put under following its financial difficulties.
On August 2018, Commercial banks, Nigeria-headquartered UBA Bank took over the cement company after it fails to honor a Sh15 billion debt.
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