World Bank bets billions on Kenya’s private firms

The World Bank’s private sector lending arm, the International Finance Corporation (IFC), has invested Sh17.7 billion in two Kenyan companies in the first two months of the year in a move that signals increased interest in local firms.

The IFC says the two investments have pushed the cumulative value of its presence in Kenya, including pending commitments and exits, to $1.9 billion (Sh194.6 billion).

Companies in diverse sectors of the Kenyan economy have received major investments from the international financier in the form of equity, debt or a mix of both.

The IFC has financed the investments directly or through private equity and most of the investments have been largely used to fund growth in the local and foreign markets

Kenyan firms are increasingly taking debt and equity investments from the IFC and other global financiers, including European Investment Bank (EIB), Agence Française de Développement (AFD), Proparco and DEG to compensate for the limited funding opportunities in local capital markets.

IFC has invested in more than 150 local companies including Britam , KTDA Power Company, Goodlife Pharmacy and KCB

Source: Business Daily

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