NAIROBI, KENYA, SEPTEMBER 29 — The International Finance Corporation, World Bank’s private financing institution, invested US$198.3 million(about Ksh20 billion) in Kenya during the 2017-18 financial year ended June , the institution has reported.
IFC which this week released data on its investments in sub-Saharan Africa, said Kenya has so far benefited from about $1 billion (Ksh100 billion) over the long run.
This is set to further increase in the current financial year ending June 30, 2019.
According to IFC Sub-Saharan Africa director Oumar Seydi, the institution had set aside about US$6.2 billion for long-term financing of projects in the region.
This is almost double the US$3.5 billion invested in the previous financial year-2016-17.
Kenya’s portfolio is expected to double in the current financial year which ends in June 30, next year.
Companies and institutions IFC has invested in include Twiga Foods (equity), Mombasa Gas Terminal, National Cement Company, UCL Pharma (health and education) and Trivitron Africa which has also benefited for health and education projects.
Others are Africa’s Talking Limited (telecommunication), financial institutions including Kenya Commercial Bank, Britam Kenya and the Co-operative bank among others.
Seydi affirmed IFC’s commitment to supporting growth and development in the continent saying “Africa is at the core of IFC’s global strategy”.
He said the continent’s private sector has a greater impact to growth of economies hence the institution continues to deploy financial and advisory tools to create new markets.
IFC is at the core of World Bank’s investment, advisory and asset-management services to encourage private-sector development in developing countries.
The institution is a member of the World Bank and is headquartered in Washington D.C.
It was established in 1956 as the private-sector arm of the World Bank Group, to advance economic development by investing in for-profit and commercial projects for poverty reduction and promoting development.
The IFC’s stated aim is to create opportunities for people to escape poverty and achieve better living standards by mobilizing financial resources for private enterprise, promoting accessible and competitive markets, supporting businesses and other private-sector entities, and creating jobs and delivering necessary services to those who are poverty stricken or otherwise vulnerable.
Since 2009, the IFC has focused on a set of development goals that its projects are expected to target.
Its goals are to increase sustainable agriculture opportunities , improve healthcare and education increase access to financing for micro-finance and business clients, advance infrastructure, help small businesses grow revenues, and invest in climate.