International Finance Corporation (IFC), the World Bank’s private financing arm invested 20 billion Shillings in Kenyan companies, the year ended June and expects double the principal in the year ending June 2019.
The IFC, which released its Sub-Saharan Africa results, said Kenya holds a portfolio of investment to the tune of nearly $1 billion, an amount that will increase.
At a press conference in Nairobi, IFC Director of Sub-Sahara Africa, Oumar Seydi said the company had committed long term financing for Sub-Sahara Africa to the tune of $6.2 billion for the fiscal year that ended in June 2018, nearly double the amount ($3.5 billion) invested in the previous year.
Goodlife Pharmacies and several banking institutions are among the companies in Kenya supported by the IFC. Seydi said “Africa is 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”.