Last Updated 14 years ago by Kenya Engineer
The International Finance Corp (IFC), a unit of the World Bank has announced plans to invest Sh33.6 billion to support infrastructure development in the country.
According to Mr. Thierry Tanoh, Vice president Sub-Saharan Africa and Western Europe, IFC will continue to highly impact power, transport sectors as well as support small and medium businesses.
“As a heavyweight economy of East Africa, Kenya is a key priority for IFC.Our investments in Kenya have been increasing steadly”, said Tonah in a news conference in Nairobi.
He pointed that IFC’s investments will touch the $380 million mark this year following a $60 million increase in the year 2010.
IFC is expected to invest Sh2.6 billion in Gulf Power and Sh2.35 billion in Thika Power Limited to generate power. It is also considering to invest Sh4.3 billion in Kenya Power to enable it expand its distribution network.
The corporations’ strategy in Kenya will continue to focus on supporting small and medium enterprises. Others include supporting work on improving investment climate and investing in high impact areas like infrastructure and agricultural business.
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