Kenya Seeks Support From International Finance Corporation In Implementing Ambitious Development Agenda

Kenya’s government is seeking support from the International Finance Corporation (IFC) to implement an ambitious project aimed at developing the country’s manufacturing sector and boosting food security while providing affordable housing and healthcare for the nation’s growing population.

President Uhuru Kenyatta has this week sought the active engagement of the IFC in securing cheap financing as well as lifting the capacity of the private sector to ensure the execution of these large-scale projects.

On January 23rd, 2018, IFC Vice President for the Middle East and Africa Mr Sergio Pimenta met President Kenyatta in Kenya’s capital of Nairobi to discuss the projects.

The IFC, the World Bank’s private sector lending arm, has since confirmed plans to partner with the East African country to deliver on an economic agenda focused on investment in the social sectors.

The plan is part of President Uhuru Kenyatta’s ‘Big Four Agenda’, an initiative that he announced in December. The Agenda targets four key areas, including Kenya’s manufacturing sector; food security, affordable housing and affordable health care.

“Our interest is in building the capacity of SMEs, including exploring discussions around mergers, so they can bid for projects on an equal footing with major companies from China or elsewhere,” Pimenta explained.

“To achieve the Big Four, we will require partnership with the private sector, so that they can take advantage of the good foundation we have laid over the past few years to deliver to ordinary citizens,” President Kenyatta said.

He noted that the plan will require engagement from the private sector.

“It requires that we look at how to further support SMEs so that they invest in manufacturing and agro-processing,” the President added.

Source: Footprint to Africa

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.