NAIROBI (Xinhua) --
The World Bank’s private sector lending arm, the
International Finance Corporation (IFC), on Thursday said that
it is seeking to put more investments into Kenya into the
2018/2019 fiscal year.
Cheikh Ouma Seydi,
IFC’s Director for Sub-Saharan Africa, told a media briefing in
Nairobi that last year it injected 200 million U.S. dollars into
various private sector firms in Kenya.
“In the next fiscal
year we have a pipeline of investments in Kenya. Our only
constraints is the ability to find viable projects in the
country,” Seydi said when IFC announced its investment
commitments for the 2018 fiscal year that ended in June 30.
According to the
results, IFC had investment commitments of some 6.2 billion
dollars in long term financing in Sub-Saharan Africa for its
2018 fiscal year, up from 3.5 billion dollars in the previous
Seydi said that
IFC’s portfolio in Kenya now stands at approximately one billion
dollars and is concentrated in the aviation, banking,
agro-business, cement, health and insurance sectors.
He noted that
Kenya’s portfolio is amongst the biggest in the Sub Saharan
Africa region. He observed that IFC’s activities continue to
have a huge development impact by affecting the lives of
millions in Africa.
institutions clients provided more than 2.9 million loans to
microenterprises and small and medium businesses. Power
generation by IFC clients benefited 32 million people in Africa,
while water distribution reached 2.5 million,” he added.
The World Bank’s
private sector lending arm projects’ also impacted more than 1
million farmers, while 1.4 million patients were served by
health care providers supported by IFC.
Sergio Pimenta, IFC
Vice-President said that his organization has a new strategy
that will drive its new investments into Africa.
Pimenta said that
they will put more focus in Africa due to the enormous economic
opportunities in the region.
He said that IFC
hopes to increase Africa’s attractiveness to both local and
foreign investors by developing new tools to help reduce
During the last
fiscal year, IFC provided advisory services to support private
sector development, with a portfolio of programs in the region
that reached 400 million dollars during 2018.