IFC eyes more investment in Kenyan market

The International Finance Corporation (IFC) intends to increase its investment in Kenya.

IFC director for Eastern and Southern Africa Jean Prosper said Wednesday investment will go up during the 2013 financial year from $360 million spent in 2012 to $400 million.

He was speaking at an event that saw the World Bank Group’s Corporation loan Sh4.2 billion to Kenya Power as part of Sh16.8 billion funding meant to enable the power distributor finance upgrading of its distribution network in order to provide quality power supply.

“IFC seeks to invest in companies such as Kenya Power which will further develop the power sector in Kenya and the region, reduce damage to the environment and fuel economic growth and development of the East Africa power pool,” said Mr Prosper.

During the fiscal year ending 2012, IFC spent $1.7 to fund energy projects in Sub Saharan Africa, representing about 40 per cent if its global investment in infrastructure for the period.