IFC visits Kenya to support development agenda

Global financial institution International Finance Corporation (IFC) MD and Executive Vice President Makhtar Diop will visit Kenya from 31 January to 4 February to demonstrate its support for Kenya’s development agenda.

The IFC said in a Jan. 27 statement that the visit would highlight the role of the private sector in promoting a broader recovery from the economic impact of the Covid-19 pandemic.

During his visit, Diop will be in touch with the Kenyan President Uhuru Kenyatta, along with other key private sector representatives and prominent business leaders, to discuss the IFC’s commitment to promoting social inclusion – with the support of the private sector.

The health, agriculture and housing sectors will be discussed with a view to building public-private partnerships in Kenya and the wider region.

“While the Covid-19 pandemic has hit Kenya’s smaller businesses particularly hard, disrupted supply chains and reduced economic activity, the country is enjoying a positive economic recovery and is expected to experience one of the stronger growth recoveries in sub-Saharan Africa in 2022,” the IFC said.

The IFC noted that the private sector has a crucial role to play in supporting Kenya’s continued recovery from the pandemic and creating more productive jobs over the longer term.

IFC’s investment and advisory portfolio in Kenya is currently US$964 million and operates in key sectors such as manufacturing, agribusiness, financial services, infrastructure and technology.

During the pandemic, IFC committed US$115 million of its Global Fast Track Covid-19 Financing Facility to several financial institutions in Kenya to help the country increase lending to small businesses, which is critical to its economy are.

In 2021, the IFC committed $31.5 billion to private companies and financial institutions in developing countries to harness the power of the private sector to end extreme poverty and increase shared prosperity as economies recover with the impact of the pandemic had struggled.

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