IFC to up funding for Kenya

President Uhuru Kenyatta of Kenya.

President Uhuru Kenyatta of Kenya.

The International Finance Corporation wants to increase the amount of funds it disburses to both the public and private sector in Kenya.

The Executive Vice President and CEO of the IFC, Philippe Le Houerou, Tuesday told President Uhuru Kenyatta that his organisation is impressed by Kenya’s progress and that they are also also using the East African nation as case studies to support other countries.

The President met Philippe at State House, Nairobi, where they spoke on the role of the IFC in the development of infrastructure and Small and Medium Enterprises in the country.

Kenya has the biggest portfolio among all the countries in Africa, with President Uhuru Kenyatta calling on IFC to participate in projects to construct roads through the annuity programme.

The President said the annuity programme has attracted many private sector organisations but a major problem has been how to attract the financial sector to support the investors.

The Head of State also urged the IFC to create more avenues for supporting the development of Small and Medium Enterprises.

“SME is an area of growth and it is where the stability of the Kenya economy comes from,” said the President.
President Kenyatta said the IFC can also work closely with the Government in participating in funding security projects such as housing and transportation.

“We are looking for more innovative ways to get the private sector to provide better housing for our security forces as part of our efforts to motivate and improve their morale,” said President Kenyatta.

The Head of State said Infrastructure deficit and unemployment are the most critical issues that African nations have to tackle.
“This are the critical issues that have to be dealt with for us to talk about an African take off that is based on firm foundations,” said President Kenyatta.

Mr. Le Houroue said the IFC is ready to work with the SME in Kenya and described the country as being “a head of the game” in its development track record.

“We want to be part of the solutions for Kenya. We want to scale up the intervention in terms of both the number and the amount of dollars,” said Mr Le Houerou.

He was accompanied by World Bank Country Director Diarietou Gaye and the regional boss of IFC, Mr Oumar Seydi.
The meeting was attended by National Treasury Cabinet Secretary Henry Rotich and the Head of Public Service, Mr Joseph Kinyua.