NAIROBI, Kenya, May 27 – The Industrial Commercial Development Corporation (ICDC) has unveiled a new corporate image and fresh strategy as it seeks to become a more aggressive player in the country\’s financial market.
ICDC Executive Director Peter Kimurwa said that as part of its quest to facilitate industrial and economic growth in the country, the State investment agency would be eying investments within the government and the private sector.
"The Kenyan financial market has never been more competitive or more demanding. The expectations of our stakeholders have also never been higher and we must be ready to fit the purpose," Mr Kimurwa said.
He explained that part of the strategy would see ICDC divest from some of the counters that have either reached maturity or failed to grow and channel the money generated into new ventures.
"We must change the perception our customers have of us by having products that are responsive to market needs so that we attract and retain customers," Mr Kimurwa said.
He added that the new brand positioning promises existing and potential clients creation of sustainable wealth through provision of financial products and services as envisioned in Vision 2030.
"Opportunities to make real, meaningful impact have never been more abundant. However the lack of suitable financing options continues to be a big hindrance to entrepreneurial development and that is something we would like to have a bigger role in," he said.
ICDC offers Equity financing, Debt financing and Venture Capital amongst other services.
The re-branding comes after an intensive five years of restructuring and internal reorganisation.
"Many young businesses require assistance by way of managerial and technical expertise, and technological and environmental changes are spawning new business and commercial opportunities every day. To overcome its challenges and exploit its opportunities, ICDC must become fit for purpose in the new dispensation," he said.
Trade Minister Chirau Ali Mwakwere, said ICDC was arguably, the most successful Development Financial Institution in Kenya and the region to date.
He said the corporation boasted a long list of successful enterprises, which it had directly and indirectly helped to establish.
"My Ministry acknowledges however, that it has not always been a smooth ride for ICDC. Today, as the nature and pace of Kenya\’s economy and business environment change fairly rapidly, the corporation is confronted by many a daunting challenges," the minister said.
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