Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
KTDA through a statement said the restoration process had started and he agency was processing some payments/XINHUA-File

Kenya

International Finance Corp loans KTDA Sh1b

KTDA will use the loan to build a 200,000 square foot warehouse in Mombasa/XINHUA-File

NAIROBI, Kenya, Oct 5 – The International Finance Corporation (IFC), a member of the World Bank Group, on Friday announced a loan of $12 million (Sh1 billion) to support the operations of Kenya Tea Development Agency (KTDA).

KTDA will use the loan to build a 200,000 square foot warehouse to store tea and other commodities in Mombasa, through its subsidiary, Chai Trading Company.

IFC CEO Jin-Yong Cai said the investment in KTDA will help increase revenues and living standards for the smallholder farmers, whom the company represents.

“IFC’s investment in KTDA will optimize business for KTDA. The new warehouse in Mombasa will also create employment opportunities for KTDA’s local suppliers and distributors,” Cai said.

Jin-Yong who is in Kenya for the first time added that IFC is committed to investing in local agricultural institutions to develop Africa’s agribusiness value chain in the country.

On his part KTDA chief executive, Lerionka Tiampati said KTDA warehouses in Mombasa currently handle about 300 million metric tonnes of made tea annually that is transported from the tea factories across the country.

Jin-Yong was on Friday morning hosted by Diamond Trust Bank at a Nairobi Hotel and said that IFC plans to partner with many financial institutions to be able to give long term loans to small entrepreneurs.

Since 2009 IFC has invested $22.5 million (Sh1.9billion) in Bank of Africa and $45 million (Sh3.8 billion) in Diamond Trust Bank to support the banks’ lending services to the SMEs through its Africa Micro Small and Medium Enterprise Finance Program.

So far the program has been rolled in 16 countries across Africa, with 21 banks with over $1 billion (Sh84 billion) in outstanding loans to SME clients.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...