Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Norfund has been investing in East Africa for over 20 years with investments in clean energy constituting almost 40 percent of its portfolio in the region/COURTESY

Kenya

Norfund to scale up investments in manufacturing, agribusiness in East Africa

The firm’s strategy also includes a new investment pillar on green infrastructure, including waste management, access to clean water, transmission lines and power storage/COURTESY

NAIROBI, Kenya, Feb 5 – Norfund has announced the launch of its strategy in East Africa for the next three years, which includes scaling up investments in the manufacturing and agribusiness sectors.

The firm’s strategy also includes a new investment pillar on green infrastructure, including waste management, access to clean water, transmission lines and power storage.

Norfund has been investing in East Africa for over 20 years with investments in clean energy constituting almost 40 percent of its portfolio in the region.

Some of Norfund’s investments include projects such as Globeleq, Lake Turkana Wind Power, Bujagali Hydro Power and M-KOPA.

Last year, the company committed over Sh9 billion in East Africa and is expected to increase its commitments significantly in the next few years.

“We are incredibly proud of our committed portfolio of Sh77.8 billion in over 520 companies in East Africa. The capital deployed has transformed millions of lives through employment, access to finance and clean energy. The launch of our new strategy will provide a framework for greater partnerships and impact across East Africa,” said William Nyaoke, Regional Director, East Africa, Norfund.

The World Bank estimates that about 2.01 billion metric tons of municipal solid waste are produced annually worldwide and overall waste generation will increase to 3.40 billion metric tons by 2050.

An estimated 13.5 percent of today’s waste is recycled and 5.5 percent is composted.

Between one-third and 40 percent of waste generated worldwide is not managed properly and instead dumped or openly burned. This continues to pose serious risks to the ecosystem and human health.

The new green infrastructure pillar which includes investments in waste management will complement Norfund’s existing investment focus areas.

Advertisement. Scroll to continue reading.

The fund targets to execute 6-10 new investments focusing on business models in solid and liquid waste management, access to clean water, electricity transmission lines and power storage.

“We want to address urbanization challenges. The waste industry needs to professionalize and scale. We are one of the first development finance institutions to focus on waste management. We’ve started to see exciting new business models in the sector, built on circular economy principles. Effective collection, recycling and waste-to-energy is great for both societies and the environment. With the right investment in the right places it will also be an exciting business category and employment generator for decades to come,” Tellef Thorleifsson, CEO, Norfund said.

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...

Headlines

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

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...

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...