The World Bank’s private sector lending arm, the International Finance Corporation (IFC), on Tuesday pledged to partner with Kenya to help spur economic development focused on investment in the social sectors.
Visiting IFC Vice President for the Middle East and Africa Sergio Pimenta, who held talks with President Uhuru Kenyatta in Nairobi, said the lender is seeking ways to train “small and medium entrepreneurs to enable them to benefit from many tenders which are being availed in various sectors of the economy.”
The IFC has pledged to help Kenya advance in the private sector especially through raising funds that could benefit such project as affordable housing. The meeting is in line with the current Kenyan President Uhuru Kenyatta Big Four Agenda that includes manufacturing, affordable housing, universal healthcare and food security.
Uhuru Kenyatta’s government through various partners intends to empower the private sector and investors to invest in affordable housing and agricultural sector to increase food capacity.
Kenyatta’s government sought the active engagement of the IFC in securing cheap financing as well as lifting the capacity of the private sector so they could participate in large-scale projects.