Profitable local enterprises seeking to expand their operations and market in Kenya are set to enjoy funding access and business development support from Norfund, a Norwegian investment fund for developing countries, as part of the institution’s commitment to deepening its local presence.
The institution’s regional director William Nyaoke said their mandate is to assist in building sustainable businesses and industries in developing countries like Kenya by providing capital in renewable energy, financial inclusion, green infrastructure, and scalable investments, in line with the United Nation’s sustainable development goals.
“In Kenya and beyond, Norfund contributes to economic and social development by helping to build sustainable businesses that would not otherwise access expansion capital because of the high levels of risk involved,” Mr Nyaoke said.
He added that the development finance institution has a portfolio of Sh46.53 billion ($372 million) invested in Kenya across various sectors of the economy with investment interests in Equity Bank, D-light, Ascent Capital, and Marginpar, among others, and will support profitable enterprises with a potential to contribute to economic and social development.
From its Nairobi base, Norfund East Africa handles Norfund’s existing and new regional investments with a particular focus on Kenya, Uganda, Tanzania, Rwanda and Ethiopia. The institution also hopes to invest in other countries in Eastern Africa, like Somalia and South Sudan, in partnership with other investors and funds. In 2022, the institution committed Sh9.39 billion ($ 75 million) across East Africa.
“Our investees contribute to economic and social development through the direct and indirect jobs they create, the goods and services they offer, and the taxes they pay, and we are confident that the recent Sh4 billion ($32 million) outlay in 2022 will have positive ripple effects in Kenya,” said Nyaoke.
