Kenya: NCC to receive KES 5.9bn from IFC

Kenya-based National Cement Company (NCC) is set to receive KES 5.9 billion (US$67.1/€49.85 million) from the International Finance Corporation (IFC), as part of a KES 6.4 billion deal agreed in March 2014. Under the deal, IFC will infuse US$5 million in NCC, followed by a further $15 million infused by NCC along with IFC African, Latin American and Caribbean Fund in exchange for a seat on the company's board of directors. According to a statement, NCC will use the proceeds to promote infrastructure d
Quarry Products / July 24, 2014

Kenya-based National Cement Company (NCC) is set to receive KES 5.9 billion (US$67.1/€49.85 million) from the 6068 International Finance Corporation (IFC), as part of a KES 6.4 billion deal agreed in March 2014.

Under the deal, IFC will infuse US$5 million in NCC, followed by a further $15 million infused by NCC along with IFC African, Latin American and Caribbean Fund in exchange for a seat on the company's board of directors.

According to a statement, NCC will use the proceeds to promote infrastructure development in Africa besides expanding its operations and growing local supply.

For more information on companies in this article
International Finance Corporation
boombox1
boombox2
boombox3
miniboombox1
miniboombox2