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
July 24, 2014 Read time: 1 min

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.

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