Big 4 agenda gets boost with clean energy for manufacturing sector

The manufacturing pillar of the Big Four agenda has received a boost after the investor responsible for putting up the largest wind farm project in Africa, Lake Turkana Wind Power Project, committed to continue funding more green projects in Kenya.

Norfund, having been instrumental in realizing the Lake Turkana Wind Power and a major investor in Equity Bank has reiterated its commitment to significant investments in the region.

The Regional Director, Norfund East Africa, William Nyaoke speaking on Friday during the launch of the firm’s three-year strategy said they are incredibly proud of their committed portfolio of 776 million USD in over 520 companies in East Africa.

Nyaoke speaking at their office in Westlands said that the capital deployed has transformed millions of lives through employment, access to finance and clean energy. from left) Tellef Thorleifsson, CEO, Norfund with Judy Kinyanjui, Investment Director Financial Institutions, Norfund and William Nyaoke, Regional Director, East Africa Norfund during the launch of Norfund’s East Africa 2019-2022 strategy on Friday January 31 . “The launch of our new strategy will provide a framework for greater partnerships and impact across East Africa. The fund’s new strategy incorporates scaling up investments in the manufacturing and agribusiness sectors, as well as a new investment pillar on green infrastructure, including waste management, access to clean water, transmission lines and power storage,” said Nyaoke.

He explained that 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.

“Norfund’s investments in scalable enterprises aim to contribute to job creation and economic transformation, in manufacturing and agribusiness value chains. Job creation is key for economic growth and fighting poverty. So far, the portfolio includes SMEs like Tanzanian grower, Africado, flower producer Marginpar and the logistics company Freight in Time. Going forward, Norfund will particularly step up investments in the manufacturing sector,” the director said.

He added that Norfund has been a long-time investor in strengthening financial inclusion with investments in banking insurance and financial services. It is a founding partner of the banking platform, Arise which holds a stake in 10 different African financial institutions and is a major investor in Equity Bank.

“East Africa economies are leading in Africa with continuously improving infrastructure, a young and educated labour force, providing good conditions for […]

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