MEDIA KIT: DFC at Work – Investing in Kenya
WASHINGTON, D.C. – The U.S. International Development Finance Corporation’s (DFC) Chief Executive Officer (CEO) Scott Nathan announced a new financing package that underpins Kenyan President William Ruto’s priorities for economic engagement with the United States, including new investments that elevate DFC’s exposure above $1 billion, as well as plans to open a DFC office within the African economic powerhouse.
“The U.S. and Kenya have strong ties that include a robust relationship with the private sector,” CEO Nathan said. “With this week’s announcements, DFC is doubling down on its commitments to Kenya’s development, with investments into energy, e-mobility, and infrastructure. DFC is also expanding its on-the-ground presence by opening an office to help us better pursue opportunities across the region.”
The more than $250 million new DFC financing package, announced as part of President Ruto’s State Visit to Washington, D.C., includes several multimillion-dollar commitments for critical projects in Kenya, such as financing new, affordable student rental housing in Nairobi, bolstering digital connectivity throughout the country, and advancing e-mobility and renewable energy, building on longstanding DFC support.
These projects serve as among the most tangible demonstrations of America’s commitment to partnering with Kenya, and the region, as well as DFC’s commitment to building on existing investments to create jobs and spur economic growth.
DFC is working to open a regional office at the U.S. Embassy in Nairobi, CEO Nathan announced, which will support private sector development in Kenya and across Africa. The new office will significantly increase DFC’s capacity for business and catalyze investment in vital sectors in Kenya and throughout the region.
CEO Nathan announced several new DFC transactions in Kenya during President Ruto’s visit, including:
- Bolstering affordable student housing: A $180 million commitment to Acorn Holdings Limited that will finance the construction and operation of new, affordable student rental housing in Nairobi and across Kenya. With early-stage support from USAID and Prosper Africa and financing from DFC, this transaction will help address a critical need and is a strong example of the power of whole-of-U.S.-Government support to the private sector as it pursues projects that deliver for the people of Kenya. CEO Nathan participated in a signing ceremony for the commitment alongside Acorn Holdings CEO Edward Kirathe.
- Advancing digital connectivity: A $51 million loan to M-KOPA Kenya Limited that will support digital connectivity throughout the country by helping underserved communities access affordable smartphones. CEO Nathan joined M-KOPA Co-Founder and CEO Jesse Moore for a ceremonial signing of the commitment.
- Growing Kenya’s e-mobility sector: A $10 million loan for Mogo Auto Kenya and a $10 million loan for BasiGo to advance e-mobility in Kenya, also in support of President Ruto’s Africa Green Industrialization Initiative, building upon DFC’s longstanding support for the e-mobility economy in Kenya.
CEO Nathan also highlighted some of DFC’s recently announced transactions, which build on a more comprehensive package of DFC financing in Kenya:
- Driving electric vehicle production in Kenya: A $10 million loan to Roam Electric Ltd. to support the design and development of electric motorcycles and buses as well as charging stations for motorcycles and buses throughout Kenya.
- Enabling lending to small businesses: A $500,000 Technical Assistance grant to Pezesha Africa Limited will provide the enterprise capital to leverage data science, machine learning, and other advanced computing technologies to further develop its credit scoring algorithm, enhancing its sustainable lending practices to small businesses in Sub-Saharan Africa.
- Partnering with the private sector in healthcare: A $10 million direct loan to Kenyan company Hewa Tele provides an affordable and regular supply of medical oxygen to healthcare facilities in Africa, and two rounds of equity investment totaling $4 million to Kasha Global, a Kenya-based e-commerce company that provides personal care, healthcare, and beauty products to low-income women in Kenya and Rwanda.
See the White House FACT SHEET: Kenya State Visit to the United States for more.
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The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.