The International Finance Corporation (IFC), a member of the World Bank Group, has invested nearly $460 million (55.6 billion Shillings) in Kenyan companies, Business Daily newspaper reported, citing its latest annual report.

Cumulative investments in companies in the East African nation grew to $4.1 billion in the year ended June 2022 from $3.6 billion the year earlier. 

Banks, manufacturers, insurers, and real estate developers were beneficiaries of loans and capital subscriptions.

The number of companies supported by the IFC increased to 143 during the said period, up from 138 a year earlier.

IFC offered loans and guarantees to local financial institutions of $267.2 million during the period, stimulating lending to the private sector.

Overall, the institution’s local commitments climbed 14.6% to $4.3 billion from $3.8 billion.

According to the news report, the IFC loans helped augment local banks' capital for onward lending to small businesses, particularly when the pandemic hit Kenya in March 2020.

(Editing by Seban Scaria seban.scaria@lseg.com)