The United States International Development Finance Corporation (DFC) has announced a list of Kenyan firms approved for a loan or grant during the recent US tour by President William Ruto.
These firms include:
Acorn Green Housing Project: DFC recently approved an approximately $180 million loan to Acorn, a real estate developer that constructs and operates affordable student housing in Kenya. The DFC investment is expected to catalyze an additional $360 million in local Kenyan investment in one of the largest green housing portfolios in Africa.
Pezesha Africa Limited: DFC announced a $500,000 technical assistance grant to build a proprietary credit scoring model to improve Kenyan company Pezesha Africa Limited’s underwriting capabilities for small and medium sized enterprise clients.
Pezesha is a capital enablement lending infrastructure platform focused on increasing access to finance for retail trade micro, small, and medium-sized enterprises by integrating financial services into existing supply chain verticals.
Keep IT Cool: DFC recently announced a $500,000 loan to Kenyan-based Keep IT Cool, a business-to-business aggregation and sales platform to connect fish farmers with buyers utilizing cold chain technology.
This loan was part of the Africa Small Business Catalyst program in partnership with US Africa Development Foundation (USADF) and US Agency for International Development (USAID).
African Fertilizer and Agribusiness Partnership, Inc.: DFC recently announced a $10 million second loss guarantee to African Fertilizer and Agribusiness Partnership, Inc. to expand the sale of fertilizer on credit to small and medium-sized enterprise agri-input suppliers in Kenya, Zambia, and Ghana. The guaranty deal is expected to enable up to $360 million in additional fertilizer sales in these three countries over the next three years, furthering regional food security and agricultural production.
Kentegra Biotechnology: DFC recently announced a $10 million loan to Kentegra Biotechnology in Kenya to support the construction of a new facility to scale up its production capacity of pale refined pyrethrum extract, a key ingredient in organic pesticides.
“DFC’s loan provides women farmers with more predictable income, higher prices than alternative crop options, and training to implement best farming practices and financial planning tools to fully benefit from the increased incomes resulting from pyrethrum cultivation.”
The US Trande and Development Agency (USTDA) previously announced a grant of $660,000 for a feasibility study supporting the development of this facility, which can facilitate Kenya’s ability to respond to international demand for safer and environmentally friendlier insecticides.