The International Finance Corporation(IFC) , Invests $32Billion in Kenya’s Bio Fuel Project.
The International Finance Corporation(IFC) is set to invest Sh31.96 billion ($210 million) in an agribusiness project by Italian firm, Eni Kenya. The IFC said the investment in the form of a senior loan will support capital requirements by Eni Kenya towards the construction and operation of agri-processing plants in the country. The
project is projected to cost Sh32.41 billion ($213 million) with the World Bank’s private sector lending arm promising to help mobilise an additional Sh11.41 billion ($75 million) from other lenders. Eni has initiated a biofuel project in Kenya that involves the contractual engagement of third-party farmers and aggregators to supply oil seeds (feedstock) to Eni-owned agri-processing plants in Makueni and Kwale counties. Eni Kenya’s third agri-processing plant is planned for construction in Nakuru county and a fourth at a location yet to be determined. In the strategy by Eni Kenya, the seeds will be processed to produce vegetable oils for export to Eni bio-refineries in Italy and further refined into different bio-energy products (biofuels).
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