World Bank advances Kshs 3.2B to BIDCO
By Regina Manyara Gitau
The World Bank through its lending arm, the International Finance Corporation has extended 3.2 billion shillings loan to BIDCO.
The firm’s Chief Executive Officer Vimal Shah says the money would finance the roll out of more products as well as BIDCO’S expansion in East Africa.
BIDCO hopes to invest the capital injection in nearly doubling its turnover to 35 billion shillings over the next two years.
Agriculture accounts for nearly 50% of Africa’s GDP and employs 60% of the continent’s labour force.
IFC’s Head of Agribusiness and manufacturing for Sub Saharan Africa German Vegarra urged manufacturing industries in Kenya to take advantage of the ready human resource capital as well as Kenya’s favorable weather conditions.
Bidco plans to spend the money in expanding its operations to Kiambu and Nakuru counties which will see 350 people employed directly and 3,000 persons benefitting along the supply chain.
Shah says the money would also fund the firm’s expansion plans into East African Region.
The deal is expected to help Bidco increase its turn over from the current 22 billion shillings to 35 billion shillings in two years.
The International Finance Corporation, which is the World Bank’s lending arm has been supporting projects in agriculture with the aim of growing agribusiness to a trillion-dollar status by the year 2030.