One of the key drivers of growth and development in emerging markets is the private sector. Urbanisation comes with a growing private sector of SMEs and private firms providing services to the general public, industries and the public sector. Capital investment is key in these emerging urban economies and the International Finance Corporation (IFC), part of the World Bank Group has committed major investments in “diverse sectors of the Kenyan economy”. “Kenyan firms are increasingly taking debt and equity investments from the IFC and other global financiers, including European Investment Bank (EIB), Agence Française de Développement (AFD), Proparco and DEG to compensate for the limited funding opportunities in local capital markets.” According to Business Daily the global fund’s latest investment commitments include a Sh15.2 billion loan to Co-op Bank and a Sh2.7 billion debt and equity investment in a hospital to be built on Nairobi’s Kiambu Road. The financier says it intends to provide $22 million (Sh2.2 billion) in equity and $5 million (Sh505 million) in debt to an investment vehicle that is building the hospital. Owners of the hospital have acquired three acres on Kiambu Road for the facility.
Footage: Rogier van den Berg