Kenya-based National Cement Company (NCC) is set to receive KES 5.9 billion (US$67.1/€49.85 million) from the International Finance Corporation (IFC), as part of a KES 6.4 billion deal agreed in March 2014. Under the deal, IFC will infuse US$5 million in NCC, followed by a further $15 million infused by NCC along with IFC African, Latin American and Caribbean Fund in exchange for a seat on the company's board of directors. According to a statement, NCC will use the proceeds to promote infrastructure d
Kenya-based National Cement Company (NCC) is set to receive KES 5.9 billion (US$67.1/€49.85 million) from the International Finance Corporation (IFC), as part of a KES 6.4 billion deal agreed in March 2014.
Under the deal, IFC will infuse US$5 million in NCC, followed by a further $15 million infused by NCC along with IFC African, Latin American and Caribbean Fund in exchange for a seat on the company’s board of directors.
According to a statement, NCC will use the proceeds to promote infrastructure development in Africa besides expanding its operations and growing local supply.
