The International Finance Corporation (IFC) will invest Sh8.2 billion in a can factory to be set up on the Nairobi-Mombasa highway by Nigeria’s GZ Industries.
IFC, the World Bank Group’s private lending arm, announced the planned equity investment in a disclosure document released on Thursday.
Once completed, the multimillion-shilling factory, which will primarily produce aluminium beverage cans, is expected to provide 220 direct permanent jobs and more indirect jobs in the local supply chain in sectors such as logistics and transportation, maintenance and other support services.
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Dow Chemical Co plans to triple its revenue from sub-Saharan Africa in the next five years and is investing in offices, local staff and manufacturing plants on the continent to meet that target, its head of the region said.
The company sees opportunities in agriculture, where it supplies crop protection chemicals, infrastructure, where it offers water treatment chemicals, as well as in mining and manufacturing.
“Dow is absolutely betting on Africa’s growth.” – Ross McLean, President, Dow Chemical Sub-Saharan Africa
“We expect to triple our revenue from Africa over the next five years. That is our objective and we are on track to do that,” said Ross McLean, President for sub-Saharan Africa.
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