NAIROBI, Jan. 23 (Xinhua) -- The World Bank's private sector lending arm, the International Finance Corporation (IFC), on Tuesday pledged to partner with Kenya to help spur economic development focused on investment in the social sectors.
Visiting IFC Vice President for Middle East and Africa Sergio Pimenta, who held talks with President Uhuru Kenyatta in Nairobi, said the lender is seeking ways to train "small and medium entrepreneurs to enable them benefit from many tenders which are being availed in various sectors of the economy."
According to a statement issued by Kenyatta's office after the meeting, Pimenta said the IFC would explore how to further support the private sector, especially with raising funds that could go to projects such as affordable housing.
Kenya now meets less than a tenth of mortgage lending demand due to cost issues, he said.
"Specifically, our interest is in building the capacity of SMEs, including exploring discussions around mergers, so they can bid for projects on an equal footing with major companies from China or elsewhere," Pimenta said.
During the meeting, the two discussed support for the private sector in delivering the Kenyan leader's Big Four agenda -- manufacturing, affordable housing, universal healthcare and food security.
"To achieve the Big Four we will require partnership with the private sector, so that they can take advantage of the good foundation we have laid over the past few years to deliver to ordinary citizens," Kenyatta said.
Kenyatta sought the active engagement of the IFC in securing cheap financing as well as lifting the capacity of the private sector so they could participate in large-scale projects.
"It requires that the private sector look at its investment models, look at how they can support affordable housing, see how they can invest in agriculture so we can meet our food security and nutrition goals," he said.
"It requires that we look at how to further support SMEs so that they invest in manufacturing and agro-processing," Kenyatta said. "To reach these goals also requires that we continue to invest in education, and especially in skills development."
