The International Finance Corporation (IFC) plans to invest Sh2.58 billion in steel manufacturer Abyssinia Group of Industries (AGI) for expansion of its production capacity in Kenya and Ethiopia and boost working capital.
The World Bank’s private sector lending arm said the funding will form part of a Sh7.74 trillion ($60 million) project in which the company targets to cut carbon emissions and take more control of its supply chain through ‘backward integration’.
