KDC has set sights on new opportunities in renewable energy, post-harvest management systems, livestock value chain and blue economy.
The firm says it is looking at being at the forefront in mobilising funds for capital-intensive national development projects through co-funding deals with other development financiers and commercial banks.
ICDC, whose existence dates back to the pre-independence period in 1954, was formed largely to fund Kenya’s industrialisation dream as well as high-potential sectors that support economic growth.
State-owned Kenya Development Corporation has admitted some levels of mismatch between skills and jobs following the merger of three defunct development finance firms, but ruled out layoffs in the near-term.
KDC – the offshoot of an amalgamation of Industrial and Commercial Development Corporation (ICDC), Tourism Finance Corporation (TFC) and Industrial Development Bank Capital Ltd – says it has embarked on a skills assessment and development programme.
“We have started looking at capacity, capability [and] qualifications for everybody so that we pick up the development areas whether leadership or competencies and use that for our development plan,” KDC interim director-general Christopher Huka said.
“Leadership and technical skills should go hand in hand. But you can get somebody extremely high on technical but leading is a challenge. And leadership is what gives you the result from the people that they lead.”
KDC has set sights on new opportunities in renewable energy, post-harvest management systems, livestock value chain and blue economy – sectors it says were not quite exploited by the defunct DFIs –to grow its assets book.
The firm says it is looking at being at the forefront in mobilising funds for capital-intensive national development projects through co-funding deals with other development financiers and commercial banks.
KDC is, however, struggling to find the right skills in some departments to execute its mandate.
“We have a mismatch in skill sets. We have enough gaps in critical delivery areas, especially investment banking. I don’t have enough investment bankers, for example,” Mr Huka said.
“One thing that government made clear is that nobody should lose their job from the three institutions.”
The state-backed DFI inherited a loan book of about Sh4.5 billion from ICDC, TFC and IDB Capital which the Treasury finally collapsed into one entity last July after more than seven years of reforms.
In its three-year strategic plan through 2024, the state-run financier targets to issue out Sh8.64 billion this financial year, nearly doubling to Sh16.31 billion in the year starting July.
ICDC, whose existence dates back to the pre-independence period in 1954, was formed largely to fund Kenya’s industrialisation dream as well as high-potential sectors that support economic growth by providing affordable funding through debt and equity.
On the other hand, TFC was established in 1965 to provide affordable long-term development funding and advisory services for investment in the tourism industry, while IDB Capital came into existence in 1973 to help mid- and large-sized businesses establish and expand through competitive funding.
