World Bank's private lending arm plans to increase lending to Kenya

The World bank's private lending arm, the International Finance Corporation (IFC), has said it plans to increase lending to both public and private sectors in Kenya.

During his visit to Kenya on Tuesday, IFC Executive Vice President and CEO, Philippe Le Houerou, told Kenyan President Uhuru Kenyatta in Nairobi that the IFC was impressed by Kenya's progress.

Le Houroue said the IFC was ready to work with small and medium enterprises in Kenya and described the country as being "a head of the game" in its development track record.

"We want to scale up the intervention in terms of both the number and the amount of dollars," said Le Houerou in a statement issued after the meeting with President Kenyatta.

Le Houerou and Kenyatta talked about the role of the IFC in the development of infrastructure and small and medium enterprises in Kenya.

Kenya is already a major investment destination in Africa for the IFC. Le Houerou, who was appointed to the position recently, said he still intended to double the funds the organization allocates to Kenya.

Kenyatta encouraged the IFC to participate in projects like road construction in Kenya.

He also called on the IFC to support the development of small and medium enterprises.

"SME is an area of growth and it is where the stability of the Kenya economy comes from," said the president.

Infrastructure deficit and unemployment were the "most critical" issues that African nations have to tackle, Kenyatta said. Endit