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Kenya: IFC invests in soda ash producer

The International Finance Corporation is to invest an additional KES 1.9 billion (USD 26 million) in Magadi Soda Company Limited, part of the Brunner Mond group of companies. The soda ash plant is on …

The International Finance Corporation is to invest an additional KES 1.9 billion (USD 26 million) in Magadi Soda Company Limited, part of the Brunner Mond group of companies. The soda ash plant is on Lake Magadi, approximately 115km south west of Nairobi. The investment will be used to build a new plant, and allow Magadi Soda to increase annual export capacity to 365,000 tonnes of high purity soda ash, used mainly for glass manufacturing and detergents. The agreement is expected to be signed in the first week of December 2003 during a visit to Kenya by the Executive Vice President of the bank, Mr Peter Woicke. Part of the World Bank, the International Finance Corporation promotes sustainable private sector enterprises in developing countries. The bank“s first investment in Kenya was in 1956. Since then, it has committed financing to projects in Kenya amounting to KES 363 million.

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