26 Kenyan Companies To Invest Ksh.185 Billion In DRC

Twenty-six Kenyan companies have pledged to invest Ksh.185 billion ($1.6 billion) in the Democratic Republic of Congo (DRC).

The 26 firms had been part of a 15-day business delegation last December which sought to scout and identify potential trade investments in the country in a mission led by the government of Kenya in collaboration with the Equity Group.

The 26 firms include; Rentco Africa Limited, Optiven Group, Greenlight Planet Limited, Jumbo Foam Limited, Bidco, Geomaps, and Nyanja Associates.

Equity Group Managing Director James Mwangi, says some of the companies to make the investment plea will require government assistance to conduct business feasibility studies.

This includes the Kenya Builders & Concrete Company which is looking to set up a cement company and Tru Foods Limited which is seeking to establish an edible oil manufacturing plant.

On its part, Equity Group is set to inject Ksh.11.6 billion ($100 million) in Equity BCDC, its DRC subsidiary to fund development projects in sectors such as mining and manufacturing.

The announcement of the fresh investments comes days after the accession of the DRC into the East Africa Community (EAC) customs union.

With a population estimated at nearly 100 million people, the DRC has been tipped to offer a huge market for Kenyan entrepreneurs in sectors including manufacturing, agriculture and professional services.