Business

Kericho Gold taps IFC Sh400m for growth

 International Finance Corporation (IFC), a member of the World Bank Group has committed a loan of $4 million (Sh400 million) to Global Teas and Commodities Ltd, manufacturers of Kericho Gold to facilitate expansion in Malawi.

This will also help to boost Macadamia production with plans to increase acreage of macadamia trees. It will also boost quality of existing coffee plantations and also develope a coffee outgrower programme to support 3,300 smallholder farmers.

“The company plans to increase packaging capacity at its factory in Kenya, which will help it source an additional 5,000 tonnes of tea from tea farmers and local factories directly and via auction,” read a statement from IFC.

The development loan is seen as beneficial to the overall expansion of Global Tea and Commodities and its subsidiaries.

“This will also boost local farmers in the South African country and also support Global Tea’s processing operations in Kenya,’’ said Global Teas & Commodities Ltd managing director Fahim Ahmed.                          

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