The Kenya Development Corporation (KDC), in collaboration with key stakeholders in the tourism and wildlife sector, has revealed a strategic array of investment opportunities geared towards fostering growth and sustainability in the industry.
This milestone was announced during the inaugural Kenya Parks Investment Forum 2023, an event organized by the Ministry of Tourism, Wildlife & Heritage, Kenya Wildlife Services (KWS), and the Kenya Investment Authority.
As Kenya’s premier cross-sector Development Finance Institution, KDC is poised to play a pivotal role in revitalizing the tourism sector.
Through an alliance with industry players, KDC aims to provide essential development finance, infrastructure funding, business support, and advisory services to medium and large-scale enterprises within the currently challenged tourism sector.
KDC, established in 2020 following the amalgamation of the Tourism Finance Corporation (TFC), Industrial and Commercial Development Corporation (ICDC), and IDB Capital Limited, is equipped with the scale and resources necessary to orchestrate transformative changes in the industry.
During the forum, Judith Omachar, KDC Director Investments, outlined the corporation's strategic packages designed to deliver tailored financial solutions that cater to the diverse needs of both emerging and established businesses.
Omachar emphasized the comprehensive nature of the offered financial products and services, highlighting their role in facilitating efficient day-to-day operations and sustained growth.
"Additionally, Project Finance will ensure that the investors establish, expand, or modernize its ventures and will find tailored financial solutions to realize its aspirations, driving innovation and job creation. The Asset Finance offer will see our clients acquire machinery and equipment to enhance their operations," Omachar remarked.
"Lastly, the package will provide businesses with a range of Advisory Services, including feasibility studies, restructuring support, enterprise valuation services, and financial syndication guidance. These advisory offerings are designed to empower businesses with insights, strategies, and expert knowledge to make informed decisions that drive success."
Furthermore, Omachar shed light on KDC's endeavour to foster technology transfer from India to Kenya, facilitating the acquisition of plant machinery and equipment.
Under this initiative, a minimum loan amount of US$50,000 is offered, allowing up to 100 per cent C&F financing of equipment value, provided 75 per cent of the equipment originates from India.
Echoing the sentiment of collaboration, Peninah Malonza, Cabinet Secretary for the Ministry of Tourism, Wildlife & Heritage, underscored the importance of public and private sector partnerships in driving socio-economic prosperity.
Malonza emphasized that strategic partnerships with the private sector, counties, and the National Airline are pivotal in realizing ambitious tourism development initiatives.
“Tourism stands as a cornerstone of Kenya's economic landscape, with far-reaching connections to transportation, food production, retail, and entertainment. This sector's allure, stemming from Kenya's diverse wildlife, picturesque landscapes, and rich cultural heritage, draws millions annually. Through concerted efforts, we envision further growth and development for our nation,” shared Dr. Erustus Kanga, KWS Director General.
As the curtains draw on the Kenya Parks Investment Forum 2023, the collaborative commitment between KDC, government entities, and industry stakeholders presents a promising trajectory for the revitalization of Kenya’s tourism and wildlife sector.
With tailored financial solutions and strategic partnerships, the nation's unique natural heritage is poised to flourish while driving economic progress.