KENYA - Kenya is looking to the Sh210bn (US$3bn) pensions industry to fund the country's infrastructure and domestic needs in partnership with the International Finance Corporation (IFC) and World Bank.
Finance minister Amos Kimunya has announced the government will issue asset-backed securities to pay for roads and housing under the initiative Efficient Securities Markets Institutional Development (ESMID) Africa.
The $5.5m initiative began last year with funding from IFC, World Bank, OMX of Sweden and the Swedish Government.
Kimunya said the collaboration would attract investors and make long-term financing in local currencies more attainable.
The Kenyan pensions industry has grown from Sh174bn in September 2006 and is already a significant investor in the country’s domestic development.
The industry currently holds 22% of the government debt in sh77bn of securities.
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