National Cement has secured a Sh4.3 billion facility from Stanbic Bank Kenya to pay a foreign debt taken to put up a new clinker facility in West Pokot.
In a statement, the lender says the facility aims to partially refinance the cement maker's foreign currency liabilities incurred during the company’s expansionary capital expenditure phase.
“This transaction underscores our commitment to fostering innovation and supporting the expansion efforts of leading corporates in Kenya,'' head of corporate investment at Stanbic Bank Kenya, Alakh Kohli said.
He said the alignment underscores Stanbic Bank's commitment to supporting key industries and fostering sustainable economic growth in the region.
The debt facility is expected to empower NCCL to continue delivering high-quality construction inputs at competitive prices, furthering economic and infrastructure development initiatives.
This comes just days after the cement company opened a Sh45 billion clinker at Sebit Limestone in West Pokot.
President William Ruto who attended the official opening of the facility hailed it as a significant milestone in the ambitious expansion of the industrial blueprint in the country.
It has been operational for the past four years, employing 5,000 people. It is expected to accommodate an additional 2500, not including the transporters and other workers who would also benefit from the plant’s ecosystem.
