Kenya’s National Cement has secured a KES4.3bn (US$33.1m) facility from Stanbic Bank Kenya to finance a debt undertaken to construct a new clinker plant in West Pokot, reports The Star. According to the bank, the facility is designed to partially refinance National Cement’s foreign currency liabilities resulting from its recent expansion activities.
“This transaction underscores our commitment to fostering innovation and supporting the expansion efforts of leading corporates in Kenya,'' said Alakh Kohli, head of corporate investment at Stanbic Bank Kenya. The debt facility is expected to empower National Cement to continue delivering high-quality construction inputs at competitive prices, furthering economic and infrastructure development initiatives.
The West Pokot clinker plant was finally launched earlier this month after lengthy delays. The new plant will process up to 6000tpd of clinker or 2Mta, with clinker deliveries sent to finish grinding at Simba Cement’s Eldoret grinding plant, which is currently under construction.
