National Cement has secured a Sh4.3 billion facility from Stanbic Bank Kenya to settle a foreign debt incurred during the construction of a new clinker facility in West Pokot.
The lender stated that the facility aims to partially refinance National Cement’s foreign currency liabilities accrued during its expansionary capital expenditure phase.
Alakh Kohli, the head of corporate investment at Stanbic Bank Kenya, emphasized the bank’s commitment to fostering innovation and supporting the expansion efforts of leading corporates in Kenya. He noted that the alignment with National Cement underscores Stanbic Bank’s dedication to supporting key industries and promoting sustainable economic growth in the region.
The debt facility is expected to empower National Cement to continue providing high-quality construction inputs at competitive prices, thereby advancing economic and infrastructure development initiatives.
This development follows closely on the heels of National Cement’s opening of a Sh45 billion clinker facility at Sebit Limestone in West Pokot. President William Ruto, who attended the facility’s official opening, hailed it as a significant milestone in the country’s ambitious industrial expansion. Operational for the past four years and employing 5,000 people, the facility is expected to accommodate an additional 2500 workers, not including the transporters and other workers benefiting from the plant’s ecosystem.
