Home Business & Finance Banking & Loans IFC plans Kenyan firms’ training to boost profits

IFC plans Kenyan firms’ training to boost profits

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Participants during a training organised by IFC in October in Nairobi. PHOTO | DIANA NGILA | NMG

The International Finance Corporation (IFC) is offering technical advisory services to Kenyan companies in the manufacturing, agribusiness and services sectors, focusing on financial management.

The global financier is committing $833,185 (Sh84.7 million) to the project that is expected to run until March 2022, according to its investment disclosures.

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Firms selected will be trained on how to improve their finance departments, review and upgrade management information systems and comply with new accounting systems under the International Financial Reporting Standards (IFRS).

Small and medium-sized firms, which have relatively less robust financial management systems compared to large companies, are expected to form the majority of IFC’s clients.

IFC says it will train companies it has already invested in and others that it may partner with in the future. The global financier has provided debt and equity capital to over 100 companies in Kenya, ranking as one of the largest investors in the country.

“The project targets to improve the financial management practices of potential and portfolio investment clients through a set of designed advisory tools,” IFC said in a statement.

“The project aims to assist clients in enhancing its operational efficiency, profitability and improve bankability and access to capital markets.”

Better financial management is seen as critical in improving business performance by curbing fraud, limiting bad debt and maintaining optimum cash for day-to-day running of a business.

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