Flower exporter seeks Sh1.6 billion IFC loan to boost production
Star Bright Holdings, which is domiciled in Mauritius, runs 10 flower farms in Kenya and Ethiopia, producing about 220 million stems per year under "Marginpar" brand
The International Finance Corporation (IFC) is considering advancing $12.7 million (KES1.64 billion) loan to Star Bright Holdings Ltd to step up flower production across its farms in Kenya and Ethiopia.
According to disclosures by the firm, the financing will go to infrastructure upgrade such as the expansion of greenhouses, acquisition of hail nets and the establishment of water recycling systems.
Related
Kenya, Singapore to shore up trade ties in ICT, horticulture
Star Bright Holdings, which is domiciled in Mauritius, runs 10 flower farms in Kenya and Ethiopia, producing about 220 million stems per year under "Marginpar" brand.
The company, which also sources flowers in Tanzania and Zimbabwe, mainly exports the stems to markets in Europe and Asia.
"The primary anticipated outcome is the broad economic impact, including increased domestic value addition, job creation, and foreign exchange generation. In addition, IFC expects its financing to enhance market competitiveness through demonstration effects and opportunities for replication," IFC stated in part.
It added, "Through its involvement, IFC will bring global industry expertise and access to its international network in the floriculture value chain and related sectors."
