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Supporting a key player in the retail industry

Project

Sustainable industries
Signature date
Location
Kenya
Financing tool
Equity investment
Financing amount (Euro)
30900000
Financing details
USD 31.5m Equity Investment
Customer
Mambo Retail Ltd
Type of customer
Investment fund
Country of headquarters
Mauritius
Project number
PKE1157
Environmental and social ranking
B
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This information is given at the time of signature, without prejudice to any developments in the operation/project.

Proparco is supporting the growth of a leading local company, with the aim of further developing the retail market in Kenya.

Client presentation

Mambo Retail is the acquisition vehicle bringing the investment of IBL Limited (Mauritian conglomerate), Proparco and DEG in Naivas Group, the leading player in the retail sector (mainly food) in Kenya.

Project description

The project involves an indirect equity investment to acquire 40% of the food retail group Naivas in Kenya, in order to provide the founding family with a long-term partner that will support its growth.

Project impact

The expected effects and impacts of this project are as follows: 

  • Support for some 144,000 jobs over the next 5 years, including the creation of 3,000 direct jobs
  • Mobilization of USD 52.6m of private finance (ratio of 1.66)
  • Potential energy efficiency improvement in certain supermarkets through possible recourse to AFD Group’s Program for Energy Efficiency in Buildings (PEEB).  

This project should contribute to the achievement of SDG 8 (Decent work and economic growth) and potentially SDG 13 (Climate action).