NAIROBI, Kenya, April 11 – A firm associated with billionaire Devki Cement Company founder Narendra Raval has secured a Sh4.3 billion debt facility from the Stanbic Bank of Kenya.
The loan facility was signed with the National Cement Company Ltd. (NCCL).
It will be used to partially refinance NCCL’s foreign currency liabilities incurred during the company’s expansionary capital expenditure phase.
“As Stanbic Bank, we understand that our purpose to drive Kenya’s growth is through partnerships with key industry players like National Cement,” Stanbic Bank East Africa Energy and Infrastructure Executive Head Mphokolo Makara said.
“NCCL’s local and regional market insights position their operations as catalysts of sustainable growth through domestic employment and manufacturing capacity,” Makara added.
Established in 2008, NCCL is East Africa’s integrated clinker and cement manufacturer that supports Kenya’s construction industry.
“This transaction underscores our commitment to fostering innovation and supporting the expansion efforts of leading corporates in Kenya,” Alakh Kohli, Executive, Head of Corporate and Investment Banking, at the Bank, said.
“We are proud to facilitate this milestone for NCCL and look forward to continued collaboration in driving economic progress.”
