Type Parastatal Founded 1954 | Industry Finance | |
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Key people Francis KimemiaChairmanKennedy WanderiAg. Executive Director Products Investments, Equity Partnerships, Financial Advisory Services, Management Services, Export/Import Finance Revenue Aftertax:US$20.3 million (KES:1.74 billion) (2010) Total assets US$138 million (KES:11.9 billion) (2010) | ||
Industrial and Commercial Development Corporation (ICDC) is a government-owned development finance and investment company in Kenya.
Contents
Overview
ICDC is a government parastatal, whose primary objective is to facilitate the investment by Kenyans in the economy of the country, while simultaneously providing financing to Kenyan businesses and manufacturers, thus growing the local economy. As of June 2010, the company's total assets were valued at approximately US$138 million (KES:11.9 billion).
History
The company began its operations in 1954 as a 100% wholly owned entity of the Government of Kenya. In 1967, to allow the public to participate in the economy of newly independent Kenya, ICDC spun off an investment subsidiary which it called ICDC Investment Company Limited. In 2007, that subsidiary rebranded as Centum Investment Company Limited. Following gradual, progressive divestments by the Kenyan government, ICDC shareholding in Centum was down to just under 23%, as of March 2013.
Investment structure
ICDC is organized into three main operational divisions namely:
Investee companies
The following are some of the companies where ICDC is currently invested:
Governance
Francis Kimemia, one of the non-Executive Directors, serves as the Chairman of the ten-person Board of Directors. The Ag. Executive Director and Ag. Chief Executive Officer, is Kennedy Wanderi.