•The partnership between Finsco and Go Greenwood is expected to set a precedent for future investments and collaborations, contributing to development in Africa.
•Kenya National Chamber of Commerce and Industry hosted the MoU signing in Nairobi.
US-based-Go Greenwood Bank is now eyeing key projects in Kenya's infrastructure, renewable energy, technology and agriculture sectors, in the latest of deals between the two countries' private sectors.
The Atlanta, Georgia-based lender has partnered with Finsco Consulting Limited, a platinum member of the Kenya National Chamber of Commerce and Industry(KNCCI), for key projects in the country and the continent.
The two signed an MoU on Friday, hosted by the chamber in Nairobi.
The MoU marks the beginning of a strategic partnership wherein Go Greenwood Bank LLC will invest in various Finsco Africa projects.
The partnership is a result of the recent state visit to the US by President William Ruto, where Finsco was part of the KNCCI private sector delegation representing real estate and property developers in Kenya, and participated at the “Prosper Africa Forum” where they met with Go Green Bank.
The collaboration aims to enhance the economic landscape of Africa by injecting substantial investments into diverse projects, they said, spearheaded by Finsco.
Go Greenwood, known for its commitment to financial inclusion and economic empowerment, has identified Finsco's projects as pivotal in driving sustainable development across the region, it said.
These projects encompass a range of sectors, including infrastructure, renewable energy, technology, and agriculture, aligning with the bank's strategic goals to support transformative initiatives.
Finsco Consulting CEO John Mwaura said:" This MoU signifies a major milestone for Finsco Africa Africa. We are excited to collaborate with Go Greenwood Bank whose investment will significantly bolster our capacity to implement projects that are critical for Africa's growth and development."
The partnership will not only bring financial benefits but also foster innovation and sustainable practices, he added.
Go Greenwood Bank president, Ray Glover, said investing in Africa's future is at the core of the bank's mission.
"We are thrilled to partner with Finsco Consulting Limited, a leader in driving impactful projects. Our joint efforts will pave the way for new opportunities and contribute to the prosperity of communities across the continent," Glover said.
KNCCI president Erick Rutto underscored the importance of such collaborations.
"KNCCI is dedicated to fostering an environment where businesses can thrive through strategic alliances. We look forward to witnessing the positive outcomes of this MoU," he said.
The partnership between Finsco and Go Greenwood is expected to set a precedent for future investments and collaborations, contributing to the overarching goal of sustainable development in Africa.
Meanwhile, UK-based Canadian Overseas Packaging Industries has begun the process of compulsory acquisition of the remaining eight percent shareholding in Kenyan firm, East African Packaging Industries Limited.
The firm has been using EAPI as a hub for its East African operations, with its main business being the manufacture of corrugated paper and paperboard, sacks, and bags.
This is the UK's second push that will culminate in 100 per cent acquisition of EAPI delisted in 2003 with 242 minority shareholders, after COPIL made a takeover bid and subsequently raised its shareholding to 92.1 per cent.
Since then, it has been seeking contact with 132 former shareholders to complete the takeover. The fresh push comes amidst The COPIL having not received the go ahead from 161 shareholders
“The outstanding shareholders are hereby notified that the offeror has commenced the process of compulsorily acquiring the remaining 8.01 per cent of the issued ordinary shares in the share capital of EAPI pursuant to the provisions of the Companies Act,” said the director and company secretary, at Canadian Overseas Packaging, David Eramian.