The Kenya Development Corporation (KDC) has been accepted into the Sustainable Standards and Certification Initiatives (SSCI) programme by the European Organization for Sustainable Development.
KDC became the first Kenyan financial institution to receive a Certificate of Acceptance to commence the journey of achieving the highest level of sustainability certification under the Sustainability Standards and Certification Initiative (SSCI) program.
KDC was admitted into SSCI Program by the European Organisation for Sustainable Development (EOSD) during the World Development Finance Forum 2021, held in Karlsruhe, Germany on 3rd December 2021.
The certificate was received on behalf of KDC by Kenya’s Ambassador to Germany H.E. Tom Amolo.
Commenting when he received the SSCI Certificate of Acceptance, KDC Interim Director General Christopher Huka said that the award is a demonstration of the Corporation’s strong commitment to influencing positive market transformation and leadership in sustainability.
“The SSCI Certificate of Acceptance is an acknowledgment and recognition of the commitment of Kenya Development Corporation to embark on a holistic sustainability journey with the aim of playing a key role in modernizing and transforming Kenya’s economy and driving sustainable national development leveraged on the 4th industrial revolution,” said Huka.
The Sustainability Standards & Certification Initiative (SSCI) is a global initiative for implementing and maintaining holistic, universally accepted, and executable across-the-board sustainability standards.
The standards are established by consensus among stakeholders and adopted voluntarily by value-driven financial institutions.
KDC is a member of the Association of African Development Finance Institutions (AADFI) which has partnered with the European Organization for Sustainable Development (EOSD) to enable African DFIs obtain sustainability standards certification.
The certification’s objectives are creation of strong and resilient financial institutions with capacity for efficient mobilization and deployment of funds for accelerating the sustainable development of national economies.
The new Government-owned entity is projecting to grow financial support to SMEs from KSh 4.52 billion in 2021 to Ksh 29.44 billion by June 2024.
The Kenya Development Corporation (KDC), Kenya’s newest Development Finance Institution (DFI) was created on 1st July 2021 as a cross-sector DFI out of the merger of three DFIs, ICDC (Industrial & Commercial Development Corporation), TFC (Tourism Finance Corporation) and IDB Capital.