IFC invests Sh5 billion in Turkana oil

The International Finance Corporation (IFC) has thrown oil exploration in Northern Kenya a much-needed lifeline with the injection of Sh5 billion in Africa Oil, one of the majors operating in the region.

The Canadian explorer said the IFC, World Bank’s private sector lending arm, made the $50 million investment in a private placement that will see the lender secure a 6.83 per cent stake in the explorer.

The new funds will go towards exploration in Lokichar where its partner Tullow Oil has in the past struck a series of promising wells.