MINISTRY OF INVESTMENTS, TRADE AND INDUSTRY (MITI) TENDER FEBRUARY 2024
WORLD BANK KENYA JOBS AND ECONOMIC TRANSFORMATION (K-JET) PROJECT FUND MANAGER FOR THE KENYA GREEN INVESTMENT FUND (GIF)
INVITATION FOR PREQUALIFICATION – INTERNATIONAL TENDER (NON-CONSULTING SERVICES – FIRMS SELECTION)
Ref: KJET/MITI/SDIP/GIF/FM/1/2024-25
Project ID No: P179381
The Government of Kenya (GoK), through the support of the World Bank, is establishing a Green Investment Fund
(GIF) as a registered and regulated, innovative Alternative Investment Vehicle. This is a Flagship Project under the
Kenya Vision 2030 and the Government’s Bottom-Up Economic Transformative Agenda (BeTA). The GIF will be
focused on providing derisked investments with attractive annual returns, to climate resilient Small and Medium
Enterprises in Kenya and the greater East African Community, aligned with its Nationally Determined Contributions
(NDCs) and other climatic goals. Through the Kenya Development Corporation (KDC), who will be the junior
equity partner, US$ 40 million has been set aside as seed capital in a legal structure designed to derisk other
investors, with a targeted ultimate fund size (AUM) of US$160 million. Financing will be risk-adjusted, long-term,
patient capital, including equity and mezzanine financing. Private sector investors will be invited to contribute to
the Fund including Foreign Institutional Investors (such as Sovereign Wealth Funds) and Domestic Institutional
Investors, including local pension funds, collective investment schemes and insurance companies. Investment
focus sectors will be Cleaner Energy and Material Efficiency and Environmental Resources with priority in Transport
(electric vehicles), Building Efficiency, Sustainable Agriculture and Waste Management. The Fund life will be
15 years with extension options. Ultimately this will create 45,000 jobs to Kenyans, including at least 6,800 for
women through new or improved job opportunities.
The services for an independent Fund Manager for the Green Investment Fund (GIF) is multifaceted and involves
formalizing the GIF’s structure and preparing it for submission to the Regulator for registration and approval,
direct engagement with companies, market sounding, collaboration with other investors, and maintaining a high
standard of oversight and expertise. Additionally, the Manager must perform rigorous due diligence, manage risks
effectively, and strategically manage the portfolio to ensure that both sustainability and financial objectives are
achieved including but not limited to: a) Fund raising and investor collaboration; b) Investment and Portfolio
Construction; c) Engagement with investee companies d) Senior level oversight and expertise; e) Ensuring regulatory
compliance. The assignment is expected to take four (4) months.
The detailed Terms of Reference (TOR) for the assignment may be accessed by interested eligible firms at
www.investmentpromotion.go.ke and www.tenders.go.ke
The Ministry of Investments, Trade and Industry (the Client), State Department for Investment Promotion (SDIP)
through its Project Implementation Unit, now invites eligible Fund Managers to indicate their interest in providing
the services. Interested Fund Managers should provide information demonstrating that they have the
required qualifications and relevant experience to perform the Services. However, the description shall be limited
to maximum of 30 pages length.
