DEG, IFC invest in Kenyan supermarket chain Naivas

Germany's DEG is investing up to $10 million in Kenyan supermarket chain Naivas Limited. Co-investors include Amethis Fund II and the International Finance Corporation.

Naivas operates more than 60 stores in Kenya, of which half are in the Greater Nairobi region. The new capital will enable Naivas to develop its store-based services further and to expand its online offering. Investment will also be made in supply chains and business organisation.