Blue Nile (IFC-43002)

  • Kenya
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 2, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 8.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 14.10 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 10, 2022

Disclosed by Bank Jul 30, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Blue Nile Rolling Mills Limited (BNRML) and Blue Nile Wire Products Limited (BNWPL) are two legally registered sister companies in Kenya, managed under Blue Nile Group (“Blue Nile” or “the Group” or the “company” - Blue Nile manufactures hot rolled steel products that trade under the ‘Kifaru500+’ brand name.Currently, the Group is run through two divisions: (i) BNRML: Rolling mills division with an annual production capacity of 100k tons; and (ii) BNWPL: Wire division with an annual production capacity of 15,700 tons. In 2016, the company began exporting its products to Tanzania, Uganda, Rwanda, Burundi and the Democratic Republic of Congo. Currently, the BNRML and BNWPL are run as independent companies. However, they would be merged and consolidated going forward.The Group is looking to raise US$14.1m to fund a backward integration program aimed at setting up 26,580 tons per annum(tpa) and Kenya’s first galvanization wire manufacturing plant in Nairobi, Kenya (the “project”). The Group is therefore seeking a US$8 million IFC Loan to Blue Nile Rolling Mills Limited. A new operations division will be created for galvanization wire manufacturing plant. The construction for the galvanized wire plant has been completed and has commenced production in June 2020.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
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Contact Person: Kotni Ramasankara Rao

Company Name: Blue Nile Rolling Mills Ltd


Phone: +254 737 812174/739 996511


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