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Kenyan company that received federal subsidies lost over $50M

Despite a Kenyan door-to-door sales company losing more than $50 million on business operations while receiving federal subsidies, the Canadian agency that approved the funding maintains it was a good investment.

M-Kopa Holdings Ltd. — a company that sells solar-powered appliances and cellphones and offers cash loans on the installment plan — received $12.8 million in federal funding, according to Blacklock’s Reporter. FinDev Canada, a Montreal-based agency launched by cabinet in 2017, approved the subsidy to a Nairobi firm.

Read more: Toronto Sun

 


 

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