MPs ‘Misled’ on Federal Agency’s Multimillion-Dollar Investment in Kenyan Company: Report

Members of Parliament have been “inadvertently misled” by a federal agency on a multimillion-dollar Kenyan deal, according to recent media reports. Canada’s development finance institution, FinDev, invested $15.4 million with a Kenyan cellphone company on a promise it would sell its shares this year. Instead, it invested $27 million more on M-Kopa Holdings of Nairobi, a cellphone company that has never turned a profit, records obtained by Blacklock’s Reporter show. “FinDev Canada has not deliberately or inadvertently misled Parliament,” FinDev spokesperson Angela Rodriguez said, adding that the 2021 promise made to MPs that it would cut its losses “was the perspective offered at the time.”...