Taxpayer holdings in a Kenyan phone company have declined by two thirds despite millions spent on shares, records show. Lori Kerr, CEO of FinDev Canada that bought the shares, had assured MPs the agency was “an investor with impact.”

“We are an investor with impact,” Kerr testified February 29 at the Commons public accounts committee. “We put that impact lens on everything we do.”

FinDev since 2017 has bought $43.4 million worth of shares in M-Kopa Holdings Limited, a door-to-door cellphone and home appliance sales company headquartered in Nairobi. M-Kopa has never turned a profit or issued a shareholders’ dividend.

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