About us

Industrial Promotion Services (IPS) is the infrastructure and industrial development arm of the Aga Khan Fund for Economic Development (AKFED), which is an affiliate of Aga Khan Development Network (AKDN).


To be leaders of industrial and infrastructure development in Eastern Africa, ultimately improving the overall quality of life of communities in which we operate.


To contribute to the economies of Eastern Africa through mobilisation of private finance, identification of relevant partners, provision of technical assistance and managerial support to promote industrial enterprises and infrastructure development within the overall framework of each country’s economic planning.

  • Relevance and Development.
  • Compassion and Integrity.
  • Inclusiveness, Pluralism and Equity.
  • Excellence in all that we do.
  • Building Capability in our teams.


Established in the early 1960s, IPS was created to provide venture capital, technical assistance and management support to encourage and expand private enterprise in the developing world, particularly countries of sub-Saharan Africa and South Asia.

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Principles & Philosophies

Adopted from AKFED's principles and philosophies IPS:

  • Invests in financially sustainable and ethical projects capable of promoting economic development

  • Plays the role of project sponsor & promoter

  • Is a long-term investor

  • Invests in projects that are pioneering and catalytic in a particular sector

  • Works in collaboration with local and international development partners

  • Has helped critical industries to make the transition to market economies through privatization

  • Reinvests profits in other economic development initiatives under its umbrella

Our shareholders

IPS East Africa shareholders include Aga Khan Fund for Economic Development (AKFED), International Finance Corporation (IFC), Deutsche Investitions-und Entwicklungsgesellschaft (DEG) and Jubilee Holdings Ltd.

Evolution of IPS

IPS tailors its approach to be an integral part of the development agenda outlined by the national governments in the region. Since inception, IPS adapted through privatisation, re-orientation from import-substitution towards export promotion, and more recently investment in infrastructure.

Import substitution

To enable industrialisation and modernisation as well as reduce reliance on expensive imports, IPS promoted the local manufacture of goods for the domestic market.

Export orientation

In response to the changing trade reforms from import substitution to export promotion, IPS established several industries that produced high value added products using locally sourced materials for the export market, creating a broader socio-economic impact across the value chain.


With a track record of building many enduring private industrial enterprises in a credible and integral manner, IPS won several bids to privatise state-owned industries in the leather and packaging sectors.

Infrastructure investment

To address national development needs, IPS started to invest in pioneering infrastructure projects within the energy and telecommunications sectors in East Africa. This led to the establishment of successful Private Public Partnerships, innovative models of financing and catalytic socio-economic impact.

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