Investment solidifies Tatu City as the leading hub for
foreign direct investment & Kenyan industrial growth
TATU CITY, Kenya, Aug. 22,
2024 /CNW/ -- Kim-Fay, a leading manufacturer
and distributor of hygiene, tissue, and home care products in
East Africa, has secured funding
from the Norwegian Investment Fund for Developing Countries
(Norfund) and I&M Bank for its new facility at Tatu City, the
5,000-acre mixed-use Special Economic Zone on Nairobi's doorstep.
The Norfund and I&M Bank financing will support Kim-Fay's
business expansion, focusing on providing affordable tissue paper
to lower-income market segments. The funds will be directed towards
constructing a new recycled paper manufacturing facility at Tatu
City, using locally sourced wastepaper. The new facility is
expected to be operational by 2025.
"This investment comes at a crucial time as the demand for
tissue and hygiene products continues to grow in Kenya and the wider East-Africa region," said Raj Bains, Chief
Executive Officer at Kim-Fay. "Our new facility at Tatu City will
enable us to meet this demand more efficiently while supporting our
sustainability commitment through recycled materials. We thank
Norfund and I&M Bank for their support in this venture."
David Karimi, Deputy Country Head
and Head of Sales at Tatu City, stated, "We are thrilled to welcome
Kim-Fay to Tatu City. This partnership not only strengthens Tatu
City's position as a premier investment destination but also aligns
with our mission to foster economic growth and sustainable
development. The collaboration with Norfund and I&M Bank
underscores Tatu City's attractiveness to world-class enterprises
which contribute to Kenya's
economic growth."
Kim-Fay is licensed in Kenya to
manufacture, market, and distribute products for Kimberly-Clark,
the world's leading producer of consumer tissue, with globally
renowned brands such as Kleenex, Kotex, and Huggies. The company
also distributes Unilever's Dove and Lux brands in the region. It
recently signed a distribution agreement with Dabur Limited, the
Indian multinational consumer goods company known for its Ayurvedic
products.
The investment from Norfund and I&M Bank aligns with
Norfund's mandate to support sustainable enterprises, create job
opportunities, and improve lives in developing economies.
William Nyaoke, East Africa Director at Norfund, commented,
"We are excited about this partnership with I&M Bank to finance
Kim-Fay's expansion and the development of a state-of-the-art
wastepaper recycling facility at Tatu City. This project is a
testament to our commitment to fostering sustainable business
practices and economic growth in the region."
Edward Burbidge, Chief Executive
Officer at I&M Burbidge Capital, commented, "We are pleased to
have advised Kim-Fay on its debt capital raise and are delighted to
have managed the process to secure high-profile, long-term
financing partners for the Tatu City tissue manufacturing
facility."
Kim-Fay's product range includes baby care, feminine hygiene,
and personal care products, currently serving markets in
Kenya, Uganda, Tanzania, and Rwanda. The company's strategic focus on
affordability and sustainability positions it well to cater to the
increasing demand for hygiene products, driven by a growing middle
class and heightened consumer awareness of hygiene practices.
More than 80 local, regional and global businesses are
operational or under development in Tatu City's business-friendly
location, including CCI Global, Heineken, Dormans, Kärcher, Cooper
K-Brands, Grit Real Estate Income Group, Twiga Foods, Freight
Forwarders Solutions, ADvTECH, Friendship Group and Davis &
Shirtliff.
Business benefits at Tatu City SEZ include VAT zero-rating,
import and stamp duty exemptions and 10% corporate tax for the
first 10 years and 15% for 10 years thereafter.
About Tatu City (https://www.tatucity.com/)
Tatu City is a 5,000-acre new city on Nairobi's doorstep with homes, schools,
businesses, a shopping district, medical clinic, nature areas and
recreation for more than 250,000 residents and tens of thousands of
day visitors. Tatu City's schools educate thousands of students
daily, a range of homes suits all incomes and more than 80
businesses thrive in the country's first operational Special
Economic Zone. Located 30 minutes from Westlands, Tatu City
represents a new way of living and thinking for all Kenyans in a
live, work and play environment that is free from traffic
congestion and long-distance commuting.
Tatu City is a development by Rendeavour, Africa's largest new city builder with 30,000
acres of visionary projects in growth trajectories across
Ghana, Nigeria, Kenya, Zambia
and the Democratic Republic of
Congo. For more information about Rendeavour, please visit
https://www.rendeavour.com/.
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SOURCE Tatu City; Rendeavour