I M Group, a top financial services provider founded by Kenyan businessman Suresh Bhagwanji Shah, has teamed up with Norfund to upgrade Kim-Fay's operations. The partnership will establish a modern facility in Tatu City, a 5,000-acre Special Economic Zone near Nairobi.
Investment targets lower-income marketsThe joint financing from Norfund and I M Group will support Kim-Fay's growth by targeting the lower-income market segments with affordable tissue products. The funds will be used to construct an advanced recycled paper manufacturing plant in Tatu City, which will utilize locally-sourced waste paper. The new facility is expected to start operations by 2025.
Raj Bains, CEO of Kim-Fay, emphasized the strategic significance of this investment, citing the growing demand for hygiene products in Kenya and East Africa. Bains also noted the facility's focus on sustainability through recycled materials. David Karimi of Tatu City welcomed the development, noting its contribution to Tatu City's reputation as a prime investment hub and Kenya's economic growth.
Support for sustainable business practicesWilliam Nyaoke, East Africa Director at Norfund, expressed enthusiasm about the project. "We are proud to partner with I M Bank in financing Kim-Fay's expansion and the construction of a cutting-edge wastepaper recycling facility. This initiative highlights our commitment to sustainable business practices and regional economic development," Nyaoke said.
