(3 Minutes Read)
This investment will be utilised by Two Rivers SEZ to acquire and fit out its first office tower, alongside developing a new leasable office tower space to host additional SEZ enterprises
Two Rivers International Finance and Innovation Centre Special Economic Zone (TRIFIC SEZ) has secured an investment of USD 47.5 million (Sh6 billion) from Africa-focused fund manager Vantage Capital. The financing will partly combine issuing a loan to the SEZ and the remaining amount will be informed of the purchase of shares in the company (Equity Investment).
This investment will be utilised by Two Rivers SEZ to acquire and fit out its first office tower, alongside developing a new leasable office tower space to host additional SEZ enterprises. TRIFIC SEZ aims to create a business environment with advanced infrastructure, technology, and regulatory support, leveraging Kenya’s SEZ framework.Centum’s chief executive officer, James Mworia said that mechanisms instituted by the state, such as the regime for Special Economic Zones in the country, shows that Kenya continues to make great strides in ensuring it remains globally competitive.
The SEZ says it has already secured bookings for the TRIFIC North Tower from fourteen SEZ enterprises and has more enterprises interested, necessitating the development of additional office towers. These SEZ enterprises are spread across different sectors, including business processing outsourcing firms (BPOs), shared services centres, regional headquarters and investment holding corporations.
Read Also:
https://trendsnafrica.com/kenya-more-taxes-on-cards-for-automobiles-in-2024-25-budget/
Enterprises already booked in the SEZ are expected to create 10,000 jobs and attract $65 million (Sh8.3billion) in foreign direct investment. It is forecasted to facilitate the export of services worth USD 390 million (Sh50billion) annually. These SEZ enterprises span various sectors, including business processing outsourcing, shared services centers, regional headquarters, and investment holding corporations. The attraction for SEZ enterprises in TRIFIC SEZ is access to the wider Two Rivers ecosystem, which includes residential developments, dining, retail, and entertainment options. TRIFIC SEZ is a subsidiary of the Nairobi Securities Exchange (NSE) listed Centum Investment Company Plc.
