I&M Burbidge Capital Limited (IMBC) has successfully advised Kim-Fay East Africa Limited (Kim-Fay) on securing a significant debt raise from Norfund and I&M Bank. This funding will support the construction of a new recycled paper manufacturing facility in Tatu City, Ruiru, expected to be commissioned by 2025.
Kim-Fay, established in 1998, is a prominent manufacturer and distributor of hygiene, tissue, and home care products in East Africa. Known for its high-quality and affordable products, Kim-Fay caters to both domestic and commercial markets. The company emphasizes sustainability and eco-friendly practices, maintaining a strong commitment to uplifting lives in the region.
The investment from Norfund, the Norwegian Investment Fund for developing countries, and I&M Bank, a leading financial services provider in East Africa, will enable Kim-Fay to expand its business and provide affordable tissue paper to the mass, lower-income market segment. The new facility will use locally sourced wastepaper as input, supporting Kim-Fay’s backward integration strategy.
Raj Bains, CEO of Kim-Fay, expressed his excitement about the investment, stating, “We’re thrilled about Norfund and I&M Bank’s investment, which will facilitate the development of the backward integration facility. This milestone represents a significant step toward transforming wastepaper into value-added tissue paper and establishing a fair and transparent circular economy.”
Edward Burbidge, CEO of I&M Burbidge Capital, highlighted the environmental and social impact of Kim-Fay’s operations, saying, “We are pleased to have advised Kim-Fay on its debt capital raise. Kim-Fay is a unique, environmentally, and socially impactful business in the Kenyan market.”
Gul Khan, CEO of I&M Bank, praised Kim-Fay’s commitment to climate action, aligning it with the bank’s own sustainability goals. “Kim-Fay’s reputation as frontline advocates for ecological footprint reduction resonates deeply with us, and we are proud to be co-funding this important initiative with Norfund,” he said.
William Nyaoke, Director, East Africa at Norfund, expressed excitement about the partnership, stating, “This project aligns perfectly with Norfund’s mandate to support financially and environmentally sustainable enterprises in developing economies to create job opportunities for our young people and improve lives.”
The collaboration between Kim-Fay, Norfund, and I&M Bank marks a significant step towards advancing sustainable manufacturing practices and supporting economic growth in East Africa.