I&M Group, a leading financial services provider founded by Kenyan billionaire Suresh Bhagwanji Shah, has partnered with Norfund to enhance Kim-Fay’s operations. The alliance will build a sophisticated facility in Tatu City, a 5,000-acre Special Economic Zone in Nairobi.
The joint financing from Norfund and I&M Group will help Kim-Fay grow by providing affordable tissue products to lower-income market segments. The funding will be utilized to build an advanced recycled paper production factory in Tatu City that will employ locally generated waste paper. The new facility is anticipated to begin operations in 2025.
Raj Bains, CEO of Kim-Fay, stressed the strategic importance of this initiative, citing rising hygiene demand in Kenya and East Africa. Bains also mentioned the facility’s emphasis on sustainability via repurposed materials. David Karimi of Tatu City hailed the initiative, citing its importance to Tatu City’s status as a premier investment destination and Kenya’s economic progress.
William Nyaoke, Norfund’s East Africa Director, showed interest for the idea. “We are happy to work with I&M Bank to fund Kim-Fay’s growth and the development of a cutting-edge wastepaper recycling facility. “This initiative demonstrates our commitment to sustainable business practices and regional economic development,” Nyaoke stated.
According to Edward Burbidge, CEO of I&M Burbidge Capital, “It was a privilege to advise Kim-Fay on its debt capital raise and secure prominent, long-term financial partners for this vital tissue manufacturing facility at Tatu City.”
Suresh Bhagwanji Shah founded I&M Group in 1974. It is the holding company for I&M Bank Limited, which operates in Kenya, Tanzania, and Rwanda, as well as a joint venture in Mauritius. Shah, who helped develop I&M into a leading East African banking group, owns a large 10.98 percent share in the company.
I&M Bank has renewed an eight-year agreement with Mastercard to improve Kenya’s digital payments infrastructure as part of its expansion strategy. The bank aims to increase its branch network to 100 locations in Kenya by 2026. Last year, I&M Bank added 299 new employment, bringing the overall headcount to 2,827 from 2,528 the previous year. This increase demonstrates the bank’s commitment to regional expansion and capacity building.