Kevian Kenya gets Sh1.1bn loan from German wealth fund
Kevian Kenya, maker of Afia and Pick ‘N’ Peel juice brands has received an additional €10 million (Sh1.1 billion) loan from German sovereign wealth fund DEG to finance its expansion.
This is the second funding that the company has secured from DEG following an earlier loan of €7 million (Sh791 million) issued to the Thika-based company in 2012.
Kevian’s chairman Kimani Rugendo said the loan will enable his beverages firm to expand its production capacity and introduce more products.
“The loan will also go towards supporting the expansion of the firm as happened with the previous loan which Kevian has paid back,” he said.
“We see untapped opportunities in the local processing and manufacturing industry mainly in new beverages targeting children and young adults. This is the new line of business we are eyeing.”
The expansion will see the company hire an additional 200 direct employees on permanent basis and 300 casual workers.
“We expect to create about 200 new permanent jobs which will raise our total workforce to 1,000, excluding casual staff,” added Mr Rugendo last week when he received 15 board members from the German institution. The DEG representatives were reviewing the progress of some of the projects they have previously funded at the Thika plant.
Christiane Laibach, the chairperson of DEG’s management board, said the new loan will help to scale up Kevian’s operations, adding that it is part of the institution’s effort to create employment opportunities in developed and developing countries.
“We are glad to have Kevian Kenya on board and we are pleased by the steps it has been making. The new funding will play a key role in creating opportunities for hundreds of citizens and promote the growth of local enterprise,” said Ms Laibach. Source: Business Daily Africa