A Turkish firm specialised in manufacturing building materials is expected to provide more than $146 million (Sh23.3 billion) in total funding to accelerate investment in the 1,200-acre Naivasha Special Economic Zone (SEZ), which is expected to employ more than 960 Kenyans.
Turkish Ceramic Granite and Tile SEZ Ltd says it is in the process of injecting $5 million (Sh800 million) for the first phase equity transfer to be channeled to Kenya Commercial Bank following the sales agreement with Tukiye Halkbank.
In addition to the production of MDF, sanitary, tissue, steel and aluminum profiles, the company will also set up a ceramic and granite factory in Naivasha Special Economic Zone.
Mehmet Coşkun, chairman of the company’s board of directors, said in an interview with Enterprise that they monitor the raw materials coming from the country and that they are willing to expand into both local and international markets.