Norfund inks Sh1.8billion investment deal with Hela Apparel to boost development
Norwegian government’s Investment’s fund, Norfund has invested Sh1.8billion to Hela Apparel aimed at strengthening its manufacturing operations in the region.
Hela Kenya currently produces approximately 20 percent of the country’s total apparel exports through its Athi River Export Processing Zone.
“The intended investment in our Kenyan manufacturing facility which will be supported by this lending from Norfund, is a key part of the Group’s strategy to remain globally competitive,” A.R Rasiah, Chairman of Hela Apparel Holdings stated.
According to Rasiah, establishing long-term financing relationships with strategic partners who share Hela’s vision for Africa as a global apparel sourcing hub plays a critical role in ensuring the envisioned plans for growth are realised.
He noted that Hela’s African operations provide livelihoods to thousands of people, and its continued growth as a manufacturer will help the firm continue to strengthen and empower many communities across the globe.
Hela Kenya is the largest manufacturing facility within the Hela Group was established in 2016 and employs over 4,000 employees.
