Kevian receives a 1 billion loan from DEG to finance its expansion.

Kevian Kenya Limited has received an additional 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 Sh791 million issued to its Thika-based company in 2012.

Chairman Kimani Rugendo says the funding will be utilised to expand its production capacity and introduce more products.

“We expect to create about 200 new permanent jobs which will raise our total workforce to 1,000, excluding casual staff who we expect to increase to 300 casual workers,” said Rugendo.

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.