Naivasha Special Economic Zone (SEZ) received a shot in the arm on Tuesday, April 4, after five investors pledged to inject Ksh57 billion into the project, which former President Uhuru Kenyatta launched on July 26, 2022.
Jumbo AAA Limited, Turkish Industrial Holdings, Sino Excellence, Eriken MFG Limited and Jafro SEZ, agreed to support the implementation of the project.
To fast-track the project, the Special Economic Zone Authority signed lease agreements with three firms that expressed interest in bankrolling the project with Ksh57 billion.
The authority indicated that the investors had lined up investments in paper and paper products, cold storage facilities and industrial warehousing.
Other areas include iron and steel, textile, apparel and leather.
According to the Authority Chair Ngenny Biwott, the government will issue long leases to 700 acres to investors while 300 acres will be reserved for greening and recreational purposes.
“75 percent of the zone space has so far been occupied and the authority seeks to accelerate the operations by September this year to enhance operationalization,” Biwott told the Kenya News Agency.
Biwott added that President William Ruto set the pace after taking over from Uhuru by establishing key infrastructures, including Inland Container Depot, a railway marshalling yard and a logistics zone.
Further, Ruto's administration committed to providing affordable electricity to spur the Naivasha Special Economic Zone development. It also dangled incentives to attract investors to take up the project.
Former President Uhuru Kenyatta launched the Naivasha Economic Zone on July 26, 2022. During the launch, Uhuru estimated that the project would cost Ksh100 billion.
The former Head of State also announced that the Naivasha Special Economic Zone would create 2,860 direct jobs.
"The Ksh101 billion (USD 760 million) investment will start production in 2024 and is estimated to inject Ksh70 billion (530 million US dollars) into the Kenyan economy and create 2,860 direct jobs," Uhuru stated.
