BIO invests USD 1.3 million in Reltex Tarpaulins (Africa) EPZ ltd., Kenya

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First equity transaction for BIO’s Enterprises Department

BIO has become a shareholder in Reltex Tarpaulins (Africa) EPZ ltd., Kenya, in March of this year. This is the first equity deal for the Enterprises Department, which previously granted only long-term debt financing to its clients.

Reltex Tarpaulins is a company that manufactures tarpaulins for the international relief industry since 2010. Tarpaulins are commonly used as temporary shelters in human displacement due to natural calamities or civil upheavals. The tarpaulins are bought by the international relief agencies including International Red Cross, UNHCR and other NGOs. This product used to be produced in Asia and exported mostly to Africa where 60% of said disasters occur. The African production entity provides for logistic and environmental advantages. It is also a significant employer for the region as it currently employs 140 people on a permanent basis, and the investment project will create another 80 additional jobs. Reltex Africa has a written CSR in place.

BIO has invested the same amount as InReturn East Africa Fund I, a fund managed by InReturn Capital, a new co-financing partner for BIO. InReturn Capital is a Dutch venture capital firm active in East Africa with offices in Nairobi, which focuses on SMEs that contribute positively to the economic development of the region.

The investment made by BIO and InReturn will support the increase of Reltex Africa’s production capacity and provide working capital to accompany its growth.