Kenya is entering into a joint venture with De La Rue which has been printing the country’s currency for many years in Ruaraka, Nairobi.
London’s Stock Exchange (LSE) listed De La Rue is the world’s largest designer and commercial printer of banknotes, operates a currency printing plant and has produced Kenya currency notes for several years. As part of the deal, De La Rue will sell 40% of a, currently dormant, De La Rue Kenya EPZ subsidiary to the Kenya government for £5 million (~Kshs 660 million).
The 2016 De La Rue annual report notes that the banknote market is over-supplied, and with 26% of the global bank note market, the company is consolidating and restructuring its operations.
- We will restructure our print manufacturing footprint in the next two years to reduce our capacity and cost base by reducing the number of print lines and consolidating banknote print productions to four locations: Kenya, Sri Lanka, Debden and Gateshead (UK).
- “De La Rue is delighted to have extended our longstanding relationship with the Government of Kenya into an ever closer partnership. The joint venture fits with our strategy of expanding into key growth markets through long-term partnerships.
- By operating an EPZ (export processing zone) facility they will be able to “secure our position as a supply hub of currency and security solutions for the largest economy in East Africa and for the region.”
See more on currency printing in Africa
£1 = Kshs 132