Transaction Summary
The International Finance Corporation (IFC) has announced a $15 million loan to the Royal Garments Group (Royal), comprising $10 million from the IFC and $5 million from the Canada-IFC Advancing Gender Equality, Resilience, Opportunity, and Inclusion Worldwide Facility (Canada GROW). Royal Garments Group consists of three companies: Royal Apparel EPZ Limited (RAL), Royal Garment Industries EPZ Limited (RGI), and Royal Clothing EPZ Limited (RCL). Pending approval by the IFC board, the loan will be complemented by $5 million (KSh645 million) in equity to expand its operations, bringing the total investment to $20 million. Royal, wholly owned by Kenyan businessman Omprakash Shukla, is an apparel manufacturer based in the Athi River Export Processing Zone that produces woven and knitted garments, lingerie, and intimate apparel for major global brands, including Fruit of the Loom and Michael Kors.
The funding will support the construction of a new factory near Nairobi, built to high
