Nairobi — The Two Rivers International Finance and Innovation Center (TRIFIC) has been designated as a project of strategic national importance, setting the stage for accelerated regulatory approvals of its expansion plans.
The designation by the State Department for Lands and Physical Planning in the Ministry of Lands, Public Works, Housing and Urban Development elevates TRIFIC to an instrumental cog in Kenya's economic development.
It means the TRIFIC Special Economic Zone (SEZ) projects will be assessed, approved and facilitated directly by the national government.
"This will translate to a faster approval of TRIFIC projects and processes assuring our investors of timely delivery," said the TRIFIC Chief Executive Officer Brenda Mbathi.
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TRIFIC will now apply directly to the national government for any approvals to amend its Master Plan, set up new buildings, change of user applications, renovations, any other physical development related activity requiring permits and extension or renewal of lease.
Section 69(4) of the Physical and Land Use Planning Act, 2019 allows the Cabinet Secretary in charge of Land and Physical Planning to consider and approve development permission for any development to be carried out within the prescribed projects of national importance.
Inspection of the TRIFIC project affirmed that it falls within the provision of Regulation 4(d) of the Act since it is a project developed by the private sector in a Special Economic Zone.
"Ultimately, the project will be well positioned for exit at a good return to the providers of capital," said Mbathi.
TRIFIC SEZ is a fully-owned subsidiary of the Nairobi Securities Exchange-listed Centum Investment Company.
The 64-acre TRIFIC SEZ, which is located just outside the wider Two Rivers Mall, received its Special Economic Zone license in June 2023.
Two Rivers Land Company (SEZ) Limited, a subsidiary of Centum, intends to set up Kenya's first US dollar-denominated income Real Estate Investment Trust (I-Reit), with the TRIFIC North Tower being the first asset to be acquired by the I-REIT.
This would be subject to the approval of the Capital Markets Authority.
The TRIFIC North Tower has achieved full occupancy, marking a major milestone for the SEZ, with plans to build extra Grade A offices already underway.
Some of the notable international corporations located in TRIFIC SEZ include Teleperformance, Technobrain and Dalberg among others.
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