British banknote manufacturer De La Rue has signed an agreement to enter a joint venture with the Government of Kenya.

A press release from De La Rue confirmed that the agreement was made on 18 August 2016, saying that it “strengthens and builds on our existing long term strategic relationship with the Government of Kenya”.

The partnership aims to establish the joint venture’s facilities in Nairobi as one of De La Rue’s Centres of Excellence for banknote and security print. According to De La Rue, the facilities will employ around 290 people in the area and produce products for both the domestic and export markets.

The Government of Kenya will take a 40% interest in De La Rue’s wholly owned subsidiary, De La Rue Kenya EPZ Limited, for reportedly £5 million. This will be payable on completion of the transaction which is expected to occur by the end of 2016.

Speaking of the agreement, De La Rue’s CEO Martin Sutherland said:

“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. It will secure our position as a supply hub of currency and security solutions for the largest economy in East Africa and for the region”

To read De La Rue’s press release in full, click here.