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India loans Sh 3 bn to Kenya's Rivatex
14 Mar '16
2 min read
Kenya's Rift Valley Textile (Rivatex) East African Limited has received a Sh3 billion ($0.296 bn) loan from the Indian government through the Exim Bank to buy new machinery for the factory.
After visiting the Rivatex factory in Eldoret, Indian High Commissioner to Kenya Suchitra Durai said India would continue supporting various fields at the factory adding that they will offer technological transfer in some areas to the Rivatex factory, local media reported.
Durai noted that Kenya and India enjoy excellent relations ovr a long period of time.
"The good relations and partnerships between the two nations has transformed into trade reaching $4.3 billion annually," she noted.
Deputy Governor Daniel Chemno on his part said the support from India will see the factory increase its production and compete with other textile companies globally.
"Once Rivatex gets the new machines, it will be able to not exploit the market due to its efficiency but will also create job opportunities to over 3,000 residents," Chemno said.
Rivatex currently employs about 600 people. The machines at the factory were acquired more than 40 years ago and have been experiencing frequent breakdowns. (SH)
After visiting the Rivatex factory in Eldoret, Indian High Commissioner to Kenya Suchitra Durai said India would continue supporting various fields at the factory adding that they will offer technological transfer in some areas to the Rivatex factory, local media reported.
Durai noted that Kenya and India enjoy excellent relations ovr a long period of time.
"The good relations and partnerships between the two nations has transformed into trade reaching $4.3 billion annually," she noted.
Deputy Governor Daniel Chemno on his part said the support from India will see the factory increase its production and compete with other textile companies globally.
"Once Rivatex gets the new machines, it will be able to not exploit the market due to its efficiency but will also create job opportunities to over 3,000 residents," Chemno said.
Rivatex currently employs about 600 people. The machines at the factory were acquired more than 40 years ago and have been experiencing frequent breakdowns. (SH)
Fibre2Fashion News Desk – India
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