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India to lend $30 mn to Kenya to revive Rivatex
13
Jul '16
India will lend Kenya $45 million to help develop the Rift Valley Textiles Factory (also called Rivatex) and other smaller industries. The announcement was made during Prime Minister Narendra Modi’s visit to the country as part of his recent four-nation Africa tour.

The deal highlights Kenya's desire to link up with countries that can help improve its struggling manufacturing sector. India and Kenya signed a total of seven agreements during Prime Minister Modi’s visit.

“I’m also particularly pleased that the Indian Exim bank has extended a facility of $30 million which will go towards the revival of the Rivatex textile factory,” President Uhuru Kenyatta said.

The Rift Valley Textiles Factory shut down in 2000 as mismanagement of the cotton sector led to the collapse of Kenyan production.

Rivatex is currently managed by Moi University which took over the firm in 2007 after it was placed under receivership. (SH)

Fibre2Fashion News Desk – India


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