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Kenya to use Sh6 bn Indian loan to upgrade Rivatex
19
Jul '18
Kenya will use a Sh6 billion loan from India’s Exim Bank to expand the Rift Valley Textile East Africa Limited (Rivatex), which had collapsed in the late 1990s but was bought and revived by the state-funded Moi University. The project will increase jobs at the firm from 600 to more than 3,000, according to Kenya’s cabinet secretary for treasury Henry Rotich.

Rotich urged the company management to sustain operations while launching its modernisation plan in Eldoret recently, according to a Kenyan newspaper report.

All collapsed textile firms in major towns will be revived to create more jobs for the youth, he said.

Manufacturing is one of President Uhuru Kenyatta’s Big Four legacy agenda. Others are affordable housing, universal healthcare and food security.

India has invested more than Sh22 billion in projects across the country to boost economic growth. (DS)

Fibre2Fashion News Desk – India


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