Kenyan textile unit revived with USD 2995 million credit from

first_imgNEW DELHI: Kenyan President Uhuru Kenyatta on inaugurated his country’s Rivatex East Africa Ltd revamped with Indian help on June 21, the High Commission of India in Nairobi Rahul Chhabra said on June 22. The once sick textile factory has been modernised with a concessional loan of $29.95 million from India (disbursed through EXIM Bank). And in less than three years of signing of the line of credit agreement, the factory has been upgraded to post an almost tenfold increase in its capacity. Also Read – Shahid Afridi joins ‘Kashmir Hour’ in military uniform Advertise With Us The line of credit agreement was signed during Prime Minister Narendra Modi’s visit in July 2016. Lakshmi Machine Works Ltd was awarded the contract for supply, installation, testing and commissioning of plant, machinery and equipment to upgrade the facility. Once fully operational, the factory is expected to revive Kenya’s textile industry by generating direct employment as well as helping increase incomes of cotton growers in 22 counties, along with the strengthening of forward and backward linkages, the High Commission said in a statement. Chhabra expressed happiness at the bilateral cooperation between India and Kenya in multiple sectors such as education, health, industrial and infrastructural development, culture and others. President Kenyatta and Deputy President William Ruto thanked India for its support.last_img