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India provides loan of Sh3bn to Rivatex for new machinery

YarnsandFibers News Bureau 2016-03-14 12:00:00 – Africa

Indian government through the Exim Bank has provided the Rift Valley Textile (Rivatex) East African Limited a Sh3 billion loan to buy new machinery for the factory.

Speaking on Saturday after visiting the Rivatex factory in Eldoret, the Indian High Commissioner to Kenya Suchitra Durai further assured that India will continue supporting various fields at the factory adding that they will offer technological transfer in some areas to the Rivatex factory.

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," noted the Deputy Governor Daniel Chemno.

Rivatex currently employs about 600 people. The machines at the factory were acquired more than 40 years ago and have been experiencing frequent breakdowns.

The Deputy Governor Daniel Chemno on his part said that the support from India will see the factory increase its production and compete with other textile companies globally.

Kenya and India enjoy excellent relations which existed for a long time since colonial times. The good relations and partnerships between the two nations has transformed into trade reaching 4.3 billion dollars annually.

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