The Kenyan government will be spending 680 million Shilling ($6.8 million) to revive, expand and purchase equipment to facilitate operations at the Rift Valley Textile Mills (Rivatex) in Eldoret town, Uasin-Gishu County, Deputy President William Ruto said.
The deputy president urged investors to take advantage of emerging business opportunities in the country to initiate development projects. The project is being spearheaded by Moi University.
The company collapsed more than 10 years ago and was bought by Moi University in 2007. The university uses it for demonstrations for its technology students as well as manufacturing textiles.
Uasin-Gishu Governor Jackson Mandago said that the county was ideal for investments and called on business community to make use of the conducive environment for investment.
Moi University vice chancellor Prof Richard Mibey said that the project will enhance capacity building in the field of technology.
Ruto said that the money will also be spent to hire more youth. He said that if it performs well, the mill will help encourage cotton farming and related businesses.
In 2014, India had shown interest in reviving Rivatex. The Star newspaper of Kenya had reported in August last year that subject to the Indian government clearing the proposal, the Export-Import Bank of India would provide funding totaling to Sh7.9 billion, for the planned expansion of the textile company.
A weekly report covering market and price information on the entire chain of polyester along with online access to daily polyester chain prices.
One-time reports that are issued annually cover the demand and supply trends in individual products including polyester, nylon, acrylic, viscose, and cotton.
One-time reports that are issued annually cover the demand and supply trends in the individual country's natural and manmade fiber/filament industries.
Countries Served Worldwide