India Prime Minister Nahendra Modi has on Monday (11/07/2016) extended a 4.5 billion shillings credit line to Kenya via India’s Export Import Bank (Exim Bank) to revive The Rift Valley Textile Industry (Rivatex).
President Uhuru Kenyatta after the ceremony stated that the financing deal is a clear indication of the strong ties between the two nations with expectations that the two countries can collaborate in other areas.
“We strongly believe that the partnership that we intend to deepen between Kenya and India will go a long way towards boosting and increasing the prosperity of the people of our two nations, especially agricultural communities and small and medium enterprises that are the bedrock of Kenya’s industry and are also the bedrock of India’s society,” said President Kenyatta.
PM Modi on his part said that India is Kenya’s largest trading partner and second largest investor but more can be done.
“India is one of the brightest spots in the world economy. And Kenya is a land of strong opportunities,” stated Modi.
Kenya and India signed seven pacts, including in the field of defence and security and avoidance of double taxation. Modi also announced an extension of concessional Line of Credit (LoC) of USD 44.95 million to help Kenya in development of small and medium enterprises and textiles.
Prime Minister Modi arrived in Kenya yesterday (Sunday) from Tanzania on the fourth and final leg of his four-nation African tour.
This is the first prime ministerial visit from India to Kenya 35 years since the visit of the then Prime Minister India Gandhi in 1981.
Mr Modi’s African tour began on Thursday last week in Mozambique where he held bilateral talks with President Filipe Nyusi before flying to South Africa to meet President Jacob Zuma and Tanzania for talks with President John Pombe Joseph Magufuli.