Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The Industrial Development Bank of Kenya, he said, would benefit from a second line of Sh1.5 billion, “for the development of small and medium enterprises"/PSCU

Kenya

Exim India gives Rivatex, SMEs Sh4.5bn in lines of credit

The Industrial Development Bank of Kenya, he said, would benefit from a second line of Sh1.5 billion, “for the development of small and medium enterprises"/PSCU

The Industrial Development Bank of Kenya, he said, would benefit from a second line of Sh1.5 billion, “for the development of small and medium enterprises”/PSCU

NAIROBI, Kenya, Jul 11 – President Uhuru Kenyatta on Monday announced that Rift Valley Textiles (Rivatex) would benefit from a Sh3 billion line of credit extended to it by Export-Import (Exim) Bank of India.

The Industrial Development Bank of Kenya, he said, would benefit from a second line of Sh1.5 billion, “for the development of small and medium enterprises.”

He made the announcement following bi-lateral talks with Prime Minister Narendra Modi of India at State House, Nairobi.

“We are also encouraged by the progress in the power transmission project under an Indian line of credit of 60 million dollars. Kenya’s highly successful geothermal sector, and energy efficiency projects such as LED based smart street lighting, are a couple of new areas where we could build our engagement,” Modi said.

In total, Kenya and India entered into seven agreements during the talks at which their respective Cabinet Secretaries were present.

They revised the Double Taxation Avoidance Agreement, entered an MoU on Defence Co-operation, National Housing Policy Development and Management, agreed on the aforementioned LOCs, entered an MoU on standardisation, expertise sharing and mutual trade between Bureau of Indian Standards and the Kenya Bureau of Standards and agreed on visa exemption for diplomatic passport holders.

READ: Kenya, India to enter revised double taxation avoidance pact

“India is Kenya’s largest trading partner, and the second largest investor here. But, there is potential to achieve much more if we take steps towards a more diversified trade basket. India and Kenya are two developing countries. We are also two innovation societies. And, the important part is that whether it is the process, products or technologies, our innovations are relevant not just to our societies. They also help improve the lives of people in other developing countries. The success of M-PESA is one such classic innovation,” Modi said.

Stability and security being central pillars to the growth of any economy, Modi said Kenya and India had entered an MoU to guard against crimes endemic to high seas and cyber crime in light of the technological advancements he testified to earlier in his statement.

“Terrorism and the rapid spread of radical ideologies pose a common challenge to our people and to the whole world. We have agreed to deepen our security partnership including in combating drugs and narcotics, and human trafficking.”

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...