ARISE IIP, in partnership with Afrexim bank and Swiss textile machinery leader Rieter, has introduced the Africa Textile Renaissance Plan, aiming to revitalize Africa’s textile industry. Signed framework agreement on October 14, 2024, the partnership framework seeks to transform 500,000 metric tons of African cotton into textiles over the next three to five years, backed by $5 billion in financing.
This plan intends to establish robust cotton transformation capacity across Africa, potentially expanding by an additional 500,000 metric tons. Key goals include creating 500,000 jobs, localizing textile machinery repair expertise, reducing Africa’s textile imports, and increasing exports, especially under the African Growth and Opportunity Act (AGOA).
Country selection will prioritize those with power and gas infrastructure, standard textile park facilities, or equity contributions. Selected countries will also receive training centers to boost skills for local industry growth.
Financing for textile projects will be streamlined, offering standardized loan documents, a fast-tracked two-month application process, and business plan templates. Rieter plans to develop a presence in Africa with facilities for repair and maintenance, spare parts warehousing, and potential machine assembly operations in ARISE’s Benin park.
ARISE CEO Gagan Gupta highlighted the initiative's transformative potential for job creation and sustainable textile production. Afrexim bank President Benedict Oramah called the plan a ‘game-changer’ for African trade, emphasizing the shift toward high-value exports and industrialization. Rieter CEO Thomas Oetterli expressed confidence that the partnership marks a pivotal step for Africa’s textile industry.
