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Exim
Bank & AfDB
Sign MoU to
Co-Finance African
Projects
The Export-Import
Bank of India
(Exim Bank) and
the African Development
Bank (AfDB) Group
have signed a
Memorandum of
Understanding
(MoU) for co-financing
projects in Africa.
The MoU, signed
in New Delhi on
9 November 2009,
by Mrs. Ravneet
Kaur, Chairperson
and Managing Director,
Exim Bank, and
Dr. Donald Kaberuka,
President of the
AfDB Group, during
the latter's visit
to India, envisages
joint financing
of projects in
regional member
countries of AfDB,
consistent with
respective operational
policies and procedures
of the two institutions.
Speaking on the
occasion, Mrs.
Ravneet Kaur,
CMD, Exim Bank
of India said
that the MOU leverages
the resources
of both the institutions
and enables supporting
larger number
of projects. Besides,
presence of AfDB
as a co-financier
in such projects
will mitigate
cross-border and
payment risks
normally associated
with project exports,
Mrs. Kaur said.
The AfDB Group
is a multilateral
development institution
engaged in promoting
the economic development
and social progress
of its 53 regional
member countries
of Africa. The
objective of AfDB
is to further
the economic development
and social progress
of its regional
members, individually
and collectively.
Towards this end,
the Bank promotes
the investment
of public and
private capital
for development
purposes and the
orderly growth
of foreign trade,
primarily by providing
loans and technical
assistance from
its resources
for specific projects
and programmes
that contribute
to the economic
growth of the
region.
In order to promote
India's trade
and investment
relations with
Africa, Exim Bank
has in place various
financial and
promotional programmes.
Exim Bank provides
Lines of Credit
to governments,
government agencies,
banks and financial
institutions in
African countries
for financing
export of projects,
goods and services
from India.
As of today, Exim
Bank has 75 lines
of credit, covering
46 countries in
Africa, with the
value of credit
amounting to US
$ 2.5 billion.
Exim Bank also
provides information
and advisory services
and finance for
promoting participation
of Indian companies
in projects in
Africa funded
by AfDB as also
the World Bank.
Exim Bank has
close association
with AfDB since
inception and
has taken a number
of steps to promote
India's trade
and investment
in Africa. The
latest MOU further
strengthens the
existing relationship
between the two
institutions in
undertaking promotional
activities, including
exchange of information
and publications
relating to business
and investment
opportunities,
providing logistic
support to officials
visiting each
other for field
survey, organizing
workshops, seminars
and symposia.
For further information,
please contact
Mr. David Rasquinha,
Chief General
Manager, Export-Import
Bank of India,Centre
One, Floor 21,
World Trade Centre,
Cuffe Parade,
Mumbai 400 005
Tele: 2217 2701,
Fax: 2188268;
E-Mail: davidrasquinha@eximbankindia.in
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