AfDB
Urges Indian
Firms to Tap African
Business Potential
African
Development
Bank (AfDB)
Group President
Donald Kaberuka
has urged Indian
companies to
look at resilient
Africa for business
opportunities.
Speaking at
an Interactive
Session organized
by Export-Import
Bank of India
(Exim Bank)
on 10 November
2009 in New
Delhi, Dr. Kaberuka
pointed out
the synergies
that exist between
India and Africa
in various fields,
and highlighted
the potential
areas of cooperation
between the
regions, such
as transport,
education, skill
development,
water management,
infrastructure,
health, and
ICT.
The African
Development
Bank Group is
a multilateral
development
institution
engaged in promoting
the economic
development
and social progress
of its 53 regional
member countries
in Africa.
Welcoming the
delegation for
the Interactive
Session, Mrs.
Ravneet Kaur,
Chairperson
and Managing
Director, Exim
Bank, underscored
the various
activities undertaken
by Exim Bank
in strengthening
cooperation
between India
and Africa.
Referring to
the co-financing
arrangement
recently signed
between the
two institutions,
Mrs. Kaur cited
that both the
organizations
envisage joint
financing of
projects in
regional member
countries of
African Development
Bank, which
will enable
leveraging available
resources for
financing larger
number of projects
in Africa.
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
(LOCs) 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 African Development
Bank as also
the World Bank.
Laurent Guye,
Executive Director
for India at
the African
Development
Bank, urged
the Indian companies
to explore the
procurement
opportunities
in African Development
Bank funded
projects. The
loan approvals
of the African
Development
Bank average
around US $
4 billion annually.
Guye highlighted
that the procurement
opportunities
in projects
funded by multilateral
agencies like
African Development
Bank offer prospects
of business
for Indian project
exporters in
areas where
they possess
significant
competitive
advantage and
domain expertise.
Exim Bank, through
its links with
multilateral
agencies, financial
institutions,
trade promotion
agencies and
service providers,
offers a wide
range of services
to supplement
its financing
programmes.
Such interactive
sessions are
in line with
Exim Bank's
objective of
proactively
supporting the
globalization
efforts of Indian
companies.
For further
information,
please contact
S. Prahalathan,
General Manager,
Export-Import
Bank of India,
Centre One,
Floor 21, World
Trade Centre,
Cuffe Parade,
Mumbai 400 005.
Telephone :
2216 0364 /
2217 2301,
Fax : 2218 0743;
E-Mail : prahalathan@eximbankindia.in
