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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank & African Development Bank to Co-Finance Projects in Africa
Mrs. Ravneet Kaur, CMD Exim Bank exchanging the Co-financing MOU document
with Dr. Donald Kaberuka, President, the African Development Bank Group, at New Delhi on November 9, 2009
The Export-Import Bank of India (Exim Bank) and the African Development Bank (AfDB) Group signed in New Delhi on Monday, November 9, 2009, a Memorandum of Understanding for co-financing projects in Africa. The MOU was signed by Mrs. Ravneet Kaur, Chairperson and Managing Director of Exim Bank of India, and Dr. Donald Kaberuka, President of the AfDB Group, during the latter's visit to India. The MOU 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 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, organising workshops, seminars and symposia.
For further information, please contact
Mr. David Rasquinha,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22172701,
Fax:(022) 2188268.
E-mail:davidrasquinha@eximbankindia.in
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