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Annual Report 2009-10
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:: PRESS RELEASES |
Indian Companies Urged to Look at Africa for Business Opportunities
The President of the African Development Bank Group, Dr. Donald Kaberuka, urged the Indian companies to look at resilient Africa for business opportunities. Speaking at an Interactive Session organized by Export-Import Bank of India, on November 10, 2009 at New Delhi, Dr. Kaberuka pointed out the synergies that exist between India and Africa in various contexts, and highlighted areas for cooperation between the regions, such as transport, education, skill development, water management, infrastructure, health, and ICT development. 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 of India, 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 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.
Mr. 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. Mr. 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 of India, 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
Mr. S. Prahalathan,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 2217 2301,
Fax:(022) 2218 0743.
E-mail:prahalathan@eximbankindia.in
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