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:: PRESS RELEASES |
Exim Bank to open East Africa Regional Office in Ethiopia
Mr. T.C.A. Ranganathan, Chairman and Managing Director, Exim Bank of India signing the 'Headquarters Agreement' for setting up Exim Bank's Representative Office in Ethiopia with H.E. Mr. Sufian Ahmed, Minister of Finance and Economic Development, Government of Ethiopia on May 25, 2010.
Export-Import Bank of India (Exim Bank) and the Government of Ethiopia (GOE) signed in Addis Ababa on Tuesday, May 25, 2010, a 'Headquarters Agreement', for setting up a Representative Office (RO) of Exim Bank in Addis Ababa. The Agreement was signed by Mr. T.C.A. Ranganathan, Chairman and Managing Director, Exim Bank and H.E. Mr. Sufian Ahmed, Minister for Finance & Economic Development. The signing ceremony was attended by H.E. Mr. Bhagwant Singh Bishnoi, Ambassador of India to Ethiopia and senior officials of Exim Bank, Indian Embassy and the Government of Ethiopia.
Exim Bank's office in Addis Ababa will promote trade and investment flows between India and the East African region, including Ethiopia, interact with Governments, overseas diplomatic missions and financial Institutions in the region, monitor the projects financed by Exim Bank in the region, and undertake other trade promotion related activities. This office will look after Exim Bank's interests in Burundi, Djibouti, Eritrea, Ethiopia, Kenya, Rwanda, Somalia, Sudan, Tanzania and Uganda. Exim Bank's office in Addis Ababa will be its seventh overseas regional office and third office in Africa. Its other overseas offices are at Dakar, Dubai, Durban, London, Singapore and Washington DC.
Speaking on the occasion, H.E. Mr. Sufian Ahmed, Minister, MoFED, GOE, welcomed Exim Bank's decision to open an office in Addis Ababa, and hoped that Exim Bank's presence in the region would serve to further boost bilateral economic cooperation with India. He called upon the trade and industry bodies in the region to benefit from the use of financing and support services offered by Exim Bank.
Exim Bank's Chairman and Managing Director, Mr. T.C.A. Ranganathan, in his address, stated that Exim Bank's office in Ethiopia would serve as an effective gateway for promoting trade and investment between India and the East African region and facilitate joint ventures and technology transfer.
Exim Bank is the principal financial institution in the country for coordinating working of institutions engaged in financing exports and imports. In order to promote India's trade and investment relations with Africa, Exim Bank has in place various financial and promotional programmes. Exim Bank also provides information and advisory services and finance for promoting participation of Indian companies in projects in Africa. 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 85 Lines of Credit, covering 47 countries in Africa, with the value of credit amounting to US $ 2.76 billion. Exim India also has in place an LOC to the Eastern & Southern African Trade & Development Bank (PTA Bank), which is the regional development bank for the COMESA region. Exim Bank has also participated in the equity of Afreximbank, Development Bank of Zambia and West Africa Development Bank.
For further information, please contact
Mr. S Srinivas,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22172829,
Fax:(022)2218 2572.
E-mail:cag@eximbankindia.in
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