Signing of the Issuing Bank Agreement by Mr. N Ramesh, Deputy Managing Director, India Exim Bank and Mr. Anand Naidoo, Managing Executive, Absa Bank Ltd. at Mumbai
Mumbai, November 10, 2022 – India Exim Bank has concluded Issuing Bank Agreement with Absa Bank Ltd. (ABSA), South Africa during a visit of a delegation from ABSA led by its Managing Executive, Mr. Anand Naidoo in Mumbai on November 10, 2022. The agreement was signed by Mr. N Ramesh, Deputy Managing Director of India Exim Bank and Mr. Anand Naidoo, thereby on-boarding ABSA on India Exim Bank’s new trade facilitation initiative, Trade Assistance Programme (TAP).
India Exim Bank, through its global network of offices and wide range of financial, advisory and capacity building activities, has strived to play a catalytic role, as a key player, in promoting India’s international trade and investment relations with partner countries, while contributing to the internationalisation endeavours of Indian business.
India Exim Bank has recently developed a new trade facilitation initiative Trade Assistance Programme (TAP). Under TAP, India Exim Bank provides support through credit enhancement to trade instrument(s), thereby enhancing the capacity of commercial banks/financial institutions in India to support cross-border trade transactions involving markets where trade lines are constrained or where the potential has not been harnessed.
During the signing of the agreement, India Exim Bank’s Deputy Managing Director, Mr. N Ramesh highlighted that over the last few months, India Exim Bank has supported multiple trade transactions with several countries in South Asia, Africa, Latin America, etc. under the programme covering a wide range of sectors including agriculture, automotive parts, capital and engineering goods, food, iron & steel and textiles. With the increasing diversification of India’s global trade towards developing countries, African countries have emerged as significant trade partners for India. The conclusion of Issuing Bank Agreement with ABSA opens up opportunities to facilitate incremental trade between India and Africa. Such support towards trade facilitation would complement and strengthen the growing economic engagement between India and Africa.
About India Exim Bank- India Exim Bank was set up in 1982 by an Act of Parliament and is fully owned by the Government of India. It is the principal financial institution for coordinating the working of institutions engaged in financing exports and imports. India Exim Bank, has over the years, played a catalytic role in facilitating India’s integration with the global economy by promoting, financing and facilitating India’s international trade and investment. The Bank’s range of programmes have helped Indian enterprises become competitive and develop a global footprint.
About ABSA-Absa Bank Ltd.(ABSA), a wholly owned subsidiary of the Absa Group, offers a range of retail, business, wealth management, corporate and investment solutions to customers and clients across South Africa. Absa Group Ltd. is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups with a presence in 15 countries across the African continent, as well as offices in the United Kingdom and the United States.
For further information, please contact:
India Exim Bank
Mr. Pushpesh Tyagi
Deputy General Manager
Export-Import Bank of India
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400005, India
Tel: +91-22-2217-2821 / 2600
Absa Bank Ltd.
Mr. Vinesh Kassen
Principal, Corporate and Investment Banking
Absa Bank Ltd., South Africa
1st Floor, North Campus,
15 Alice Lane, Sandton,
Johannesburg, South Africa