The Hindu Business Line : Exim Bank to provide $2.2-b credit to African nations

THE Export and Import Bank of India (Exim Bank) would shortly be expediting the extension of line of credit to the tune of $2.2 billion (around Rs 9,948 crore) to few African countries as part of India's recent commitment to promote and encourage its trade with them.

This was stated by Mr E. Barwa, Joint Secretary, Ministry of External Affairs (MEA) at a seminar on `Africa-India Business Opportunities' organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) in association with Exim Bank today.

The countries identified for the purpose comprise Egypt, Mauritius, Uganda, Botswana, Tanzania, Senegal and Zambia.

Mr Barwa added that the MEA has mandated Exim bank to initiate action so that the credit line's disbursement take place as per the Government's promised commitment. A large proportion of the proposed credit will go to those who seek to invest in sectors such as pharmaceuticals, development of agri and horticultural industries in the African region, besides infrastructure and energy.

Speaking on the occasion, Chairman and Managing Director of Exim Bank, Mr T.C. Venkat Subramanian said that his bank would actively facilitate Indian investment in the African region in the form of joint ventures and wholly owned subsidiaries.

In order to actively support the Indian Government's initiative for extending $2.2 billion credit to African countries, the Exim Bank would operate programmes for providing equity finance and if necessary directly seek equity participation in select joint ventures.

The Exim Bank would also be seeking partnership with institutions such as African Development Bank, World Bank, Afri-Exim Bank and the East Development African Development Bank so that the credit line extension is done effectively, Mr Subramanian said.

He added that as a partner institution, the Bank would provide information, business advises and support services to those who will be making investment in the region.

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