Exim Bank to work with African Development Bank on co-financing of projects

Export-Import Bank of India (Exim Bank plans to work with African Development Bank (AfDB) on co-financing of projects in Africa, David Rasquinha, Managing Director, Exim Bank has said.

To begin with, both are likely to focus on co-financing of projects in power, agriculture and irrigation over the next 2-3 years, Rasquinha told BusinessLine here after a bilateral meeting with visiting AfDB President Akinwumi Adesina here on Friday.

“Sky is the limit on this (co-financing). They (Africa) have so much potential. We will co-finance provided there is an Indian element in this”, Rasquinha said.

It’s not that both already have a pipeline of projects for co-financing, but would endeavour to work on this, he added.

At their bilateral talks, both sides also discussed the aspect of getting the recently formed Kukuza Project Development Company (KPDC) “off the ground and run”

KPDC has been set up by Exim Bank in partnership with AfDB, State Bank of India and IL&FS. It’s main purpose is to essentially look to bring infrastructure projects in Africa to a bankable stage and facilitate exports from India to Africa.

Opportunities for infrastructure development in Africa are huge with a World Bank study few years back projecting the annual investment requirement in infrastructure at $ 90 billion.

New Delhi continues to strengthen its relations with Africa, accounting for investments estimated at $ 7.4 billion, mostly lines of credit channelled through Exim Bank, for the implementation of projects across Africa.

srivats.kr@thehindu.co.in

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