BANK TO SUPPORT DEVELOPMENTAL PROJECTS IN AFRICA
– Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), and Mr. Ashok Kumar Vartia, Chief Executive of India Exim Bank, London Branch, today signed a commercial credit line agreement for an amount of USD 40 million in London. The London Branch of India Exim Bank hosted His Excellency, the President of EBID, Dr. George Agyekum Donkor, and his team for the signing ceremony.
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, in promoting India’s international trade and investment relations with partner countries, including Africa, while contributing to the international endeavours of Indian businesses.
The President of EBID, Dr. George Agyekum Donkor, commended India EXIM Bank for its continued commitment to partnering with the ECOWAS sub-region for the realization of development projects geared towards improving outcomes for vulnerable populations. He underscored the need to expand investments in key sectors such as energy, health, transportation, agriculture and infrastructure,
among others, to drive economic growth in West Africa while building resilience in an increasingly volatile global setting.
Mr. Ashok Kumar Vartia, Chief Executive of India Exim Bank, London Branch, said, “This marks a key milestone in our continued commitment to support developmental projects in Africa.” Ms. Trupti Mhatre, General Manager, India Exim Bank, mentioned, “This will provide the much-needed support to the infrastructure projects being executed by the Indian exporters. This structured long tenor credit line agreed between EBID and India Exim Bank will foster closer interactions and partnerships between India and the African continent.”
India Exim Bank has a long-standing relationship with EBID dating back to the first credit line, which was extended in 2006. Since then, a total of 6 facilities aggregating to USD 1.14 billion have been extended by the Bank to EBID to support the export of goods and services from India to Africa.
About the 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
