Exim Bank of India agrees credit line to Africa

by Richard Kilner

Story link: Exim Bank of India agrees credit line to Africa

The Exim Bank of India and African Export-Import Bank (Afreximbank) have come to an agreement whereby a credit line worth $30m will be extended to finance exports from the subcontinent bound for Africa.

The deal was struck five days ago at the New Taj Palace where the India-Africa Project Partnership was being hosted.

Present at the ceremony was the Ugandan investment minister, Ssemakula Kiwanuka, the executive director of Uganda Investment Authority, Dr. Maggie Kigozi, and the Indian finance secretary, Dr. D. Subbarao.

Commenting on the deal, Dr. Subbarao stated that it was vital for African nations to develop both their infrastructure and their manufacturing capacity in order to be able to compete in an increasingly globalised world.

Dr. Subbarao also expressed his belief that trade would prove of greater benefit to Africa than aid, adding that only external trade would bring the greatest benefits.