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Exim Bank, African Bank in cofinancing tie-up

The Export-Import Bank of India and the African Development Bank today signed a memorandum of understanding for co-financing projects in Africa.

Y B Desai, managing director of Exim Bank and Omar Kabbaj, president of the AFDB group, signed the MoU on the eve of the 1999 annual meetings of the AFDB group being held in Cairo.

The MoU also provides that Exim Bank and AFDB will co-operate in promotional activities, including exchange of information and publications relating to business and investment opportunities, providing logistic support to officials visiting each other for field surveys, organising workshops, seminars and symposia.

Exim Bank has also mooted a proposal to take a delegation of Indian companies and consultants to visit AFDB member-countries later during the current year to boost exports from India to this region.

The new understanding reached between the two premier financial institutions will facilitate increased exports of goods and services. Moreover, the presence of AFDB as a co-financier in such projects would considerably mitigate cross-border and payment risks normally associated with project exports.

The AFDB group is a multilateral development institution engaged in promoting the economic development and social progress of its 53 regional member-countries.

Its principal functions are to make loans and equity investments and to provide technical assistance for preparation and execution of development projects and programmes.

UNI

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