News Excerpt:
The Export-Import Bank of India (India Exim Bank) has opened an East Africa Representative Office in Nairobi, Kenya to enhance India's business presence in the region.
More about the news:
- India Exim Bank is the leading financial institution engaged in financing, facilitating, and promoting India's international trade and investment.
- It plays a critical role in policy formulation and project export finance under India's economic diplomacy.
- This is expected to lead to greater engagement with the industry, private and public sector companies, banks, and financial institutions in the region.
- It aims to augment trade and investment between India, Kenya, and the East Africa region.
- Merchandise trade between India and East Africa has shown significant growth in the last decade, increasing from $9.7 billion in 2013 to $12.9 billion in 2022.
- India's exports to East Africa grew from $8.6 billion in 2013 to $9.4 billion in 2022.
- The African continent has been a key focus as part of India Exim Bank's strategy to promote and support two-way trade and investment.
- The Bank has provided finance to 77 ventures set up by over 50 companies in 14 African countries under its Overseas Investment Finance Programme.
- The Bank has extended over 200 Lines of Credit, on behalf of the Government of India, to 42 African countries, totaling over $12 billion to support socio-economic development, infrastructure, livelihoods, agricultural productivity, industrial output, and sustainable development.
- This provides opportunities for companies in Africa and India across traditional and emerging sectors, benefiting MSMEs in the value chain, and creating and sustaining jobs.
|
India Exim Bank
Objectives:
|
