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Africa: Exim Bank of India to Give $30m Credit Line to Continent
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New Vision (Kampala)
24 March 2008
Posted to the web 25 March 2008
Kiganda Ssonko
New Delhi, India
THE Exim Bank of India has signed a memorandum with the African Export-Import Bank (Afreximbank) to extend a $30m line of credit to finance Indian exports to Africa.
The agreement was signed during an India-Africa Project Partnership conference at New Taj Palace in New Delhi on March 20.
The memorandum was signed by T.C Venkat Subramanian, the chairman and managing director of EXIM Bank of India, and Jean-Louis Ekra, the president of Afreximbank, at a ceremony attended by Uganda's state minister for investment, Prof. Ssemakula Kiwanuka, Uganda Investment Authority's executive director, Dr. Maggie Kigozi, and Dr. D. Subbarao, the secretary of finance in the Indian government.
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Uganda is among the African countries that have benefited from similar lines of credit and will continue to do so.
Dr. Subbarao said developing countries especially in Africa must develop their manufacturing and infrastructure sectors in order to compete globally.
"Where as free trade more than aid will assist Africa grow, it is only external trade that will bring greater returns to their economies, accompanied by vibrant manufacturing and strong infrastructure," he said.
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