Ecobank Transnational Incorporated ("Ecobank" or "the Group") has concluded a Memorandum of Understanding ("MoU") with the Export-Import Bank of India ("EXIM Bank") to promote and finance trade and investment flows between Africa and India.
The agreement will see EXIM Bank co-operating with Ecobank to explore joint trade and investment opportunities in the future across the Group's unrivalled footprint of 32 countries in Middle Africa.
India's trade with Africa has doubled over the past four years to over USD50 billion, with the Indian government setting a 2015 bilateral trade target of USD90 billion. This has been accompanied by stronger investment ties, with Indian investments in Africa totaling USD 2.4 billion in 2008?.
Commenting on the MoU, Arnold Ekpe, Ecobank's Group CEO, said:
"We look forward to working very closely with the Export-Import Bank of India to facilitate the growing trade and investment flows between Africa and India."
Notes to Editors
About EXIM Bank
Exim Bank, a statutory apex financial institution was set up in 1982 under an Act of Parliament to finance, facilitate and promote India's international trade. It is the principal financial institution in the country for coordinating the working of institutions engaged in financing exports and imports. In addition to its Head Office in Mumbai, Exim Bank has ten other domestic representative offices and seven overseas offices. Exim Bank provides competitive finance at various stages of the export business cycle covering import of technology, export product development, export production, export marketing and export credit at pre-shipment and post-shipment stages and investments overseas. In addition to finance, Exim Bank provides a range of analytical information and export related services necessary for globalization of Indian companies. For more information, please visit: www.eximbankindia.com
Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking group. It currently has a presence in 32 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d'Ivoire, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, Tanzania, Togo, Uganda, Zambia, Zimbabwe.
The Group is also represented in France through its affiliate EBI S.A. in Paris. ETI also has representative office in Dubai, United Arab Emirates and London, UK. ETI is listed on the stock exchanges in Lagos, Accra and the West African Economic and Monetary Union (UEMOA) – the BRVM in Abidjan. The Group is owned by more than 585,000 local and international institutional and individual shareholders. The Group has 23,355 employees from 35 different countries and 1,151 branches and offices.
Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Additional information may be found at www.ecobank.com