India Exim Bank Opens East Africa Representative Office in Nairobi, Expands Business Footprints

By siliconindia  |  Saturday, 08 June 2024, 08:45:29 AM IST

India Exim Bank Opens East Africa Representative Office in Nairobi, Expands Business Footprints
The Export-Import Bank of India (India Exim Bank) has recently inaugurated its East Africa Representative Office in Nairobi, marking a significant step towards expanding India’s business presence in the resource-rich and demographically young continent. This strategic move is anticipated to enhance engagement with industry stakeholders, private and public sector companies, as well as financial institutions in the region, thereby bolstering trade and investment between India, Kenya, and the broader East African region.
Merchandise trade between India and East Africa has experienced notable growth over the past decade, increasing from USD 9.7 billion in 2013 to USD 12.9 billion in 2022. India's exports to East Africa rose from USD 8.6 billion in 2013 to USD 9.4 billion in 2022, highlighting the robust economic ties between the two regions.
India Exim Bank, a leading financial institution dedicated to financing, facilitating, and promoting India's international trade and investment, plays a crucial role in policy formulation and project export finance under India's economic diplomacy. With existing offices in Abidjan, Côte d'Ivoire, and Johannesburg, South Africa, the new Nairobi office underscores the Bank’s commitment to fostering economic development in Africa.
The African continent has been a focal point of India Exim Bank’s strategy to promote and support bilateral trade and investment. This commitment is reflected in the Bank's extensive activities and programmes aimed at building strong economic relationships with the African region. Under its Overseas Investment Finance Programme, India Exim Bank has financed 77 ventures by over 50 companies in 14 African countries.
Since 2022, the Bank has supported 76 transactions worth nearly USD 800 million across 18 African countries, assisting 22 Indian exporters, including 10 MSMEs, based in 14 cities across 9 states of India, through its Trade Assistance Programme (TAP) and other trade facilitation initiatives.
Furthermore, India Exim Bank has extended over 200 Lines of Credit, on behalf of the Government of India, to 42 African countries, totaling more than USD 12 billion. These credits support socio-economic development by facilitating access to essential infrastructure, improving livelihoods, boosting agricultural productivity, enhancing industrial output, and promoting sustainable development.
The new representative office in Nairobi is expected to provide substantial opportunities for companies in both Africa and India across traditional and emerging sectors, benefiting a multitude of MSMEs in the value chain and creating and sustaining jobs. The office aims to foster closer economic ties, promote investment, and enhance trade, thereby contributing to the economic growth and development of both regions.
This strategic expansion by India Exim Bank is a testament to India's ongoing commitment to strengthening its economic partnerships with Africa, promoting mutual growth, and contributing to the continent’s socio-economic development.

ON THE DECK

Top Banner