The President and Chairman, Board of Directors, ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, and Mr. Ashok Kumar Vartia, Chief Executive of India Exim Bank, London Branch, yesterday signed a commercial credit line agreement for an amount of $40 million in London. A statement yesterday said the London branch of India Exim Bank hosted Donkor, and his team for the signing ceremony.
India Exim Bank, through its global network of offices and wide range of financial, advisory and capacity building activities, has strived to play a catalytic role, in promoting India’s international trade and investment relations with partner countries, including Africa, while contributing to the international endeavours of Indian businesses.
Donkor commended India EXIM Bank for its continued commitment to partnering with the ECOWAS sub-region for the realization of development projects geared towards improving outcomes for vulnerable populations.
He underscored the need to expand investments in key sectors such as energy, health, transportation, agriculture and infrastructure, among others, to drive economic growth in West Africa while building resilience in an increasingly volatile global setting. On his part, Vartia said: “This marks a key milestone in our continued commitment to support developmental projects in Africa.”
Also, Ms. Trupti Mhatre, General Manager, India Exim Bank, said: “This will provide the much-needed support to the infrastructure projects being executed by the Indian exporters. This structured long tenor credit line agreed between EBID and India Exim Bank will foster closer interactions and partnerships between India and the African continent.”
India Exim Bank has a longstanding relationship with EBID dating back to the first credit line, which was extended in 2006. Since then, a total of 6 facilities aggregating to $1.14 billion have been extended by the Bank to EBID to support the export of goods and services from India to Africa.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
