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The African Development Bank Group (ADB) |
AFREXIMBANK AND EXIM-INDIA SIGN COOPERATION AGREEMENT IN SHANGHAI
The President of African
Export-Import Bank (Afreximbank) Mr. Jean-Louis Ekra and the
Chairman of Export-Import Bank of India (Exim India) Mr. T.C Venkat
Subramanian signed a Memorandum of Cooperation between both
institutions at Eton Hotel, Shanghai on 16 May, 2007.
This event marked a formal concretization of what
had been a very fruitful relationship between the two institutions.
It must be recalled that Exim India was at the forefront of the
works that led to the establishment of Afreximbank in 1993.
Under the newly signed
memorandum, both institutions agreed to speed up collaboration in
support of Export joint ventures involving African and Indian
businesses in the framework of Afreximbank’s export Development
Programme. The agreement also targeted a possible line of credit
from Exim India to Afreximbank in support of India-Africa trade.
Exim India also agreed to lend its experience and expertise
necessary for the implementation of Afreximbank’s newly introduced
Carbon Financing Programme. Both institutions plan to work jointly
towards creating critical capacity in ICT and Export manufacturing
in Africa, using Indian technology.
At the international
level, Afreximbank and Exim India are working together towards the
promotion of G-NEXID, an association of Exim Banks and Development
Finance Institutions in developing countries. This important
organisation is believed to have the potential of promoting
South-South economic cooperation and trade. At the signing ceremony,
the Chairman of Exim India Mr T.C Venkat Subramanian commended the
close and fruitful relationship between both institutions and
expressed Exim India’s pride to be in partnership with Afreximbank.
On his
part, Mr Jean-Louis Ekra, President of Afreximbank said that the
tremendous growth in India’s investments in Africa as well as the
two-way trade between both continents provide an indisputable
justification for the agreement they were signing. Finally, he
thanked the Exim Indian and its team of Also present at the signing
ceremony were CEOs of African national, regional and international
DFIs members of the diplomatic corps as well as the Secretary
General of AADFI, Mr. Joseph A. Amihere. professionals for believing
in Africa and in Afreximbank and assured his India partners of
Afreximbank’s commitment to fulfill all its obligations under the
agreement.
ENHANCING ADB-AFRICAN DFIs COLLABORATION
In the framework of its Annual Meetings, the ADB
Private Sector Department convened a consultation with managers of
DFIs to discuss a number of proposals on the enhancement of
collaboration between the African Development Bank (ADB) and the
African DFIs, at the Shanghai International Convention Center on May
14, 2007. The proposals included the following:
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More systematic
knowledge-sharing;
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Joint project pipeline
development and co-financing;
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Enhanced lines of
credit; and
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Collaboration in areas
of risk and treasury management.
The consultation
facilitated by Mr. Tim Turner, Manager, ADB Private Sector
Development Department, recorded the active participation of CEOs
of African national, regional and international DFIs. At the
meeting, the Secretary General of AADFI, Mr. Joseph Alfred Amihere
stated that the AADFI completed the preparation of Prudential
Standards and Guidelines for African DFIs and pleaded for assistance
to train the Association’s members and interested African DFIs to
apply them. He thanked the ADB for its support and assistance in the
preparation of the Prudential Standards and Guidelines.
