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 concre¬tization 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 memoran¬dum, 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 tar¬geted 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 exper¬tise 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, Afrexim¬bank 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 Chair¬man of Exim India Mr T.C Venkat Subramanian commended the close and fruitful relationship between both institutions and expressed Exim In¬dia’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 invest¬ments 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 Secre¬tary 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.