India’s Exim Bank will open a regional office in Nairobi

Kenyan official Mudavadi emphasized the collaborative efforts between Kenya and India Exim Bank in various sectors, including energy, textile apparel, agriculture, and support for small and medium-scale enterprises

PRAVASISAMWAD.COM

India’s Export-Import Bank (Exim Bank) is set to establish a regional office in Nairobi, following the approval granted by the Kenyan government. Prime Cabinet Secretary Musalia Mudavadi, also serving as the Foreign and Diaspora Affairs Cabinet Secretary, made the announcement, highlighting the longstanding financial support India Exim Bank has provided to Kenya. Mudavadi emphasized the collaborative efforts between Kenya and India Exim Bank in various sectors, including energy, textile apparel, agriculture, and support for small and medium-scale enterprises.

Expressing confidence in Kenya’s capabilities and recognizing Nairobi as a regional financial hub, Mudavadi stated, “The establishment of India Exim Bank in Nairobi is a confirmation of the confidence in Kenya and the competitive edge of Nairobi as a regional financial hub.” He further pointed out that the presence of the bank in Nairobi would lead to job creation and the enhancement of skills within the sector, contributing to long-term collaboration that aligns with Kenya’s national development priorities.

The Export-Import Bank of India, established in 1982, operates as a specialized financial institution with a primary focus on financing, facilitating, and promoting India’s international trade. Governed by the Export-Import Bank of India Act, 1981, the bank is owned by the Government of India and operates as a statutory corporation.

The establishment of the India Exim Bank regional office in Nairobi reflects a strategic move to strengthen economic ties, foster collaboration, and contribute to the mutual development goals of both India and Kenya

In a recent development, on June 15, 2023, the bank unveiled plans to increase investments under a government-supported line of credit program. This initiative aims to provide financial support to Indian companies seeking to access the rapidly growing markets in Africa. The bank’s commitment to expanding trade ties is evident in its role in offering export financing and government-directed lending to other countries, particularly supporting over 300 small Indian companies in expanding their businesses across various African nations.

Bilateral trade between India and Africa surged to nearly $100 billion in the fiscal year ending March 2023, with the government targeting a further increase to $200 billion by 2030. The establishment of the India Exim Bank regional office in Nairobi reflects a strategic move to strengthen economic ties, foster collaboration, and contribute to the mutual development goals of both India and Kenya.

************************************************************************

Readers

These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.

Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world.  We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.

Please help us to keep our journalism independent and free.

In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.

For more information: pravasisamwad00@gmail.com