The ECOWAS Bank for Investment and Development (EBID) and the Export-Import Bank of India (India Exim Bank) reinforced their long-standing partnership with the signing of a commercial credit line agreement of USD 40 million. The agreement was signed by Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID and Ashok Kumar Vartia, Chief Executive of India Exim Bank, at the London branch of India Exim Bank.
India Exim Bank has consistently fostered enduring trade and investment partnerships that connect Indian capabilities with the developmental priorities of African countries. Collaborations with financial institutions in Africa form a vital pillar of these partnerships, particularly in light of the growing uncertainities and resultant challenges to trade.
The President of EBID, Dr. George Agyekum 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.
Speaking on the occasion, Vartia highlighted that the agreement will create new opportunities for Indian businesses to contribute to Africa’s growth story and strengthen bilateral economic ties. He noted that the goods and services supplied by Indian companies for infrastructure projects in Africa are considered cost effective and adaptable to the local conditions in Africa, creating win-win outcomes. Trupti Mhatre, General Manager, India Exim Bank, added that the facility will help meet the energy needs of Sierra Leone. She highlighted that Exim Bank has been partnering with EBID since 2006, resulting in support to have complex infrastructure and development projects in Africa. These projects address developmental needs in Africa, as also demonstrate the capabilities of Indian companies in delivering high-quality, cost-effective solutions.
