In a move aimed at enhancing trade between Africa and India, the African Export-Import Bank (Afreximbank) and the Export-Import Bank of India (Exim India) have signed a memorandum of understanding (MOU) to harmonise their efforts in the promotion of trade and economic development.
Dr. Philip Kamau, Senior Director, Finance, of Afreximbank, and David Rasquinha, Deputy Managing Director, Exim India, signed the document on behalf of their respective organizations during a ceremony held recently in the Indian capital of New Delhi.
The MOU is expected to provide a framework for cooperation and to facilitate collaboration between Afreximbank and Exim India in harmonizing efforts in key areas, including promotion of trade, economic development, joint research, capacity building and exchange of staff.
Under the terms of the MOU, the two institutions will seek to cooperate in the identification, preparation and appraisal of projects; co-financing of projects; provision of credit lines and establishment of finance schemes to promote India-Africa trade; and in research and exchange of information.
Afreximbank’s core mandate is to promote and finance intra- and extra-African trade, including promoting increased trade between Africa and the countries of the global South, such as India and China.
@Afreximbank and @EximIndia sign MOU to promote Extra-African #Trade. https://t.co/KgpL2TclHr … #SouthSouth pic.twitter.com/q6WLESvVDT
— Afreximbank (@afreximbank) November 9, 2015