India Exim Bank Expands African Presence with New Office

Export-Import Bank of India (India Exim Bank) on May 31, 2024, inaugurated the East Africa Representative Office in Nairobi, Kenya in the gracious presence of H.E. Dr. Musalia Mudavadi, Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs, Republic of Kenya; Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India; H.E. Ms. Namgya C. Khampa, High Commissioner of India to Kenya; and Ms. Harsha Bangari, Managing Director, India Exim Bank. 

Merchandise trade between India and East Africa has shown significant growth in the last decade, growing from US$ 9.7 billion in 2013 to reach US$ 12.9 billion in 2022. India’s exports to the East Africa which were at US$ 8.6 billion in 2013 increased to US$ 9.4 billion in 2022.

India Exim Bank is the leading financial institution engaged in financing, facilitating & promoting India's International trade and investment, and also plays a critical role in policy formulation and project export finance under India’s economic diplomacy. In addition to Kenya, the Bank also has offices in Abidjan, Côte d'Ivoire and Johannesburg, South Africa.

The African continent has been a key focus as part of India Exim Bank’s strategy to promote and support two-way trade and investment. As a partner institution to promote economic development in Africa, the commitment towards building relationships with the African region is reflected in the activities and programmes of the Bank. 

India Exim Bank Fuels Africa's Growth

India Exim Bank has so far provided finance to 77 ventures set up by over 50 companies in 14 countries across Africa under its Overseas Invesment Finance Programme. The Bank has, since 2022, supported 76 transactions aggregating close to USD 800 million in 18 countries across Africa, supporting 22 Indian exporters (including 10 MSMEs), based in 14 cities from 9 states of India under its Trade Assistance Programme (TAP) and other trade facilitation programmes. The Bank has extended over 200 Lines of Credit, on behalf of the Government of India, to 42 African aggregating US$ over 12 billion to support socio-economic development by facilitating access to essential infrastructure, improving livelihoods, boosting agricultural productivity, enhancing industrial output, and promoting sustainable development. This at the same time provides opportunities to companies in Africa and India across traditional and emerging sectors and benefitting a multitude of MSMEs in the value chain, creating and sustaining jobs,

Ms. Harsha Bangari, Managing Director, India Exim Bank, in her welcome remarks, while thanking both the Governments of India and Kenya in their support towards opening the East Africa Representative Office, emphasised that this new office would further facilitate partnerships and boost bilateral trade and investment.

Speaking at the inauguration, Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India, expressed hope that India Exim Bank's presence in the region would enhance trade between India and Kenya and also the region.

Speaking at the inauguration, High Commissioner of India to Kenya H.E. Ms. Namgya C. Khampa, while conveying her heartfelt congratulations to India Exim Bank, mentioned that India Exim Bank's presence in the region is an endorsement of India’s strengthening ties with Kenya. 

H.E. Dr. Musalia Mudavadi, Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs, Republic of Kenya, in his keynote address emphasised that Kenya remains the Gateway for East Africa and is one of the major financial hubs of the continent attracting trade and investments from across the globe. He also mentioned about India’s growing economic prowess, and expressed hope that Indian companies will create jobs for the local people.

With the establishment of the India Exim Bank’s East Africa Representative Office in Nairobi, there is expected to be greater engagement with the industry, private and public sector companies, banks and financial institutions in the region, thereby augmenting trade and investment between India, Kenya and the region. 

India Exim Bank also organised the Africa-India Partnership Day (AIPD), as part of the events associated with the Annual Meetings of the African Development Bank Group (AfDB). The Event focussed on India’s Role in Africa’s Transformation. The Bank has s been organising the AIPD starting with Marrakech (in 2013), and followed by Kigali (in 2014), Abidjan (in 2015), Lusaka (in 2016), Ahmedabad (in 2017), Malabo (in 2019), Accra (in 2022), and Sharm El Sheikh (in 2023). All the AIPD events focused on ‘Sharing of India’s Development Experiences’, especially, through the Public-Private Partnership (PPP) mode of development. The Bank also released a study titled "Exploring Economic Opportunities for India in East Africa." The Study offers a comprehensive economic analysis of trade trends, patterns, directions, and investment opportunities within the India-East Africa relationship, serving as a centralised resource for understanding and exploring these dynamic ties.