An interview with Mr. Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India.
Please elaborate on the role of the Indian Government and EXIM Bank in the implementation of development projects in Africa.
The Export-Import Bank of India or the EXIM Bank mainly offers‘Line of Credit’. The announcement of a US$ 10 billion line of credit over the next five years, by the Prime Minister of India, Mr. Narendra Modi,at the India Africa Forum Summit 2015 was a great success. It marked a new beginning in our approach to engage with African countries in a more constructive manner.Currently, the EXIM Bank of India is extending that Line of Credit, under which loan is given for various African projects at a concessional rate of interest. The Government of India provides that interest differential between the concessional rate and the market rate of interest.
Therefore, African projects that have multiplier effects get loan at concessional rates, which they use for implementing projects in the area of infrastructure, water-supply and the like.
Apart from that, the Government of India also extends its grand support by contributing to capacity building, Information Technology (IT)training, technical assistance and higher education.
Is the EXIM Bank able to cater to the local needs of the population of Africa?
The EXIM Bank has a long-standing presence in various African countries. Our officials are very active and they are interacting at all levels at this annual meeting of the African Development Bank. Most of the credit which the EXIM bank extends is demand-driven. It is not decided by the bank that they will give loan to a certain project – it is, as I mentioned, demand-driven. Individual countries identify what is their important project and then they approach the EXIM Bank.
Esta historia es de la edición July 2017 de The Times Of Africa.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición July 2017 de The Times Of Africa.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Furniture - A Growth Oriented Industry
Africa constitutes 16.36% of the total world population and contributes 3% to the world Gross Domestic Product (GDP). Africa is a huge pool of population, which is projected to expand and grow rapidly. By 2050, 2.4 billion more people are expected on the planet out of which 1.3 billion are expected to be born in Africa. The majority of the world’s population growth is expected to take place in Africa. It is said that where there is population, there are enormous opportunities. Business opportunities is one the aspect of this broad spectrum of opportunities.
The Stunning Rise of Vernon Philander
“There is only one thing that makes a dream impossible to achieve: the fear of failure.”
An Amalgamation
The Conclave has become a prestigious event for Indian and African governments and industry to meet and explore new avenues of partnerships. The annual gathering enables the Indian and African leadership to take stock of the progress of the partnership and address future needs in this regard.
Ethiopia
A Landlocked Spectacle.
Student Housing, A Virgin Market
Ever got fascinated by a rich man passing by? His expensive suit, charming wrist watch, expensive mobile phone, utter royal grace.
The End Marks A New Beginning...
“what africa does with agriculture is not only important for africa: it will shape the future of food in the world.” – akinwumi adesina, President of the african development Bank.
A Pristine Paradise
It is a place immortalised by various animated Disney movies – clean blue water oozing freshness, calm cool breeze soothing your soul, natural sceneries with colours in their purest form, and lemurs, with their wide, reflective and even eerie eyes. An abode on the wish list of every globetrotters’ itinerary – it is unlike a place you have ever been. It is Madagascar!
Leading The Industry With Innovation
Interview with Mr. Abbad Reda, Chief Information Officer of MTN Ghana
Make Way For Germany
Africa has traditionally been a market where the Chinese and the Indians have flourished. While India’s trade with Africa increased from $25 billion in 2006 to about $70 billion in 2016, China continues to remain Africa’s biggest trading partner.
Egypt , a Dream in the Desert
The Arab republic of Egypt, a democratic republic, commonly known as Egypt's is a silent beauty. This nation is one of its kind. Its beauty lies in its culture and heritage. Egypt may not have many natural attractions but man has surely made its mark by building one of the most unique structures that is; the pyramids.It is mostly comprised of desert area. Trees, forests,and tropical areas are rare here. It can get as unique as possible; it is situated on the northeast corner of Africa and southwest corner of Asia by a land bridge formed by the Sinai Peninsula.Hence it is called a transcontinental country.
