Exim Bank to set up project development company in Africa

Sumantra Das

Mumbai: Leading export lending firm Exim Bank chalks out plan to set up a project development company in Africa with multiple partners including State Bank of India. With this plan the bank intends to facilitate Indian companies to do more business in Africa, a senior Exim bank official said.

Exim bank will set up partnership with the Infrastructure Leasing and Financial Service (IL&FS), State Bank of India (SBI) and the African Development Bank for the said company.

“We are trying to set up a joint venture in Africa together with infrastructure leasing and financial service, State Bank of India and the African Development Bank for a project development company as there is huge business potential lies in Africa,” the official told Infrastructure Today. However, the official declined to comment on each of the partner's stake in the proposed company.

The Exim Bank was set up as a corporation in 1982 under the Export Import Bank of India Act, 1981 for providing financial assistance toe xporters and importers and for functioning as principal financial institution.