India Exim Bank Opens Nairobi Office to Boost East Africa Trade

June 8, 2024

The Export-Import Bank of India (India Exim Bank) recently opened its East Africa Representative Office in Nairobi, Kenya. This is part of a plan to grow its business around the world. The goal of this project is to improve India’s trade and business ties with East Africa, which is known for having a lot of resources and young people.

Growth in Trade Between India and East Africa

India and East Africa have done a lot more business with each other over the past ten years. From USD 9.7 billion in 2013 to USD 12.9 billion in 2022, trade in goods grew quickly. India’s exports to East Africa went from USD 8.6 billion in 2013 to USD 9.4 billion in 2022, which shows that trade ties are still getting better.

Role and Strategic Activities of India Exim Bank

The India Exim Bank is the country’s main bank. Its job is to finance, facilitate, and promote India’s foreign trade and investments. As part of India’s economic diplomacy, one important part of its job is to help make policy and provide money for projects that will be exported. The Bank has offices in Abidjan, Côte d’Ivoire, and Johannesburg, South Africa. These strategic locations in important African cities show that the Bank is committed to building economic ties with the region.

Facilitating Socio-Economic Growth in Africa

Over 200 Lines of Credit worth more than USD 12 billion have been given by India Exim Bank on behalf of the Indian Government to 42 African countries. These credits have made big differences in these countries’ social and economic progress by making infrastructure, jobs, farming, industry, and promoting long-term growth better. In addition, these programs create big chances for businesses and small and medium-sized businesses in both Africa and India, helping to create and keep jobs in many areas.

More About Export-Import Bank of India

Establishment and Role: The Export-Import Bank of India (Exim Bank) was established in 1982 under the Export-Import Bank of India Act. It was created to promote Indian exports by providing financial assistance. Exim Bank is headquartered in Mumbai and serves as the principal financial institution for coordinating the financing of exports and imports.
Financial Services and Products: Exim Bank provides loans to Indian exporters and foreign governments for infrastructure projects and facilitates buyer’s credit. It extends lines of credit to enable foreign governments to finance imports from India, thereby supporting international trade. Important financial products include Buyer’s Credit under the National Export Insurance Account (NEIA), Overseas Investment Finance, and Export Credit.
Impact and Objectives: Exim Bank plays a crucial role in promoting cross-border trade and investments. By financing infrastructure projects abroad, it helps Indian companies expand their international presence. Through its various financial instruments, Exim Bank strengthens India’s international trade relations and economic cooperation with other countries.

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