For the revival of COVID-19 impacts Africa’s economies, the Export-Import Bank of India (Exim Bank) has extended a line of credit of USD 100 million (Rs 730 crore) on behalf of the Indian government to the Africa Finance Corporation (AFC).
- This credit line will be utilized to develop infrastructure in the continent and boost economic betterment.
- Its tenure will be 10 years.
Key Points:
i.AFC is an infrastructure solutions provider in the African continent.
ii.EXIM Bank provides credit lines to national governments, regional financial institutions, commercial banks and other overseas entities as part of its strategy to develop global partnerships.
Recent Related News:
Union External Affairs Minister S. Jaishankar and V. Muraleedharan, Minister of State for External Affairs, addressed the inaugural session of 16th edition of virtual ‘Confederation of Indian Industry – Export Import Bank of India’ (CII-EXIM Bank) Conclave on India & Africa Project Partnership, which was held on July 13 to 15, 2021.
Theme: ‘Harnessing the Africa-India Opportunity: Connect, Create and Collaborate’
About Export-Import Bank of India:
Establishment– 1982
Headquarters – Mumbai, Maharashtra
