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Exim Bank Opens East Africa Office
Mr. R. Gopalan, Secretary (Financial Services), Ministry of Finance, Government of India, delivering the Inaugural Address at the Inauguration of Exim Bank of India's East Africa Office in Addis Ababa., Ethiopia on September 21, 2010. Seen on the dais (left to right) Mr. Prabhakar Dalal, Executive Director, Exim Bank, Mr. T. C. A. Ranganathan, Chairman & Managing Director, Exim Bank and H. E. Mr. Ahmed Shide, Hon'ble State Minister for Finance and Economic Development, Government of Ethiopia, H. E. Dr. Tekeda Alemu, State Minister for Foreign Affairs, Government of Ethiopia and Mr. Bhagwant Singh Bishnoi, Ambassador of India to Ethiopia.
Export-Import Bank of India's (Exim Bank's) East Africa representative office at Addis Ababa was formally inaugurated on September 21, 2010 by Mr. R. Gopalan, Secretary (Financial Services), Government of India in the esteemed presence of H. E. Mr. Ahmed Shide, Hon'ble State Minister for Finance and Economic Development, Government of Ethiopia, H. E. Dr. Tekeda Alemu, State Minister for Foreign Affairs, Government of Ethiopia and Mr. Bhagwant Singh Bishnoi, Ambassador of India to Ethiopia at a function which was attended by high-level Government functionaries, diplomats from the East African region, multi-lateral agencies, United Nations organisations, banks, large number of corporates and the Indian diasporas. The office in Addis Ababa would cover the East African Region covering countries such as Burundi, Djibouti, Ethiopia, Kenya, Rwanda, Somalia, Sudan, Tanzania and Uganda.
Delivering the Inaugural Address, Mr. R. Gopalan observed that Exim Bank plays an important role in the financing of Indian exports and assisting corporates in their globalisation efforts, as also helping in the development of infrastructure. Highlighting the potential of the region, he noted that the setting up of Exim Bank's office in Addis Ababa would serve to boost trade from the region and that the Bank could facilitate acquisition of equipment and technologies which could be beneficial for the country and the East African region.
Speaking on the occasion, Mr. Ahmed Shide welcomed Exim Bank's decision to open an office in Addis Ababa, its seventh overseas regional office, and hoped that Exim Bank's presence in the region would serve to further boost and facilitate trade between India and the East African region. He urged the trade and industry bodies in the region to benefit from the use of financing and support services offered by Exim Bank.
In his brief observations, Dr. Tekeda Alemu, spoke on the bilateral relations between Ethiopia and India and the pivotal role of India in the economic development of the African region. He opined that the opening of the representative office of Exim Bank would boost the economic cooperation and development in the East African region.
Exim Bank's Chairman and Managing Director, Mr. T.C.A. Ranganathan, in his address, stated that Exim Bank would serve as a reliable source of finance through the Lines of Credit extended at the behest of Government of India, Project Exports, Buyers' Credit/SBLCs, Indian investment abroad, Knowledge Building and consultancy support services for externally oriented companies in the region, supporting them in their efforts to become internationally competitive. He added that Exim Bank supports Indian companies in their trade & investment activities.
Mr. Bhagwant Singh Bishnoi in his address emphasised the historical relations between both the countries and the trade potential in Ethiopia. He complimented Exim Bank on opening of the East African Regional Office in Ethiopia.
On this occasion, Exim Bank's publication on 'COMESA (Common Market for Eastern and Southern Africa): A Study of India's Trade and Investment Potential" was released at the hands of Mr. R. Gopalan, Secretary, Department of Financial Services, Ministry of Finance, Government of India. The study has delineated broad strategies and recommendations to enhance and foster India's commercial relations with the COMESA region, which include: cooperation in agricultural development, natural resource development, cooperation in hotel and tourism industry, focus on ICT, human resource development, cooperation in infrastructure, banking and energy, besides broadening linkages with trade and investment promotion institutions in the region. Such endeavours could also be supplemented by measures such as: focus on increased participation in multilateral funded projects, setting up business hub(s) in the region, and establishing preferential trade agreement between India and COMESA.
Apart from its Head Office in Mumbai, the Bank has regional offices spread across the major cities of India viz. Ahmedabad, Bangalore, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai, New Delhi and Pune. The overseas offices of the Bank are located in Dakar, Dubai, Durban, London, Singapore and Washington DC.
For further information, please contact
Mr. S Srinivas,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22172829,