Exim to set up venture to promote project Exports in Africa

MUMBAI: Export Finance Institution Exim Bank of India is setting up a Project Development Company (PDC) in Africa to identify and develop infrastructure projects. Exim is looking at providing the Indian private sector an opportunity to invest in and implement infrastructure projects in Africa.

African markets remained uptapped to their full potential and India is seeing an opportunity in these markets. The export finance institution is looking at boosting ptoect exports from India “ Shri Mathur further mentioned that Exim Bank aims to boost Indian Project Exports from the current levels of $ 27 billion to over $ 50 billion in the next 5 years through its innovative initiatives.” said Yaduvendra Mathur, chairman Exim Bank of India. “ Exim wants to leverage the increasing opportunities in Asia, and Africa.”

He also added that the government support would be critical to achieve this target for India. Exim has already written to the government seeking exemption from repatriating dividend besides seeking additional capital support.

The PDC is expected to provide specialist project development expertise to take the infrastructure project from concept to commissioning. The PDC shall focus on infrastructure projects that have specific strategic interest to India. The PDC is expected to provide an entire gamut of project development expertise to identified projects.

As on September 30, 2014, 374 project export contracts valued Rs 161,083 crore (approx. $ 26.85 billion), supported by the Bank, were under execution, in 78 countries across Asia, Africa and CIS by 112 Indian companies. These projects have been supported by Exim Bank through mix of funded and non-funded facilities