The government has accepted a request by India Exim Bank to locate its East Africa Representative Office in Nairobi, Prime Cabinet Secretary Musalia Mudavadi has announced.
Mudavadi, who is also the Foreign and Diaspora Affairs Cabinet Secretary, noted that India Exim Bank has previously provided financial support to Kenya.
He said Kenya and India Exim Bank collaborated on projects in the energy, textile apparel and agricultural sectors and small and medium-scale enterprises.
“The establishment of India Exim Bank in Nairobi is a confirmation of the confidence in Kenya and the competitive edge of Nairobi as a regional financial hub,” he said on X.
Mudavadi added that the bank will create employment opportunities for Kenyans and deepen their skills in the sector.
“In the long-term, collaboration between Kenya and the Bank will support national development priorities,” he added.
I am happy to report that the Government of Kenya has acceded to the request of India Exim Bank to locate its East Africa Representative Office in Nairobi.
— Musalia W Mudavadi (@MusaliaMudavadi) November 28, 2023
India Exim Bank has previously provided financial support to Kenya with respect to development projects in the energy,…
The Export-Import Bank of India (Exim Bank) is a specialized financial institution in India that was established in 1982. The bank's primary function is to finance, facilitate and promote India's international trade.
It is owned by the Government of India and operates as a statutory corporation.
Its operations are governed by the Export-Import Bank of India Act, 1981.
On June 15, 2023, the bank announced plans to step up investments under a government-supported line of credit programme to finance Indian companies looking to access fast-growing African markets, the bank's top official said, part of a move to expand trade ties.
Amid rising competition from China, Indian Prime Minister Narendra Modi has stepped up efforts to strengthen ties with African nations via aid for infrastructure projects and private investments by Indian companies.
The bank plays a critical role in providing export financing and government-directed lending to other countries and supports over 300 small Indian companies to expand business in African countries.
Bilateral trade between India and Africa rose to nearly $100 billion in the fiscal year to the end of March 2023, and the government aims to raise it to $200 billion by 2030.