The East Africa Representative Office of the Export-Import Bank of India (India Exim Bank) was opened in Nairobi, Kenya, with the goal of increasing India's commercial presence in the resource-rich and youthfully populous East African region. The goal of this project is to strengthen economic and trade links between Kenya, India and the larger East African region.

 

Trade between India and East Africa has increased dramatically over the last ten years, with merchandise trade expected to reach US$12.9 billion in 2022 from US$9.7 billion in 2013. Notably, there was a strengthening of trade connections as India's exports to East Africa increased from US$8.6 billion in 2013 to US$9.4 billion in 2022.

 

India Exim Bank is a key player in supporting, financing and facilitating India's international trade initiatives since it is the country's primary financial institution for fostering foreign investment and commerce. The bank emphasizes its dedication to developing commercial relations with Africa by maintaining strategic offices in Johannesburg, South Africa and Abidjan, Cote d'Ivoire.

 

On behalf of the Indian government, India Exim Bank has given more than 200 lines of credit totaling more than US$12 billion to 42 African nations. The recipient countries' socioeconomic development has benefited greatly from these programmes, which have promoted industrial growth, job creation, infrastructure development and agricultural advancement. Furthermore, these initiatives offer significant chances for companies, particularly small and medium-sized ones, in Africa and India, supporting job possibilities and economic growth.

 

Exim Bank is the leading financial organization in India for arranging finance for imports and exports. It was founded in 1982 under the Export-Import Bank of India Act. With its headquarters located in Bombay, it provides a wide range of financial services and products such as buyer's credit, loans for Indian exporters, finance for infrastructure projects and credit lines to help foreign governments import goods from India. By means of its activities, Exim Bank makes a noteworthy contribution to the advancement of international economic cooperation, cross-border commerce and the globalization of India.