Export-Import Bank of India (India Exim Bank) has concluded a Master Risk Participation Agreement for supporting trade transactions with FirstRand Bank (FRB) Limited. The agreement was signed in Johannesburg on the side-lines of the India - Southern Africa Regional Conclave.

 

Importance of Africa as a Whole:

 

• Africa has positioned itself as a key partner in the global arena, a global investment and trading hub, a USD 2.2 trillion market and a population base of over 1 billion, Africa offers a great market potential.

 

• With a largest arable landmass in the world, housing 30% of global minerals reserves, and 8% of the world’s oil reserves, the continent offers promising long-term sustainable growth prospects which would be further enhanced by deeper integration of Africa into the global economy.

 

• In fact, in the coming years, Africa is to benefit from strong fundamentals including a young and growing population, the world’s fastest urbanization rate, and accelerating technological change.

 

• The continent’s young population with a growing labour force is a highly valuable asset in an ageing world. By 2034, Africa is expected to have the world’s largest working-age population of 1.1 billion.

 

• Urbanisation is a common feature of most economies in Africa, according to estimates, an addition of 187 million Africans are expected to live in cities. This urban expansion is contributing to rapid growth in consumption by households and businesses. Further, penetration of smart phones is expected be more than 50% in 2020 from only 2% in 2010.