India's experiences very relevant for Africa's development: President, African Development Bank Group

Apr 03, 2017: Dr. Akinwumi Adesina, President, African Development Bank Group, advocated for strengthening the cooperation between India and Africa at multiple levels with Government to Government, Business to Business, and at the Institutional levels, like the cooperation framework existing between the AfDB and the Exim Bank of India.

Speaking at an Interactive Session with the Indian Business, organized by Exim Bank, Dr. Adesina said, "The AfDB has identified five priority areas, that is Light-up and Power Africa; Feed Africa; Integrate Africa, Industrialise Africa, and Improve the Quality of Life for the People of Africa, to advance Africa's transformative agenda over the next 10 years. India has expertise in all these areas to help transform the African continent."

Welcoming the AfDB delegation, led by the President, Dr. Adesina, David Rasquinha, managing director, Exim Bank of India stated, "Exim Bank strongly believes that there are plenty of business opportunities for Indian companies, particularly in the energy and agriculture sectors. Rasquinha added that 3.61$ billion has been committed by Exim Bank under the Lines of Credit programme under these two sectors, which is nearly 50 percent of total credit commitments."

Ajit Gupte, joint secretary (DPA) in the Ministry of External Affairs outlined the significance of Development Assistance provided by the Government of India to African nations, through Exim Bank of India. Gupte also highlighted some of the successful case studies that have contributed to the development process of the continent.

Sharing India's experiences in the PPP model of development, Sharmila Chavaley, Joint Secretary (Infrastructure) in the Department of Economic Affairs, Ministry of Finance stated that, "India has already shared the model documents, toolkits, good governance and best practices, with the AfDB, and the Indian PPP model could be easily replicated in all African nations."

The AfDB Group is a multilateral development institution engaged in promoting the economic development and social progress of its regional member countries of Africa. Exim Bank has a close association with the AfDB. The interactive session provided an occasion for the Indian companies to explore business opportunities in projects funded by African Development Bank in the Africa region, especially under the High-Five Agenda.

Photo: David Rasquinha, managing director, Exim Bank, with Dr Akinwumi Adesina, President, The African Development Bank Group, at New Delhi.