1 Updates
'India joining African regional bank will strengthen ties'
Photo Credit: , Getty Images

'India joining African regional bank will strengthen ties'

Sep 22 2013, 5:42am CDT | by IANS

Addis Ababa, Sep 22 (IANS) India's Exim Bank, the largest provider of lines of credit to Africa, is set to join a regional bank that will not only ensure greater capital but also help improve commercial ties, an official said.

Addis Ababa, Sep 22 — India's Exim Bank, the largest provider of lines of credit to Africa, is set to join a regional bank that will not only ensure greater capital but also help improve commercial...

Filed under: news

Full Story below YouTube Videos

 
 

 

29 weeks ago

'India joining African regional bank will strengthen ties'

Sep 22 2013, 5:42am CDT | by IANS

Addis Ababa, Sep 22 (IANS) India's Exim Bank, the largest provider of lines of credit to Africa, is set to join a regional bank that will not only ensure greater capital but also help improve commercial ties, an official said.

Addis Ababa, Sep 22 — India's Exim Bank, the largest provider of lines of credit to Africa, is set to join a regional bank that will not only ensure greater capital but also help improve commercial ties, an official said.

"It is a proposition that has been considered by our colleagues in India and I think it is a matter of time before they take a decision. But there is no specific timeframe for India to come in," Admassu Tadesse, president of the Eastern and Southern African Trade Development Bank (PTA Bank), told IANS.

"We already have very good relations with India through its Exim Bank for a very long time but we want their presence in the bank more than their financial support," Tadesse added.

India has long and deep cultural and commercial interests in African countries like Kenya, Uganda and South Africa, where there are large Indian communities.

"We feel India belongs to the bank as a non-African country and we would be very happy if India took its rightful place in the bank alongside the other African counties," Tadesse noted.

"But we do not want to push our colleagues in New Delhi because we know each country has its priorities to consider," he added

The Export Import Bank of India's relationship with PTA Bank dates to 1992 when it provided its first line of credit to the institution. In 1998, the two banks signed a technical cooperation agreement for Indian experts to assist in business restructuring of a number of bank-funded projects. Several lines of credit have since been signed, bringing their total value to $100 million dollars.

India's Exim bank, therefore, ranks as one of PTA Bank's significant business partners. In addition to financial and economic viability considerations, projects funded under lines of credit ensure the import of machinery and other capital goods from India.

For India to be a member, it would have to purchase shares according to the limitation laid down by PTA Bank - equity of not more than 15 percent, according to Premchand Mungar, director of the Legal and Corporate Affairs Department of PTA Bank.

"This is because we do not want external countries to have too big a shareholding power so that they would have a controlling interest," Mungar told IANS.

"Though most countries start purchasing shares from the minimum required, we expect India might purchase 8 to 10 percent shares," he added.

(Hadra Ahmed can be contacted at hadraahmed@gmail.com)

IANS

Source: IANS

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

The Singular Secret For A Leader's Success: Self-Awareness
The Singular Secret For A Leader's Success: Self-Awareness
The National Advisory Council of a prestigious west coast business school was asked what single quality they thought would be most valuable for their graduates to acquire as they graduated.  The answer was self-...
 
 
Toby Keith's I Love This Bar & Grill Hit With Tax Warrant
Toby Keith's I Love This Bar & Grill Hit With Tax Warrant
In 2003, country singer Toby Keith went all the way to #1 with his mega-hit, “I Love This Bar.” The incredible popularity of the song inspired a chain of restaurants called Toby Keith’s I Love This Bar & Grill with...
 
 
What If Doctors Could Finally Prescribe Behavior Change?
This guest article is by Sean Duffy, CEO and Co-Founder, Omada Health Three out of four Americans will die of a disease that could be avoided—if only they could re-route their unhealthy habits. A new category of...
 
 
Steve Jobs and Ezra Cornell: Entrepreneurs
Steve Jobs and Ezra Cornell: Entrepreneurs
More and more MBA students are choosing to major in entrepreneurship, rather than the traditional disciplines of finance and marketing. How has entrepreneurship changed over the past century-and-a-half? Or has it...
 
 
 

Latest from the Network

The Singular Secret For A Leader's Success: Self-Awareness
The National Advisory Council of a prestigious west coast business school was asked what single quality they thought would be most valuable for their graduates to acquire as they graduated.  The answer was self-...
Read more on Business Balla
 
Toby Keith's I Love This Bar & Grill Hit With Tax Warrant
In 2003, country singer Toby Keith went all the way to #1 with his mega-hit, “I Love This Bar.” The incredible popularity of the song inspired a chain of restaurants called Toby Keith’s I Love This Bar & Grill with...
Read more on Business Balla
 
What If Doctors Could Finally Prescribe Behavior Change?
This guest article is by Sean Duffy, CEO and Co-Founder, Omada Health Three out of four Americans will die of a disease that could be avoided—if only they could re-route their unhealthy habits. A new category of...
Read more on Business Balla
 
Steve Jobs and Ezra Cornell: Entrepreneurs
More and more MBA students are choosing to major in entrepreneurship, rather than the traditional disciplines of finance and marketing. How has entrepreneurship changed over the past century-and-a-half? Or has it...
Read more on Business Balla
 
Private Equity's New Macro Challenges
For decades, private equity (PE) firms made money by focusing on the microeconomics of businesses and letting the macro conditions take care of themselves. While investors focused on industry dynamics and company...
Read more on Business Balla
 
Potential New Treatment for Alcoholism: Ezogabine
A relatively new anti-seizure drug may help alcoholics quit drinking, according to a new study. Researchers at Boston University School of Medicine found that ezogabine had the potential to reduce alcohol consumption...
Read more on Business Balla
 
Rating Restaurants On How Socially Responsible They Are
Gerald Mitchell wants to change behavior–specifically, to persuade consumers to patronize socially responsible restaurants. He aims to do that through SWICH, a social enterprise site now in beta that lists and rates...
Read more on Business Balla
 
Move For Business Or Stay Around For Mom's Sake?
Janette feels completely torn. Her mother, who lives an hour away, is ill and refuses home help.  Janette (name changed to protect her identity) visits weekly and does a lot of chores for her.  She feels a sense of duty...
Read more on Business Balla
 
Bill Cassidy Providing Emergency Assistance To Wealthy Televangelists
Bill Cassidy, Republican Congressman from Baton Rouge, LA and physician was in the news last week as he provided emergency treatment to a fellow passenger on a Southwest Airlines flight.  He may well have gained one...
Read more on Business Balla
 
GM Off the Hook as Judge Quashes Demand for "Park-It" Order
General Motors Co. finally caught a break in a Texas court its ongoing ignition safety snafu. GM has already been forced it to recall 2.6 million vehicles with defective ignition switches linked to at least 13 deaths....
Read more on Auto Balla
 
 
Auto Balla Sexy Balla Sport Balla TV Balla Politics Balla Movie Balla Apple Balla Business Balla Ad Balla Celebrity Balla