360° Coverage : 'India joining African regional bank will strengthen ties...

11 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

YouTube Videos

 
 
 

1 year 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

 
Update
11

8 hours ago

100,000 Minority Rohingya Muslims Flee Persecution in Myanmar

Oct 25 2014 12:02pm CDT | Source: IBTimes World

Rohingya flee homes in Rakhine state and escape to Thailand, Bangladesh and Ind ...
Source: IBTimes World   Full article at: IBTimes World
 

 
Update
10

8 hours ago

Governance at the state level needs attention: N C Saxena

Oct 25 2014 11:12am CDT | Source: Business Standard

N C Saxena, a former member of the National Advisory Council believes that the regulatory regime in the states continues to be oppressive. In an e-mailed interview with Aditi Phadnis, Saxena says that the fundamental problem in India is the low ... ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
9

10 hours ago

PM rededicates Sir H.N. Reliance Foundation Hospital and Research Centre in Mumbai

Oct 25 2014 9:50am CDT | Source: Business Standard

PM: Just as this hospital has undergone kayakalp (renewal), India too can undergo kayakalp (renewal)PM: India's health indicators need improvement - let us all contribute to the best of our abilityPM: India should manufacture state of t ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
8

10 hours ago

Modi pitches for health assurance for all at hospital launch

Oct 25 2014 9:11am CDT | Source: Business Standard

Prime Minister Narendra Modi on Saturday said health should be a one-point agenda for all political parties in India and the journey from health insurance to health assurance has to be achieved. Modi ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
7

10 hours ago

India likely to strike deal with Vietnam for oil exploration

Oct 25 2014 9:10am CDT | Source: Business Standard

Looking to deepen its economic ties with Vietnam, India is likely to strike a deal for exploration and production of oil and gas during the visit of South East Asian nation's Prime Miniter Nguyen Tan Dung on October 27. Ahe ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
5

13 hours ago

Firms overlook students from smaller cities while hiring: Study

Oct 25 2014 6:40am CDT | Source: Business Standard

With the bullish sentiment back in the economy, the companies are back to bulk hiring in the campus. But a recent survey by a New Delhi-based employabilty evaluation company shows that factors like location and ranking of the colle ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
4

13 hours ago

Home Ministry to send advisories to states on racial attacks

Oct 25 2014 6:30am CDT | Source: Business Standard

Union Home Ministry will be issuing advisory to state governments on mechanisms to deal stringently with any racially motivated incident, Minister of State for Home Affairs Kiren Rijiju said today. "Racial discriminat ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
3

14 hours ago

President of India to Inaugurate Three Day Accountants' General Conference on Monday

Oct 25 2014 5:50am CDT | Source: Business Standard

Shri Pranab Mukherjee, President of India will inaugurate the Accountants General Conference here on Monday, 27th October, 2014. The three (3) day Conference is being organized by the Comptroller and Auditor General of India (CAG) on the t ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
2

16 hours ago

Nissan to recall 9,000 units of Micra, Sunny models in India

Oct 25 2014 3:36am CDT | Source: Business Standard

Japanese auto major Nissan is recalling 9,000 units of its compact car Micra and mid-sized sedan Sunny in India to replace defective airbags as part ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
1

1 day ago

These Disturbing Photos Of Children Playing In Garbage Show Just How Disgustingly Polluted The Earth Is

Oct 24 2014 1:53pm CDT | Source: Business Insider

There's no doubt about it — pollution is a big problem all over the world. Garbage production alone is a concern, with the World Bank reporting that solid waste generation is on track to exceed 11 million metric tons per day by 2100. Smog, the result of highly polluted air, is a major public health issue in places such as Los Angeles, Mexico City, and various cities in China and Southeast Asia. And garbage and chemical dumping is a serious issu ...
Source: Business Insider   Full article at: Business Insider
 

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

World Bank approves $75 mn for pastoralists in Horn of Africa
Nairobi, Oct 26 (IANS) The World Bank has approved an additional credit of $75 million to improve the livelihoods and resilience of pastoralists in the Horn of Africa.
 
 
Slovakia to provide further financial help in fighting Ebola
Bratislava, Oct 26 (IANS) Slovakia planned to provide some 90,000 euros ($114,000) to countries affected by Ebola to help with the construction of field hospitals, foreign ministry said Saturday.
 
 
Mauritania closes border with Mali after Ebola death
Nouakchott, Oct 26 (IANS) Mauritania has closed its border with Mali after an Ebola death was confirmed in the border area this week, a health official said Saturday.
 
 
Number of Ebola cases crosses 10,000: WHO
Geneva, Oct 25 (IANS/EFE) The World Health Organisation (WHO) confirmed Saturday that the number of Ebola cases has risen to more than 10,000 in the eight affected countries, two of which, Nigeria and Senegal, had recently been declared free of the virus.
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla