Assistance Beyond Lines Of Credit
The Times Of Africa|July 2017

An interview with Mr. Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India.

Please elaborate on the role of the Indian Government and EXIM Bank in the implementation of development projects in Africa.

The Export-Import Bank of India or the EXIM Bank mainly offers‘Line of Credit’. The announcement of a US$ 10 billion line of credit over the next five years, by the Prime Minister of India, Mr. Narendra Modi,at the India Africa Forum Summit 2015 was a great success. It marked a new beginning in our approach to engage with African countries in a more constructive manner.Currently, the EXIM Bank of India is extending that Line of Credit, under which loan is given for various African projects at a concessional rate of interest. The Government of India provides that interest differential between the concessional rate and the market rate of interest.

Therefore, African projects that have multiplier effects get loan at concessional rates, which they use for implementing projects in the area of infrastructure, water-supply and the like.

Apart from that, the Government of India also extends its grand support by contributing to capacity building, Information Technology (IT)training, technical assistance and higher education.

Is the EXIM Bank able to cater to the local needs of the population of Africa?

The EXIM Bank has a long-standing presence in various African countries. Our officials are very active and they are interacting at all levels at this annual meeting of the African Development Bank. Most of the credit which the EXIM bank extends is demand-driven. It is not decided by the bank that they will give loan to a certain project – it is, as I mentioned, demand-driven. Individual countries identify what is their important project and then they approach the EXIM Bank.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM THE TIMES OF AFRICAView All

Make Way For Germany

Africa has traditionally been a market where the Chinese and the Indians have flourished. While India’s trade with Africa increased from $25 billion in 2006 to about $70 billion in 2016, China continues to remain Africa’s biggest trading partner.

3 mins read
The Times Of Africa
July 2017

Leading The Industry With Innovation

Interview with Mr. Abbad Reda, Chief Information Officer of MTN Ghana

3 mins read
The Times Of Africa
July 2017

A Pristine Paradise

It is a place immortalised by various animated Disney movies – clean blue water oozing freshness, calm cool breeze soothing your soul, natural sceneries with colours in their purest form, and lemurs, with their wide, reflective and even eerie eyes. An abode on the wish list of every globetrotters’ itinerary – it is unlike a place you have ever been. It is Madagascar!

3 mins read
The Times Of Africa
July 2017

The End Marks A New Beginning...

“what africa does with agriculture is not only important for africa: it will shape the future of food in the world.” – akinwumi adesina, President of the african development Bank.

5 mins read
The Times Of Africa
July 2017

Assistance Beyond Lines Of Credit

An interview with Mr. Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India.

4 mins read
The Times Of Africa
July 2017

Fostering Engineering And Workforce Development

The New Partnership for Africa’s Development (NEPAD)Agency, a technical agency of the African Union, which is the unification of the 55 countries of the African continent, and the Institute of Electrical and Electronics Engineers (IEEE), the world’s largest technical professional organisation dedicated to advancing technology for the benefit of humanity, entered into a Memorandum of Understanding (MoU) on May 11th, 2017, the first of its type for IEEE within Africa. 

2 mins read
The Times Of Africa
July 2017

Transform Africa Summit 2017 Africa's Time Is Now

“As technology drives mobility and connectivity in urbanized societies, African cities continuously seek to establish new infrastructure and city systems that will enable transition, and position them as global leaders and next generation cities,”  – Dr. Hamadoun Touré - Executive Director, Smart Africa.

1 min read
The Times Of Africa
July 2017

Student Housing, A Virgin Market

Ever got fascinated by a rich man passing by? His expensive suit, charming wrist watch, expensive mobile phone, utter royal grace.

5 mins read
The Times Of Africa
July 2017

Automobile Industry; The Growth Engine

Africa is now home to more than one billion people and nearly 40 percent of its population lives in urban areas and cities.

5 mins read
The Times Of Africa
July 2017

Akon Lighting Africa

Energy is a key input in the economic growth of the nation, in other words we could say there is relatively a close link between the availability of energy and future growth and prosperity of a nation.

6 mins read
The Times Of Africa
July 2017
RELATED STORIES

Reincarnation And Realpolitik

China, India, and the U.S. are vying to influence the selection of the next Dalai Lama

5 mins read
Bloomberg Businessweek
April 19, 2021

An Exclusive Interview With Nandakumar Narasimhan

The Little Red Train

10+ mins read
Lens Magazine
March 2021

A Room for Dad

Before Mom passed, I made a promise to her

8 mins read
Guideposts
April 2021

THE DANGAL IN THE JUNGLE, PART 1

YOU KNOW YOU’RE SOMEBODY WHEN YOU’VE APPEARED ON AN INDIAN DANGAL POSTER — IN OTHER WORDS, IN A WRESTLING ADVERTISEMENT.

6 mins read
Black Belt
April/May 2021

WOUNDS AND THE WOMB

JULIE PETERS explores how to heal a relationship with the sacred womb, a place of death, life, and possibilities.

8 mins read
Spirituality & Health
Mar/Apr 2021

BE SQUIRRELY

Giant squirrels, giant lessons? Animal chaplain SARAH BOWEN explores what squirrels can show us about mindfulness.

4 mins read
Spirituality & Health
Mar/Apr 2021

E8 Caste and the Indian Tech Ivies

IIT grads are highly sought after in Silicon Valley. Are they bringing deep-rooted prejudices with them?

10+ mins read
Bloomberg Businessweek
March 15, 2021

Life Changing

I was happily married, happily employed, just plain happy. Until the accident

8 mins read
Guideposts
February 2021

IN SEASON Chickpeas (GARBANZO BEANS)

Chickpeas appear in early recordings in Turkey well over 5000 years ago. India produces the most chickpeas worldwide but they are grown in more than 50 countries. An excellent source of carbohydrates, protein, fiber, B vitamins, and some minerals, they are a nutritious staple of many diets. The name chickpea comes from the Latin word cancer, referring to the plant family of legumes, Fabaceae. It is also known by its popular Spanish-derived name, the garbanzo bean. Kidney beans, black beans, lima beans, and peanuts are other familiar foods found in this legume family.

1 min read
Alternative Medicine
February 2021

When the Signal Goes Out

Government-ordered internet shutdowns are becoming more frequent

3 mins read
Bloomberg Businessweek
February 15 - 22, 2021