The African Export-Import Bank (Afreximbank) and the Export-Import Bank of India (India Exim) have signed a memorandum of understanding (MoU) to foster their efforts in promoting trade and development between the two regions.

As described in an Afreximbank statement, the two institutions will seek to co-operate in the identification, preparation and appraisal of projects, co-financing of projects, provision of credit lines and establishment of finance schemes to promote India-Africa trade, and in research and exchange of information, including exchange of staff.

India Exim’s involvement in the continent was evidenced recently through the provision of a credit line to a Zimbabwean power plant, the second such financing to benefit the country in two years.