Exim Bank co-promotes a Project Development Company in Africa
BANKING / FINANCE
by Shrutee K / DNS
Exim Bank
co-promotes a Project Development Company in Africa
by Shrutee K / DNS
Deputy Managing Director of Exim Bank of India, Mr. David
Rasquinha, signed the constitutive documents on behalf of Exim Bank, for
setting up the Kukuza Project Development Company (PDC) in Africa to facilitate
Indian participation in infrastructure projects in Africa, on Friday, July 24,
2015 at Mauritius. The other shareholders in the company are the IL&FS
(Infrastructure Leasing & Financial Services Ltd) Group, African
Development Bank and the State Bank of India (SBI).
Speaking on this occasion, Mr. David Rasquinha said that the investment in the
Project Development Company, in association with IL&FS, AfDB and SBI will
synergise the strengths of every partner, who will complement each other in
building Indian project exports while simultaneously aiding the furtherance of
economic and political ties between India and Africa. The investment is in
keeping with the developmental role envisaged to be played by the Bank and will
be an innovative contribution to economic development of a strategically
important region, while simultaneously building up Indian project export
capabilities.
The PDC is expected to
provide specialist project development expertise to take the infrastructure
project from the concept stage to the commissioning stage in the African
Continent. It will provide the entire gamut of project development expertise to
such projects such as project identification, pre-feasibility / feasibility
studies, preparation of detailed project reports, environmental and social
impact assessment, etc. It shall utilise the domain expertise of each partner
during the project development process to establish a bankable and sustainable
implementation format based on an in-depth understanding of the concerns of all
the stake holders - public authority, users community, developers/investors and
lenders.
Exim
Bank, as a stakeholder in the PDC and having Board-level representation, would
address the interests of Indian project exporters and focus on the PDC’s
endeavours in a manner consistent with the interests of the Government of India.
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