SBI and India Exim Bank Collaborate to Support African Trade Finance
| Aspect | Details |
|---|---|
| Why in the news? | SBI and India Exim Bank support African businesses by addressing the trade finance gap. |
| Purpose of the Forum | - Assist companies engaged in trade with India by enhancing capacity. |
| - Focus on helping smaller businesses navigate trade finance complexities. | |
| SBI's Contributions | - Offers bilateral credit lines to multi-lateral institutions (Afri-Exim, Africa Finance Corporation). |
| - Supports over 40 African nations for Indian corporates' bank guarantees. | |
| - Direct funding reaches smaller African corporations, boosting overall trade. | |
| India Exim Bank's Role | - Active in 31 African countries. |
| - Projects include IT solutions for national identity documents in Ethiopia and electrical network construction in Burundi. | |
| Strategic Initiatives | - Trade Assistance Programme (TAP) aims to reduce trade finance gaps and enhance credit instruments. |
| - Exploring credit lines for South African banks for projects in Zambia and Zimbabwe. | |
| State Bank of India | - Chairman: Challa Sreenivasulu Setty |
| - Head office: Mumbai, Maharashtra | |
| India Exim Bank | - Chairman: Ms. Harsha Bangari |