African Development Bank and Exim Bank on Thursday invited Indian companies to explore business opportunities in the AfDB-funded projects in Africa.
"The overall effects of reforms and liberalisation exercise is generating higher growth rates and providing investment opportunities throughout the continent," AfDB president Omar Kabbaj said at a seminar jointly organised by AFDB and the Exim Bank in New Delhi.
Kabbaj heads a high level African delegation comprising representatives of departments dealing with procurement, operational policies and ICT development, which will explain to Indian companies procurement and consulting opportunities in AfDB-funded projects.
Kabbaj said the current trend of economic liberalisation sweeping the continent can be meaningfully supplemented by India's trade and investment which can help reduce Africa's poverty. AfDB, a regional multilateral development bank, provides $5 billion every year for various development initiatives in Africa.
"We are encouraging Indian companies to submit more bids for projects in Africa, so that there is no payment risk," Exim Bank chairman T C Venkat Subramanian said.
Exim Bank has also signed a co-finance agreement with the AfDB under which if an Indian company wins a contract and additional funds are required, the bank will step in, he said.
Select AfDB programmes that may be of interest to Indian companies include loans and equity investments, technical assistance for development projects, development oriented investments and assistance in coordinating development policies and plans.
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