Exim Bank co-promotes a Project Development Company in Africa

 

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, 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.