India's Ministry of External Affairs seeks stronger African bank partnerships
Business
Ahead of the upcoming India-Africa Forum Summit, India's Ministry of External Affairs is calling for stronger partnerships with major African banks.
The goal? To make projects in Africa more secure and better insured, while deepening India's support and connections across the continent.
Africa needs $155B annually for infrastructure
Africa needs $155 billion every year for infrastructure, but there's a big funding gap.
India Exim Bank is already backing 308 projects in 39 African countries, and Exim Bank's Trade Assistance Programme has supported 150 transactions across 25 countries since 2022.
Experts say new and creative ways to finance projects, plus teamwork between banks, governments, and businesses, are key to building a stable financial future for Africa.