India's EXIM Bank plans to step up funding for African countries

Amid rising competition from China, Indian Prime Minister Narendra Modi has stepped up efforts to strengthen ties with African nations via aid for infrastructure projects and private investments by Indian companies.

State-owned EXIM Bank, which plays a critical role in providing export financing and government-directed lending to other countries, was supporting over 300 small Indian companies to expand business in African countries, she said. The bank plans to raise $3-$3.5 billion of funds in the current financial year, mostly denominated in U.S. dollars, to finance new projects, she said.

Bilateral trade between India and Africa rose to nearly $100 billion in the fiscal year to the end of March 2023, and the government aims to raise it to $200 billion by 2030.

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