India Advocates for Enhanced Financial Collaboration with Africa Ahead of Summit
India pitches for wider financial sector engagement with Africa
The Economic TimesImage: The Economic Times
Ahead of the India-Africa Forum Summit, Sudhakar Dalela, Secretary (Economic Relations) of India's Ministry of External Affairs, urged for deeper financial engagement with African institutions. He emphasized the need for innovative financing solutions to support Africa's infrastructure development, which requires an estimated $155 billion annually until 2040.
- 01India seeks to strengthen financial ties with Africa through institutions like the African Development Bank.
- 02Infrastructure investments in Africa need to reach $155 billion annually until 2040.
- 03India is currently Africa's fourth-largest trading partner, with trade reaching $85 billion in 2025.
- 04Exim Bank has supported 308 projects in Africa, valued at $8.9 billion.
- 05Only 40% of financing requests from African businesses are approved, compared to a global average of 60-70%.
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Ahead of the India-Africa Forum Summit, Sudhakar Dalela, Secretary (Economic Relations) at the Ministry of External Affairs, emphasized the need for enhanced financial collaboration with African institutions such as the African Development Bank and Afrexim Bank. He highlighted that Africa requires $155 billion annually for infrastructure investments until 2040 to sustain economic growth and improve living standards. Dalela noted India's commitment to Africa, citing the opening of 17 new missions in the past seven years and India's status as Africa's fourth-largest trading partner, with trade reaching $85 billion in 2025. Deepali Agrawal, Deputy Managing Director of India Exim Bank, pointed out that despite supporting 308 projects valued at $8.9 billion, Africa still faces a trade finance deficit of $80 billion to $120 billion annually. She also mentioned that only 40% of African businesses' financing requests are approved, underscoring the need for innovative financing solutions. Jyoti Vij, Director General of FICCI, called for urgent collaboration among financial institutions, government, and industry to create a resilient financial ecosystem.
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Enhanced financial collaboration could lead to improved infrastructure and economic growth in Africa, benefiting local communities and businesses.
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