Exim Bank buys stake in West African Development Bank

Mumbai, Nov 3 | Updated: Nov 4 2004, 05:57am hrs
Export and Import Bank of India (Exim Bank) has picked up less than 1% stake in West African Development Bank (boad) for $1 million to promote trade, investment and technology transfer with eight francophone countries in Africa. Exim Bank, which will get a seat on the board, will be the first non-regional and non-European institution to be admitted as a shareholder of boad.

An agreement to subscribe to the capital of boad was signed on November 1 by Boni Yayi, president of West African banking entity, and RMV Raman, executive director, Exim Bank stated in a release here on Wednesday. Boad is keen to strengthen institutional relationship with Exim Bank to promote trade, investment and technology transfer from India to West Africa, it added.

PTI