Where was the new East Africa Representative Office of India Exim Bank inaugurated in May 2024?

The correct answer is Nairobi, Kenya.

Key Points

• The new East Africa Representative Office of India Exim Bank was inaugurated in Nairobi, Kenya, in May 2024.
• The office aims to strengthen India's trade and economic ties with the East African region.
• India Exim Bank's Nairobi office will act as a hub to facilitate bilateral trade and investment opportunities between India and East African nations.
• This expansion aligns with India's broader commitment to enhancing economic cooperation and partnerships with Africa under the India-Africa Forum framework.
• The move is expected to boost India's export financing and promote sustainable development projects in East Africa.

Additional Information

• India Exim Bank
  • Established in 1982, the Export-Import Bank of India (India Exim Bank) is a premier financial institution for promoting Indian exports.
  • It provides various financial services, including trade credit, project financing, and export development assistance.
  • India Exim Bank also supports overseas investment by Indian companies and fosters economic cooperation internationally.
• India-Africa Relations
  • India and Africa have long-standing historical and cultural ties, marked by shared struggles against colonialism and a commitment to development.
  • India-Africa trade crossed $89 billion in FY 2021-22, with India being one of Africa's largest trading partners.
  • Key initiatives such as the India-Africa Forum Summit have enhanced collaboration in areas like health, education, and technology.
• East African Community (EAC)
  • The EAC is a regional intergovernmental organization comprising six member countries: Burundi, Kenya, Rwanda, South Sudan, Tanzania, and Uganda.
  • Its goal is to promote regional integration through economic, political, and social cooperation.
  • Nairobi, Kenya, serves as a major economic hub within the EAC region.
• India's Export Financing
  • India Exim Bank plays a pivotal role in financing exports of goods and services, especially capital and technology-intensive products.
  • The bank supports overseas buyers in purchasing Indian goods and services through concessional lines of credit.
  • It also focuses on sustainable development and capacity-building initiatives in partner countries.