New Delhi [India], August 21 (ANI): The Export-Import Bank of India (India Exim Bank) and ECOWAS Bank for Investment and Development (EBID) have signed a commercial credit line agreement of USD 40 million.

The agreement will create new opportunities for Indian businesses to access the African markets, strengthening bilateral economic ties.

India Exim Bank has consistently fostered enduring trade and investment partnerships that connect Indian capabilities with the developmental priorities of African countries.

Collaborations with financial institutions in Africa form a vital pillar of these partnerships, particularly in light of the growing uncertainties and resultant challenges to trade.

Commenting on the development, Trupti Mhatre, General Manager, India Exim Bank, added that the facility will help meet the energy needs of Sierra Leone.

She highlighted that Exim Bank has been partnering with EBID since 2006, resulting in support for complex infrastructure and development projects in Africa.

'These projects address developmental needs in Africa, and also demonstrate the capabilities of Indian companies in delivering high-quality, cost-effective solutions,' Mhatre stated.

The President of EBID, Dr George Agyekum Donkor, commended India Exim Bank for its continued commitment to partnering with the ECOWAS sub-region for the realisation of development projects geared towards improving outcomes for vulnerable populations.

He underscored the need to expand investments in key sectors such as energy, health, transportation, agriculture and infrastructure, among others, to drive economic growth in West Africa while building resilience in an increasingly volatile global setting.

Speaking on the occasion, Vartia highlighted that the agreement will create new opportunities for Indian businesses to contribute to Africa's growth story and strengthen bilateral economic ties.

He noted that the goods and services supplied by Indian companies for infrastructure projects in Africa are considered cost-effective and adaptable to the local conditions in Africa, creating win-win outcomes.

The Export-Import Bank of India (India Exim Bank) was established in 1981 for financing, facilitating and promoting India's international trade and investments. The Bank also functions as the principal financial institution for coordinating the working of institutions engaged in financing the export and import of Indian goods and services.

The ECOWAS Bank for Investment and Development (EBID) is a leading regional Development Finance Institution, owned by the fifteen (15) ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, Cote d'Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

Based in Lome, Togolese Republic, the Bank is committed to financing developmental projects and programs covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows. (ANI)