The partnership between India and the African Development Bank Group is marked by a long history of cooperation spanning over 30 years: India became a member of the African Development Fund in 1982 and of the African Development Bank in 1983. India also has a bilateral trust fund, the India Africa Economic Cooperation Fund (INAFEC) and collaboration on project preparation. In May 2017, the Bank held its 52nd Annual Meetings in Jaipur, India where it was a resounding success.
In May 2015, India and the Bank signed a replenishment agreement for the INAFEC Trust Fund for INR 600 million (US $9.5 million). The Trust Fund is designed to provide technical assistance in infrastructure and railway development, information and communications technology, and capacity building in Private Public Partnerships among others. India is interested in sharing its expertise in the implementation of the public-private partnership (PPP) model in Africa and sharing its knowledge on its development experience.
The India Exim Bank is collaborating with the Bank, the State Bank of India, and the Infrastructure Leasing & Financial Services Ltd on the Kukuza Project Development Company. Since 2017, the facility has made progress in developing a pipeline of bankable infrastructure projects in Africa.
In March 2018, the Bank and the International Solar Alliance signed a joint declaration committing to scale up the partnership on renewable energy for Africa’s development needs, such as the Bank’s transformative Desert to Power initiative in Africa’s Sahel and Sahara, which envisages 10 GW of solar power generation and providing clean energy access to 90 million people.
In addition to trade, India has undertaken significant investment initiatives in recent years to strengthen its strategic partnership with Africa, and has become one of the largest investors, mainly in energy, construction, ICT, and the railway and auto industries. To enhance private sector development of in Africa, the Export-Import Bank of India has sponsored several Bank business opportunity seminars in India. In March 2018, the Bank participated in the Confederation of Indian Industry Africa Exim Bank Conclave on India - Africa Project Partnership in Delhi.
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