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Exim Bank of India, Bank of Africa BMCE Group sign MoU for trade, investment between countries
The MoU was signed during the India-Morocco Business Forum, jointly organised by both the institutions on Friday, a release said.
Exim Bank of India and Bank of Africa BMCE Group on Friday signed a memorandum of understanding (MoU) to further promote bilateral trade and investments between the two countries.
The MoU was signed during the India-Morocco Business Forum, jointly organised by both the institutions on Friday, a release said.
“India’s trade with the Middle East and North Africa (MENA) region has traditionally been governed by the fact that the region has been a critical source of energy. India is now increasingly positioning itself as an economic partner through increased investments in the region,” Exim Bank, India, deputy managing director, Harsha Bangari, said in the release.
Commenting on the development, Bank of Africa’s delegate general manager Mohammed Agoumi said the objective of the MoU is to strengthen cooperation in financing, guaranteeing and other financial mechanisms to support projects of interest of both the institutions.
India’s bilateral trade with Morocco has increased from $1.2 billion in 2010 to $2.1 billion in 2019. While India’s imports from Morocco are largely dominated by phosphate and potash, India’s exports to the country are more diversified covering textiles, chemical products, petroleum products, pharmaceutical products.
Till date, India’s Exim Bank has supported 64 Indian companies for setting up ventures in the MENA region, with a sanctioned amount of ₹6,684 crore, in various sectors such as textiles, automotive, chemicals and dyes, agro processing, irrigation, renewable energy, construction, healthcare, EPC services, shipping and mining, among others.
