25 March 2017, Sweetcrude, Lagos — The African Development Bank (AfDB) Group participated in the 12th CII-Exim Bank Conclave on India-Africa Project Partnership, which was held in New Delhi, March 9-10, 2017.
The CII-EXIM Bank Conclave is the India’s largest Africa-focused annual business event. The initiative was launched in 2005 by Confederation of Indian Industry (CII) in partnership with EXIM Bank of India, with the support of the Ministry of External Affairs and the Ministry of Commerce and Industry, Government of India.
Over the last 11 editions, it has helped building the partnerships and enhanced the economic engagement between the two regions. The AfDB attended the Conclave in 2008 for the first time, and the Bank’s Asia External Representation Office has been supporting and participating the event since 2014.
The 12th edition of Conclave was organized under the theme “Reinvigorating Partnerships, Strengthening Ties”. The President of India, Shri Pranab Mukherjee, inaugurated the Conclave on the 9th of March. Thirty-one Ministers from 19 African states, about 450 delegates from 37 African countries and more than 500 Indian business people attended the two-day event.
On Day 1, Tadashi Yokoyama, Head of the AfDB Asia External Representation Office, participated in the Plenary Session I, “New & Innovative Ways to Boost Financing of Indian investments in Africa.” He outlined the Bank’s five priority areas, known as the “High 5s”, which aim to unlock Africa’s potential and set it on the path toward sustainable and inclusive development. Yokoyama also elaborated on the Bank’s financial products for assisting private sector development and underscored the huge business and investment opportunities for the Indian private sector in the High 5 areas. The goal of the session: to mobilize more resources, knowledge and expertise from India.
On Day 2, Désiré Vencatachellum, Director of the AfDB’s Resource Mobilization and External Finance Department, said, “The partnership between India and Africa is unique in terms of partnership among equals. The partnership aims for win-win by sharing innovative differences. AfDB and Indian authorities discussed how to file the funds differently with India to resolve country specific issues.” Vencatachellum’s comments came during Session II on “Reinforcing India’s Development Cooperation with Africa”. He explained the High 5s and emphasized that the strategic direction of the partnership between India and Africa focuses on two areas – energy and agriculture.
India joined the African Development Fund (ADF) in 1982 and the AfDB in 1983. The country is a key member of the institution’s 24 non-regional member countries. India continues to strengthen its relations with Africa, accounting for investments estimated at US $7.4 billion, mostly lines of credit channeled through the Export-Import Bank of India, for the implementation of projects across Africa. The 52nd Annual Meetings of the AfDB will be held in Ahmedabad, India, from May 22-26, 2017.