Exim Bank to set up project development company with African Development Bank.

In a bid to enhance India's limited presence in the infrastructure space in Africa, Exim Bank will soon set up a Project Development Company (PDC) in association with the African Development Bank, a multilateral institution for 55 African countries.

David Rasquinha, Executive Director of the bank, said: “The PDC will identify opportunities in Africa and bring these opportunities towards financial closure. State Bank of India and Infrastructure Leasing & Financial Services will be the other partners in the PDC. Each of the four partners in the PDC will chip in $5 million to start the venture. The project reports that PDC will put together will save precious time and money that companies otherwise would have to spend in undertaking techno-economic feasibility studies.


HBL