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State Bank of India (SBI) provides banking facilities to every Indian in India, but do you know that at present it is also bringing glory to the country in Africa. SBI has been working to help African countries and strengthen their economies. Exim Bank, which provides banking facilities to India's export-import, is also helping it in this work.

State Bank of India and India Exim Bank are working together to overcome the shortage of finance in African countries. Together, both banks are bridging the gap between demand and shortage by providing funds needed to do business in African countries and helping businesses there to become stronger.

capacity building by helping

The South African chiefs of SBI and India Exim Bank have recently shared information about how both the banks have worked together to support and strengthen the economies of African countries.

Recently a conference of Indian industrialists was held in Johannesburg, South Africa. The South African heads of both the banks also attended. India's Consul General Mahesh Kumar, who was present here, said that we helped all the companies doing trade or any other kind of business with India in their capacity building. Keeping in mind their need, funds were arranged.

SBI's reach in 40 countries of Africa

State Bank of India (SBI) CEO Ashutosh Kumar and India Exim Bank's Johannesburg Local Representative Shyamashish Acharya spoke about their services in trade between India and the African continent.

Ashutosh Kumar said, “SBI is strengthening India's footprint in Africa. “Through this tie-up, it is playing an important role in the trade here by financing South African banks.”

He said that the bank has been investing new capital in South Africa for the last 27 years, yet it has maintained its earnings. Here SBI's offerings include providing loans to Afri-Exim, Africa Finance Corporation and other multilateral institutions.

He informed that today SBI is helping Indian corporates in more than 40 countries of the African continent for their bank guarantee requirements.

Shyamashish Acharya said that to reduce the gap in trade finance, the Trade Assistance Program (TAP) has consolidated India's economic partnerships with partner countries. He said that India Exim Bank is also working in 31 African countries.