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Exim Bank sets up project development firm in Africa

IANS  |  New Delhi 

India's Exim Bank on Tuesday said it will set up the Kukuza Project Development Company (KPDC) in Africa, in partnership with others, to facilitate Indian participation in infrastructure projects across the continent.

The KPDC's setting up was announced on Monday by the bank's deputy managing director David Rasquinha, it said in a release on the second day of the India-Africa Forum Summit.

Other shareholders in the company are the IL&FS Group, the African Development Bank and the State Bank of India.

KPDC will synergise the strengths of every partner, who will complement each other in building Indian project exports while simultaneously aiding the development of economic and political ties between India and Africa, Rasquinha said.

It is expected to provide specialist project development expertise to take the infrastructure project from the concept stage to the commissioning stage in the African continent.

The company will be operational from first quarter of 2016, Exim Bank said.

During the 10th CII-EXIM Bank Conclave on India Africa Project Partnership here last year, Exim Bank chairman Yaduvendra Mathur had said the bank was planning to set up a project development company with the African Development Bank to encourage public-private partnership (PPP) projects in Africa.

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First Published: Tue, October 27 2015. 19:24 IST