Ecobank signs deal with ICIC Bank to facilitate trade, investments between Africa and India

Transcontinental bank, Ecobank says it has signed a memorandum of understanding (MoU) with ICIC Bank to facilitate trade and investment between the African continent and India.

The bank in a press release issued from Tokyo and copied to ghanabusinessnews.com says the MoU was signed by Mr Arnold Ekpe, the outgoing Chief Executive of the Ecobank Group, and ICICI Bank’s President for International Banking and Small and Medium Enterprises, Mr Vijay Chandok. ICICI is the largest private bank in India, it adds.

Under the MoU, ICICI Bank and Ecobank will co-operate to create a ‘One Bank’ experience for their respective customers doing business in Africa and India.

The focus will be on the day to day banking and investment requirements of their customers such as trade finance, payments and remittances and also on major projects when these arise, the release indicated.

Trade between African and India is said to be over $53 billion in 2010 – 2011.

According to the release stronger investment ties are complementing this steady growth in trade, with Indian investments in Africa across a range of sectors, including oil and gas, pharmaceuticals, petrochemicals, fertilizers, IT and infrastructure, reaching $33 billion in 2011.

Meanwhile, India has set a bilateral trade target of $90 billion with Africa by 2015.

By Emmanuel K. Dogbevi