India’s EXIM Bank opened its East Africa office to boost business & trade

Current Context: The Export-Import Bank of India (India Exim Bank) inaugurated its East Africa Representative Office in Nairobi, Kenya on May 31, 2024.

• This move is aimed at enhancing India’s business presence in East Africa and boosting trade and investment between India, Kenya, and the wider East African region.
• The merchandise trade between India and East Africa has grown significantly, reaching US$12.9 billion in 2022, with India’s exports to East Africa rising from US$8.6 billion in 2013 to US$9.4 billion by 2022.
• The India Exim Bank, which plays a crucial role in financing India’s international trade and investment, has supported ventures in 14 African countries under its Overseas Investment Finance Programme.
• The establishment of the East Africa Representative Office is expected to foster greater engagement with industry, private and public sector companies, banks, and financial institutions in the region, thereby strengthening the economic ties between India and East Africa.

Question:

1 How much did the merchandise trade between India and East Africa reach in 2022?

• A) US$10.9 billion
• B) US$11.9 billion
• C) US$12.9 billion
• D) US$13.9 billion

Answer: C) The merchandise trade between India and East Africa has grown significantly, reaching US$12.9 billion in 2022, with India’s exports to East Africa rising from US$8.6 billion in 2013 to US$9.4 billion by 2022.