Ecobank Group and ICICI Bank of India have signed a Memorandum of Understanding to promote and facilitate trade and investments between India and Africa.

A statement by the bank on Tuesday said the agreement was signed by the outgoing Chief Executive of the Ecobank Group, Mr. Arnold Ekpe and the President, International Banking and Small and Medium Enterprises, ICICI Bank, Mr. Vijay Chandok.

According to the MOU, ICICI Bank and Ecobank will cooperate to create a one bank experience for their respective customers doing business in Africa and India.

It added that the focus would 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.

Commenting on the agreement, Ekpe, said, “We see tremendous potential in establishing an alliance for trade and investment between India and the 32 African countries that constitute our footprint in Africa. We look forward to working closely with ICICI Bank to promote and facilitate the growing trade andinvestment flows between Africa and the Indian sub-continent.”

India’s trade with Africa has doubled in the past four years to over $50bn in 2010 and 2011. Stronger investment ties are complementing this steady growth in trade, with Indian investments in Africa across a range of sectors, including oil & gas, pharmaceuticals, petrochemicals, fertilizers, IT and infrastructure, reaching $33bn in2011.

ETI had earlier concluded a MoU with the Export-Import Bank of India to promote and finance trade and investment flows between Africa and India.

The agreement, according to the bank, would see EXIM Bank co-operating with Ecobank to explore joint trade and investment opportunities in the future across the Group’s unrivalled footprint of 32 countries in Middle Africa.

“We look forward to working very closely with the EXIM Bank of India to facilitate the growing trade and investment flows between Africa and India,” Ekpe had said.

Source: Punch (written by Ademola Alawiye)