Export-Import Bank of India (Exim Bank) on Friday entered into a memorandum of understanding (MOU) with the Indian Council of Cultural Relations (ICCR) for establishment of a Chair for financial management in Lagos Business School, Nigeria.
The MOU was exchanged between Yaduvendra Mathur, Chairman & Managing Director, Exim Bank and Satish C Mehta, Director General, ICCR.
“This initiative of ours is at the behest of the commerce ministry. This is the first time we are supporting a Chair. The idea came from ICCR and was sent to the commerce ministry, said Mathur, who saw Nigeria as a strategic country for India.
Mathur said that Exim Bank would provide ₹20 lakh each year for three financial years as part of its support to the Chair.
This move comes on the heels of Exim Bank providing a $ 100 million line of credit to Nigeria in May 2014 for power sector investments.
“We want to be positioned as being engaged with Nigeria’s development”, Mathur said.
He also said that one of the outputs of this Chair is that it will generate occasional papers about Nigeria and its economic relations with India.