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Export-Import Bank of India (Exim Bank) has entered into a memorandum of understanding (MoU) with Indian Council of Cultural Relations (ICCR) for establishment of a Chair for financial management in Lagos Business School, Nigeria.
The MoU was inked by Yaduvendra Mathur, Chairman & Managing Director, Exim Bank and Satish C Mehta, Director General, ICCR, here on Friday.
“This initiative of ours is at the behest of 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 the Exim Bank would provide ₹20 lakh each year for three financial years as part of its support.
The move comes close on the heels of Exim Bank providing a $100 million line of credit to Nigeria in May 2014 for power sector investments. He said one of the outputs of this Chair is that it will generate occasional papers about Nigeria and its economic relations with India.
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