Indian business interest in Africa wanes

Indian interest in African Development Bank-funded projects has waned over the years, as domestic activity has been picking up.

Besides the resurgence of Indian business activity, the turbulence in several African countries, especially in Ivory Coast where ADB was headquartered till recently, is also considered a reason for the fall. In fact ADB had to evacuate their headquarters in Ivory Coast and relocate to Tunisia, in the wake of the fighting between government forces and insurgents.

This was indicated by Aud Marit Wiig, executive director, ADB who is part of an African Development Bank delegation addressing seminars round the country, organised in association with EXIM Bank, on business opportunities in African Development Bank-funded projects.

Perturbed by Indian firms' falling share in total African Development Bank-funded projects, the bank is conducting roadshows to woo Indian firms and consultants to join the African development bandwagon.

India's share has slid from 0.59 per cent of the total disbursements in 2001 to 0.12 per cent in 2003. In value terms, procurement by Indian firms came down from around five million UA (unit of account, representing ADB's IMF drawing rights "" one UA equivalent to $1.4) to one million UA.

ADB officials said that only about 12 consultants, goods and service providers from India were registered with the ADB and with these seminars, the bank hoped to increase the numbers. They said that Indian help will be valued in segments like transport, water and sanitation besides development of countries post conflict.

India is a non-regional member of the ADB. It's subscription to ADF's resources stands at 53 million UA now.