Private sector ICICI Bank has entered into a memorandum of understanding (MoU) with Ecobank Transnational Incorporated (Africa) to serve the growing needs of Indian corporates in the continent.
The MoU will involve ICICI Bank and Ecobank collaborating to extend banking services across their combined footprint in India and Africa. Ecobank is present in 35 countries in Africa, ICICI Bank said in a statement.
There has been increasing interest from Indian corporates in Africa and the enhancement in Indo-African trade & investment opportunities, it said.
India's trade with Africa has doubled in the past four years, it said.
This MoU is a concrete step in the direction of supporting Indian corporates in Africa. It will allow ICICI Bank and Ecobank to leverage their combined expertise, strong local knowledge and corporate relationships to support Indo-African businesses, it said.
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, it said.
Togo-based Ecobank has a presence in 35 African countries including Ghana, Kenya, Leone, South Africa, Tanzania, Togo, Uganda, Zambia, Zimbabwe.
