Geneva, Switzerland, (14 May 2012)
Geneva, 14 May 2012 – Representatives of export-import banks and development finance institutions debated how to boost South–South trade and discussed recent initiatives to spur trade between developing countries.
The seventh annual meeting of the Global Network of Eximbanks and Development Finance Institutions (G-NEXID) (http://www.gnexid.org) took place in Doha, Qatar, on 20 April, the day before the opening of the UNCTAD XIII quadrennial conference there. G-NEXID has 24 member institutions and plays a major role in promoting trade, investment and project financing between developing countries. UNCTAD supported the creation of G-NEXID in 2006, and cooperation between the organization and G-NEXID was formalized with the signing of a memorandum of understanding in September 2011.
Jean Louis Ekra, President of the African Export Import Bank (Afreximbank) and Honorary President of G-NEXID, said in opening the meeting that “cooperation and partnerships between Exim banks and development finance institutions (DFIs) would undoubtedly spur global trade and investment flows, especially across the South”. He called on G-NEXID members to redouble efforts to deepen mutual cooperation and to expand the technical capacity development programmes of the network.
UNCTAD Deputy Secretary-General Petko Draganov described G-NEXID as a successful example of South–South financial cooperation. He said the network’s efforts to bolster trade and project financing had become increasingly significant as financial flows had contracted in the wake of the global recession.
G-NEXID member institutions spoke about recent efforts to bolster South–South trade. An example is the recent involvement of Exim banks in the promotion of the entertainment industries. Eximbank of India has been implementing a programme for financing the country’s export-oriented creative industries, in particular the Bollywood film-making industry. This includes financing of animation, gaming software and content development in movies, media and education, areas that have considerable export potential. Based on this experience, the Eximbank of India recently entered into a partnership cooperation agreement with the Nigerian Export-Import Bank (NEXIM) to support the development of the Nigerian movie industry, commonly known as Nollywood, and to enhance its export potential.
Another example is an agreement signed on 19 March 2012 by the African Export Import Bank and CAF (Development Bank of Latin America) to promote trade and project financing cooperation between Africa and Latin America. This agreement will be implemented by strengthening exchanges of experience and knowledge, mutual assistance in operational areas, consulting for best practices in client service, and cooperation on training and the organization of business events. A follow up meeting on supporting trade and investment flows between Latin America and Africa is expected to take place in late 2012.
Also attending the annual meeting in Doha were representatives of the Eastern and Southern African Trade and Development Bank, the African Biofuel and Renewable Energy Company and IDB Capital Limited. The Common Fund for Commodities participated as an observer.
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