June 16, 2021
World Market



Indira Gandhi National Open University plans an India-Africa Virtual University project

The Indira Gandhi National Open University (IGNOU) has received an approval from the Ministry of External Affairs (MEA) to set-up an Indo-Africa Virtual University (IAVU). Africa has rapidly growing youth population, of which about seven-ten million take up to be a part of the labour market year-on-year. This virtual university will ensure Africa-oriented educational programmes are developed effectively and will also provide around 10,000 scholarships to the African students. The key focus areas of the University will be health sciences, vocational education, food and nutritional security, and gender empowerment. IGNOU headquarters of the virtual university is proposed to be in Ethiopia or Kenya.

State Bank of India plans to build subsidiaries in South Africa and Ghana

SBI the largest bank in India with a market share of over 20% in deposits and loans is planning to set-up subsidiary offices in Ghana, Australia and South Africa. A fresh $5 billion line of credit to Africa has been announced by the Government of India. There have been no reports stating the reasons for of SBI's business in Ghana yet, but it is believed that Ghana is a new emerging economy like India.

India to establish India Africa Institute of Trade in Uganda

Indian Institute of Foreign Trade (IIFT) is setting up a foreign trade institute at Kampala, Uganda which will host a pan-Africa campus. Objective of this initiative is to enable a world-class trade policy and research facility in Africa. The campus would initially accommodate over 100 students and will be expanded to house over 1,200 over the next five years.