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Exim Bank, Korean counterpart sign MoU for $9 bn investments

Press Trust of India  |  Mumbai 

Exim and its Korean counterpart have signed an agreement to utilise USD 9 billion export credits to support priority sectors

"A memorandum of understanding was signed today between Export-Import of and The Export-Import of Korea, to utilise export credits of USD 9 billion to support priority sectors, including smart cities, railways, power generation and transmission, and other sectors," Exim said in a note.

The MoU was signed by Exim managing director (additional charge) David Rasquinha and Jongku Choi, chairman & president of Export-Import of Korea in Seoul on the sidelines of the Fifth India-Korea ministers meet.

With this, both the exim banks will endeavour to promote projects in and support the supply of goods and services from and Korea as part of projects in third countries.

----------------------------------------------- Universal Sompo launches new 2-wheeler policy

Private sector non-life insurer Universal Sompo General Insurance today said it has launched its new motor product offering, two wheeler long term package policy for the existing and prospective two wheeler vehicle customers for a comprehensive protection ride up to 2-3 years.

The Two Wheeler Long Term Package Policy will indemnify the insured towards any damages caused by the insured vehicle to a Third-party vehicle/property as well as Own Damages incurred to the insured vehicle and rider/owner along with a vehicle theft cover.

The unique selling proposition of the company's new product is the dual no claim bonus benefit that is being extended to customers at the time of renewing the long term two wheeler policy.

------------------------------------------------ Alibaba Mobile Biz Group appoints new head

Alibaba Mobile Business Group, part of Alibaba Digital Media and Entertainment appointed Damon Xi as head of UCWeb and Indonesia offices. In his new role, Damon will be in charge of the UCWeb ecosystem along with content cooperation within and Indonesia markets, Alibaba said in a statement.

Prior to it, Damon was working as general manager of UCWeb India, leading strategic alliance and business development for the company in

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 15 2017. 19:03 IST