| Export-Import Bank of India (Exim Bank) is working on a special model to finance small and medium enterprises (SME) in the country for tapping the export market in Africa and other continents.
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| Exim Bank chief manager Joginder Singh said on the sidelines of the seminar on India Africa Project Partnership, that it had joined hands with Geneva-based International Trade Co-operation (ITC) for the model.
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| "The model is unique in the world because there is some sector specific funds for SMEs. But this is the for the first time there will be a fund for SMEs across the board," he said.
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| According to Singh, there would be some eligibility criteria for the SME and SSIs. "We are now working on those criteria," he added.
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| According to Exim Bank chief manager, the bank was planning to create a corpus of Rs 50-60 crore for the fund.
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| The bank is hoping to start the project from October this year. "We are planning to give a credit of rupees five lakh to rupees one crore. The fund will start operations later this year," he added.
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| Singh said, Exim Bank had already got 50 applications for the fund. "We have shortlisted 50-60 companies. Later on, we could scan the list further," he added.
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| Incidentally, representatives from three African countries participated in the seminar. These were Burkina Faso, Ethiopia and Madagascar.
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| The ambassador of Ethiopia, G Zewide informed that 180 Indian companies had so far invested around $ 380 in that country.
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| "Gail has shown interest to acquire gas blocks in Ethiopia. Kirloskar is also interested in the field of engineering," she said.
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| "There is huge opportunity in textile, energy, infrastructure and agro products in our country," she added. |
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