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| IFC, BTMU provide $60-mn to India Exim Bank |
| Press Trust of India / Mumbai Jun 22, 2009, 17:33 IST |
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IFC and Bank of Tokyo-Mitsubishi UFJ (BTMU), will provide a $60-million joint trade financing line to the Export-Import Bank of India (India Exim Bank) to help support export-focussed small and medium enterprises.
IFC is a member of the World Bank group. The trade facility, shared equally by BTMU and IFC, will improve India's Exim Bank ability to provide access to short-term trade funding for smaller businesses, enabling them to carry out export orders, a press release issued here today said.
The transaction follows the signing in May 2009 of a Memorandum of Co-operation between IFC and G-Nexid, an organisation of emerging-market export credit agencies and development institutions focused on trade between developing countries.
IFC and G-Nexid agreed to work to develop effective and sustainable financing solutions to assist importers and exporters in developing countries, the release said.
India Exim Bank is playing a significant role in providing competitive trade finance for the country's export industry with a special focus on small and medium enterprises, given their reduced access to foreign currency financing amid the ongoing global financial crisis.
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