India’s Exim Bank gets $150 mn to push India-Africa tradeOctober 8th, 2010 - 12:39 pm ICT by IANS
By Arun Kumar
Washington, Oct 8 (IANS) India’s Export-Import Bank has secured a $150 million international loan to help expand Indian exporters’ access to finance, including for small and medium enterprises, and support their exports to Africa.
IFC, a member of the World Bank Group, and the Bank of Tokyo-Mitsubishi UFJ, Ltd have each provided a medium-term trade-finance loan of up to $75 million to Exim bank, the IFC announced Friday.
IFC said it supports the transaction as part of its strategy of promoting trade and investment among countries in emerging markets.
“A large number of Indian corporations, including small and medium enterprises, have started looking at Africa as an export destination,” said T.C.A Ranganathan, Exim Bank’s chairman and managing director.
“The financing agreement with IFC and BTMU marks a key step in our relationship with them and in our strategy to provide finance to India’s exporters with a focus on Africa.”
Rashad Kaldany, IFC vice president, Asia, Eastern Europe, Middle East and North Africa, said: “With this agreement, IFC will contribute to the development of long-term partnerships between strong emerging-market players in India and Africa, helping them invest and accelerate development in other emerging economies.”
Katsunori Nagayasu, BTMU’s president, said: “We are pleased to be associated with IFC and Exim Bank in a medium-term trade finance transaction that will have such a clear benefit to both Indian and African markets.”
The tie-up continues the long-standing relationship that IFC shares with Exim Bank and BTMU to provide support to emerging economies.
(Arun Kumar can be contacted at firstname.lastname@example.org)
- India's Exim Bank gets $60 mn to support small businesses - Jun 19, 2009
- Anil Ambani seeks more US business in India - Apr 01, 2011
- US loans for Indian firms making solar facilities in Rajasthan - Jul 19, 2012
- US airlines sue over Air India deal - Nov 18, 2011
- India extends long-term credit to developing countries - Apr 06, 2011
- IFC helping Gujarat with solar power project - Sep 21, 2010
- US Ex-Im Bank director joins India-US trade body - Jul 28, 2011
- US Exim bank to step up financing of Indian projects - Jul 18, 2011
- US airlines sue ExIm over Air India loan - Feb 20, 2012
- US Ex-Im Bank loan for India's infrastructure sector - Aug 10, 2009
- Pandit's Citi makes profit with India sale - Apr 17, 2012
- $51-mn IFC trade financing line for Kotak Mahindra - Nov 23, 2009
- Emerging economies spur global recovery: IMF - Feb 24, 2011
- India's fiscal deficit projected to fall - Jan 24, 2012
- US pushes services liberalisation with Indian study - Feb 18, 2012
Tags: africa trade, african markets, arun kumar, bank of tokyo, bank of tokyo mitsubishi, bank of tokyo mitsubishi ufj, emerging economies, exim bank, export destination, export import bank, finance transaction, focus on africa, indian corporations, indian exporters, international loan, ranganathan, small and medium enterprises, term partnerships, tokyo mitsubishi ufj, world bank group