India’s Exim Bank gets $150 mn to push India-Africa trade

October 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 arun.kumar@ians.in)

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