IFC, BTMU Provide up to USD 150-mn to Exim Bank.

Mumbai, (PTI) With a view to provide Indian exporters access to finance and support their exports to Africa, IFC, a member of the World Bank Group, and the Bank of Tokyo-Mitsubishi UFJ, have provided up to USD 150-million to India's Export-Import (Exim) Bank. IFC and BTMU have each provided a medium-term trade-finance loan of up to USD 75-million to the Exim Bank, a press release issued here stated. "A large number of Indian corporations, including small-and-medium enterprises, have started looking at Africa as an export destination. 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," Exim Bank's Chairman and Managing Director, TCA Ranganathan, said. This agreement would contribute to the development of long-term partnerships between strong emerging-market players in India and Africa, helping them invest and accelerate development, IFC's Vice-President for Asia, Eastern Europe, Middle-East and North Africa, Rashad Kaldany, said.

Source : ibnlive.in.com