IDBI, EXIM Bank sign MOC
Mumbai, Feb 22 : IDBI Bank, a public sector universal bank, has entered into a Memorandum of Cooperation (MoC) with EXIM Bank, an apex financial institution fully owned by the Government of India.
Herein, IDBI Bank and EXIM Bank would, inter alia, co-finance, co-arrange, syndicate rupee and foreign currency loans, jointly finance export-oriented projects in India, provide/avail refinance facility in Indian Rupees and/or Foreign Currency for extending short term export credit and long term capex loans to eligible export-oriented companies, particularly in the SME sector.
IDBI Bank and EXIM Bank would also co-operate in promotional activities, provide advisory services to assist each other's clients and co-operate in training of each others' staff members.
Speaking on the occasion, R M Malla, Chairman and Managing Director, IDBI Bank Ltd, said: "This would be a win-win situation for both the organizations for meeting the credit requirements of export oriented companies, particularly in the SME sector."