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Annual Report 2011-12
:: PRESS RELEASES
Exim Bank And International Finance Corporation Launch Global Trade Finance Program In India
Exim Bank of India has signed recently an Agreement with International Finance Corporation (IFC), Washington, a member of the World Bank group, under the Global Trade Finance Program (GTFP) of IFC. This arrangement will enable Exim Bank to confirm Letters of Credit (L/Cs), guarantees and other trade instruments issued by approved banks in more than forty countries of Central Asia, Central and Eastern Europe, Latin America & the Caribbean, Middle East & North Africa as also other regions of Asia and Africa. The Agreement was signed by Exim Bank Chief General Manager Mr. Prabhakar Dalal and IFC Associate Director Ms. Mamta H. Shah.
The USD 1 bn Global Trade Finance Program (GTFP) of IFC has been set in place to provide trade facilitation to under-served clients and markets. Under the program, IFC issues partial or full guarantees related to trade transactions on a per-transaction basis, covering the payment risk of local banks operating in IFC member countries. Exim Bank of India now partners IFC as 'Confirming Bank' under its GTFP. Exim Bank will be the first Indian bank to participate in the Program, apart from a few Indian branches of a few foreign banks.
The target countries, which are emerging markets from developing countries, constitute an attractive market for Indian exporters as they would be competitive in these markets. However, the higher risk profile of some of these countries and absence of a proper credit enhancement mechanism for carrying out documentary credit based trade has been a hindrance to Indian exporters. Exim Bank would be addressing a felt need of such exporters by participating in the GTFP.
For further information, please contact
Mr. Prabhakar Dalal,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22162073/22172310,
Fax: (022) 22182460,