Exim India to get $60 million line of credit from IFC, BTMU

The International Finance Corporation (IFC), the private lending arm of the World Bank, and Bank of Tokyo-Mitsubishi UFJ (BTMU) will jointly provide a $60-million trade financing line to the Export-Import Bank of India (Exim India) to help push exports from small and medium enterprises.

The line of credit will be equally shared by IFC and BTMU and the funds will give Exim India access to short-term trade funding for smaller businesses export orders, a press release said today.

The line of credit comes under an agreement between IFC and G-Nexid, an organisation of emerging-market export credit agencies and development institutions focused on trade between developing countries.

IFC had entered into a memorandum of association with G-Nexid,  under which they would work to develop effective and sustainable financing solutions to help importers and exporters in developing countries, the release said.