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Exim Bank, IFC, West LB join hands

Uday Chatterjee
21 Sept 2001

Mumbai: The Export Import Bank of India (Exim Bank), International Finance Corporation (IFC) and West LB have joined hands and have appointed Global Trade Finance (GTF) for taking up the activity of export factoring.

Factoring is a mechanism for financing receivables of an exporter without recourse to the exporter. For example, if a company A has exported goods worth, say, Rs 10 crore to a company B in the US (the export has a credit period of three month), A can then approach GTF immediately after the export and receive the sales proceeds amount from GTF.

GTF will charge a fee for the factoring and from then onwards, the onus and responsibility of collecting the amount from B will lie with GTF, leaving A free to carry on with its further activities.

Speaking to press reporters in Mumbai on 20 September, GTF managing director Meena Mankar said: "In the first year itself we expect a turnover of around $200 million and a breakeven level of profits."

A few areas GTF plans to tap are textiles, stones and pharma. Mankar said that GTF would soon be looking at the software industry. "GTF’s main objective will be to promote market-driven export-financing solutions for small- and medium-sized exporters. GTF also plans to provide export-import solutions on an e-commerce platform for Indian exporters along with comprehensive receivables management service through factoring."

GTF has also signed an MoU with the France-based Coface Group, which will provide credit protection on an e-commerce platform under which GTF will provide factoring services to exporters.


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Exim Bank, IFC, West LB join hands