Bangalore, May 12 (KNN) Engaging the Indian SMEs and supporting Indian investments in East Africa, Exim Bank, is planning to set up a Project Development Company (PDC) in Africa which will focus to bring infrastructure projects in Africa to a bankable stage and facilitate exports from India to Africa.
In March, Exim Bank signed a MoU with the International Trade Centre (ITC) to promote trade and investment between India and East Africa through the support of SMEs in their access to finance.
In order to promote exports, the developmental financial organisation was set up which resulted in the growth of its loan portfolio by 16 per cent to Rs 75873 crore in 2013-14, according to a media report.
Its line of credit extended to support export of projects, goods and services from India stands at USD 1771.75 million for the period.
Project export contracts supported by the bank in 2013-14 amounted to Rs 34.131 crore which were secured by 40 companies in 35 countries. As on March 31,319 project export contracts valued at Rs 140326 crore supported by the bank were under execution, in 74 countries.
The bank’s loan portfolio has grown 16 per cent during the period; its loan to the MSME sector has shown a growth of 40 per cent.
According to the bank CMD, Yaduvendra Mathur, there is a huge appetite in leveraging the global value chain for the commodities and services sector for the export market, the report added.