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| Source: ICD. The MoU was signed by Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD (left), and Tarun Sharma, Regional Head of EXIM Bank. |
The MoU envisages cooperation to explore the feasibility of extending a commercial line of credit of US$100 million to ICD with the aim of facilitating the export of goods and services from India to ICD’s member countries. Typically, the recipients of EXIM Bank’s commercial lines of credit act as intermediaries and on lend to overseas buyers for the import of Indian goods and services. Under the agreement, cooperation will also be achieved through the exchange of information on trade-related matters and the identification of business opportunities for Indian companies to pursue in ICD’s member countries.
Khaled Al-Aboodi, CEO and GM, ICD commented: “We acknowledge that India, being the seventh largest economy in the world, has a lot to offer and its high-quality exports of goods and services can drive the next wave of growth. I believe ICD’s member countries can offer vibrant business prospects for India’s exporters.”
Tarun Sharma, Regional Head, EXIM Bank said, “Since its inception, EXIM Bank has been both a catalyst and a key player in the promotion of cross-border trade and investment. We remain committed to support Indian exporters to enter new markets in their bid to expand and we are convinced that our co-operation with ICD will serve that very purpose and will be mutually beneficial for both parties.”