Exim Bank to Launch $500 Million Fund to Support Export by MSME

Friday, April 27, 2012
Print Email

Mumbai: The Export-Import Bank of India (Exim Bank) is planning to set up a new fund of $500 million (2,500 crore), which will provide MSMEs with long- term foreign currency loans, a top official said.

'Technology and Innovation Enhancement and Infrastructure Development Fund' will support exports by Micro, Small and Medium Enterprises (MSMEs), he said.

"We will set up this fund with an initial amount of $500 million over the next five years to support MSMEs in getting foreign currency loans, which will help them in exports," Exim Bank Chairman and Managing Director T C A Ranganathan told reporters here.

He said the main purpose of this fund is to reach out to a large number of MSMEs to build capacities in the area of skill development, design and packaging, among others.

The Government-owned financial institution will also soon launch a new programme to finance export-oriented creative industries, Ranganathan said.

"Many creative industries like animation, gaming software, content development in movies, media, and education, among others, have a lot of export potential. We want to support these industries for increasing exports from India."

According to the bank, India's share in export of creative goods was $13.8 billion as against China's $97.8 billion.

Similarly, the bank is encouraging cluster approach to make export more competitive. The CMD of Exim Bank said the bank has started giving partial guarantee to Indian corporates for raising overseas loan in that country's currency.

"We want to promote overseas loans in that domestic currency. For example, a Indian corporate house should be able to raise money in the currency of the host country to protect it from currency fluctuation," he said adding, this will make them self-dependent to enter overseas market and raise money.


Source: PTI
Write your comment now
 
Looking For Loan? Let us Help you !!!
Product
Name
City
Phone
Email
Loan Amount
Annual Income
Preferred banks
Type the characters you see in the picture
 
Sign Up for DailyDose and Read the Day's Highlights
Email:
SiliconIndia About Us   |   Contact Us   |   Help   |   Community rules   |   Advertise with us   |   Sitemap   |  
News:       Technology   |   Enterprise   |   Gadgets   |   Startups   |   Finance   |   Business   |   Career   |   Magazine  |   Newsletter   |   News archive  
Cities:        CEO   |     Startup   |   Mobile   |   CIO   |   Women   |   BI   |   HR   |   SME   |   Cloud   |   Marketing   |   QA   |   Java   |   Web Developer  
Community:      Members   |   Blogs   |   Indian Entrepreneurs   |   Gyan   |   Advice   |   Community   |   Find   |   Events   |   CXO Insights  
Job Board:      Jobs   |   Freshers   |   Companies   |   HR Speak   |   Forum  
Online Courses:   Web Developer   |   Java Developer   |   CCNA Training   |   SEO   |   SAS   |   SQL Server 2005   |   J2EE
Education:   MBA   |   MCA   |   Engineering   |   Training Institute
Life:          Real Estate   |   Travel   |   Finance   |   Gadgets   |   Movie Reviews   |    Jokes  
Send your feedback and help us continue to improve SiliconIndia
© 2014 InfoConnect Web Technologies India Pvt Ltd. all rights reserved