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Exim Bank of India to promote domestic SMEs

24
Feb '07
Qatar Development Bank signed a Memorandum of Understanding with Export-Import Bank of India (Exim Bank) for effectively promoting Qatar's small and medium enterprises (SMEs) and to enhance their export capabilities.

In India, SMEs account for major share in revenue generated from foreign trade. Indian SMEs have established their monopoly in handicrafts, sports equipment and gems and jewellery.

Surprisingly, major items of Indian exports include handicrafts, sports equipment and gems and jewellery.

Exim Bank is managed by a Board of Directors, which has representatives from the Government, Reserve Bank of India, Export Credit Guarantee Corporation (ECGC) of India, a financial institution, public sector banks, and the business community.

Exim Bank plays four-pronged role with regard to India's foreign trade: those of a coordintator, a source of finance, consultant and promoter.

Exim Bank is the Coordinator of the Working Group Mechanism for clearance of Project and Services Exports and Deferred Payment Exports (for amounts above a certain value currently US $100 million).

The Working Group comprises Exim Bank, Government of India representatives (Ministries of Finance, Commerce, External Affairs), Reserve Bank of India, Export Credit Guarantee Corporation of India Ltd. and commercial banks who are authorised foreign exchange dealers.

This inter-institutional Working Group accords clearance to contracts (at the post-award stage) sponsored by commercial bank or Exim Bank,and operates as a one-window mechanism for clearance of term export proposals. On its own, Exim Bank can now accord clearance to project export proposals up to US $100 million in value.


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