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Exim Bank pact with Israel

Our Bureau

MUMBAI, June 28

EXIM Bank of India has signed memoranda of understanding (MoU) with three top Israeli banks to explore the feasibility of setting up bilateral lines of credit to finance bilateral trade.

The MoUs were signed with Bank Hapoalim, Bank Leumi and Israel Discount Bank.

Exim Bank also signed an MoU with the Israel Export Institute to facilitate two-way trade and investment flows between India and Israel.

Addressing a press conference here, Mr. Y.B Desai, Managing Director, Exim Bank, who took a delegation to Israel recently, said ``these MoUs provide a framework for us for bilateral trade and agreements between the two countries.''

The MoU with Israel Export Institute envisages regular interaction between the two institutions to facilitate wider dissemination of information on mutual business possibilities in the two countries and to foster greater contacts between Indian and Israe li companies.

Bank Hapoalim, Bank Leumi and Israel Discount Bank have a combined market share of about 75 per cent.

Discussions were held with the Israeli Foreign Trade Risk Insurance Corporation, the export credit risk insurance agency, which showed a keen interest in offering cover directly to Exim Bank of India for providing rupee loans to companies for import of m achinery and technology from Israel.

The MoUs with the banks envisage identification of mutual business opportunities, exchange of relevant economic, business and financial information conducive to the promotion of bilateral trade between India and Israel, advise companies on either side to develop closer relationship and facilitate formation of joint ventures between Indian and Israeli companies in both countries.