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Wednesday, Aug 28, 2002

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Exim Bank, IDC pact to boost trade ties

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MUMBAI: Exim Bank has signed a memorandum of understanding (MoU) with the Industrial Development Corporation of South Africa Ltd (IDC) to facilitate and enhance bilateral trade and investment relations between India and South Africa.

The MoU was signed by Mr S. Sridhar, Executive Director, Exim Bank and Mr K. Ngqula, President and Chief Executive Officer, IDC.

Under the MoU, the institutions have agreed to locate suitable joint venture/trade partners, to promote the realisation of business opportunities, including credit enhancement for turnkey projects, co-financing projects set up by domestic companies and co-operate in promotional activities among others, according to a release.

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