Financial Daily from THE HINDU group of publications
Tuesday, Jun 15, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jun 15, 2004 |
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Industry & Economy
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Exports & Imports Exim Bank inks $10-m line of credit with Unibanco Our Bureau
Mumbai , June 14 THE Export-Import (Exim) Bank of India has signed an agreement with Uniao De Bancos Brasileiros (Unibanco) to provide a line of credit of $10 million to finance India's export of equipment, goods and services to Brazil. Mr P. R. Dalal, General Manager, Exim Bank and senior Unibanco officials signed the agreement in Rio de Janeiro on June 8. Brazil is a key member of Mercosur, a regional trading association in South America. According to an Exim Bank press release, India's trade turnover with Mercosur would leapfrog to $13 billion from the current $1billion and exports would scale a high of $9.5 billion from $853 million in the next few years. India's exports to Brazil more than doubled in 2002-03 to $480 million. Exports of petroleum and crude were the major contributors. Bilateral trade and investment is expected to grow in areas such as food processing, drugs and pharmaceuticals, aviation, telecommunications, information technology, engineering goods and textiles. Talks are on to launch a network of exim banks / export credit agencies around the world under the Unctad's auspices. Exim Bank's line of credit provides a risk-free, non-recourse export financing option to Indian exporters.
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