Financial Daily from THE HINDU group of publications
Monday, Oct 24, 2005
Financial Daily from THE HINDU group of publications Monday, Oct 24, 2005 |
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Money & Banking
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Financial Institutions Exim Bank signs pact with ICO of Spain Our Bureau
Mumbai , Oct. 23 THE Export-Import Bank of India has signed a memorandum of understanding with the Instituto de Credito Oficial of Spain, to promote trade between the two countries. The MoU seeks to increase the presence of Indian companies in Spain and that of Spanish companies in India, by creating appropriate institutional mechanisms. The Instituto de Credito Oficial, Spain, is the apex institution in Spain which provides, inter alia, medium and long-term loans aimed at financing real investments by Spanish enterprises, both in domestic market as well as overseas. The MoU was signed by Mr T.C. Venkat Subramanian, Chairman and Managing Director, Exim Bank of India, and Mr Federico Ferrer, Managing Director for International Relations, ICO. In his address, Mr Subramanian, said in the last five years, India's total trade with Spain has doubled from $805 million in 2000-01 to $1.7 billion in 2004-05. Besides facilitating increased bilateral trade flows, there is also potential for co-financing of business projects, both in India and Spain, said Mr Subramanian.
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