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Our Bureau

Mumbai May 27 CAF, a multilateral development financial institution, sees great scope for co-financing projects promoted by Indian companies in South American countries, according to Mr Enrique Garcia, President and CEO.

Last week, CAF and Exim Bank of India signed a memorandum of co-operation mainly covering joint financing of projects in South American countries and identifying areas for boosting bilateral trade and investments.

Mr Garcia was in India along with a team of senior CAF officials to sign the memorandum.

"India is becoming an important region. Though it was always known to and loved by people in South America, not much was known about Indian companies, 15-20 years ago," he said in an informal chat with Business Line.

"Today we see rapid expansion of Indian companies abroad and greater acceptance of Indian products and technology."

Mr Garcia, who interacted with entrepreneurs in Mumbai and Chennai, said that India's image has changed with its achievements in several areas, particularly IT.

Exim Bank already has a $10-million line of credit extended to CAF, which is being utilised by Indian exporters.

Indian pharmaceuticals and IT companies have established their presence in the Andean region.

Now, there is keen investment interest in areas like power, support service for oil exploration and infrastructure, said a senior Exim Bank official. Interestingly, there is growing interest among Indian SMEs to invest in these countries.

CAF, which lends to Government and private sector companies, has a credit rating higher than its own shareholders, mainly countries in South America.

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