The Hindu Business Line : Exim Bank signs pact with IFC

Mumbai, Dec. 27 Exim Bank of India has signed an agreement with International Finance Corporation (IFC), Washington, a member of the World Bank group, under the Global Trade Finance Programme (GTFP) of IFC. This arrangement will enable Exim Bank to confirm letters of credit, guarantees and other trade instruments issued by approved banks in more than forty countries of Central Asia, Central and Eastern Europe, Latin America and the Caribbean, West Asia and North Africa as also other regions of Asia and Africa. The Exim Bank Chief General Manager, Mr Prabhakar, and the IFC Associate Director, Ms Mamta H. Shah, signed the agreement on December 14.

The $ 1-billion Global Trade Finance Programme of IFC has been set in place to provide trade facilitation to under-served clients and markets. Under the programme, IFC issues partial or full guarantees related to trade transactions on a per-transaction basis, covering the payment risk of local banks operating in IFC member countries. Exim Bank of India now partners IFC as ‘Confirming Bank’ under its GTFP.

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