Money & Banking

Exim Bank signs MoC with Cluster Pulse

| Updated on: Feb 11, 2011

In a bid to augment its objective of industrial infrastructure financing for Small and Medium Enterprises (SMEs), Export-Import Bank of India (Exim Bank) has signed a Memorandum of Cooperation (MoC) with the Ahmedabad-based agency, Cluster Pulse, for creating a workable credit mechanism for cluster projects.

They will conduct studies to explore business and export marketing plans for cluster projects, organise workshops and training programmes for knowledge transfer, and engage product specific experts from various international trade promotion organisations and other MoC partners of Exim Bank, according to a press release.

As India's premier export finance institution, Exim Bank had signed similar agreements with other financial institutions for financing infrastructure development in cluster projects, which provide ecosystems for SMEs for nurturing their business goals. Cluster Pulse, an economic development agency, has worked in 82 clusters with Indian and international organisations.

Exim Bank aims to create export capabilities and international competitiveness with particular focus on SMEs, and seeks to help them establish their products overseas, enter new markets by assisting them in locating overseas buyers, partners for their products and services.

Export capability

It is also involved in financing and promoting joint ventures overseas, creating export capability in SMEs, grass-root rural business enterprises and agro-industries.

The Bank has, so far, facilitated many SMEs to become active players in the global market in sectors such as Information Technology, auto components, pharmaceuticals, textiles and apparel, agro and chemicals. It has 10 offices in India, and seven abroad.

Published on February 11, 2011

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