India has signed a memorandum of understanding with the 56-member Islamic Development Bank (IDB) for a possible $100 million line of credit to simplify exports to IDB’s member countries.
- The agreement was signed by Khaled Al-Aboodi, CEO of the ICD, and Tarun Sharma, regional head on behalf the EXIM Bank.
- This MoU will also be achieved through the exchange of information on trade-related matters and the identification of business opportunities for Indian companies to pursue in ICD’s member countries
- The MoU was inked between the IDB’s private sector arm, the Islamic Corporation for the Development of the Private Sector (ICD) and the Export-Import Bank of India (EXIM) Bank to finance and facilitate foreign trade.
- The MoU emphasizes cooperation to explore the feasibility of extending a commercial line of credit of USD 100 million to ICD with the aim of facilitating the export of goods and services from India to ICD’s member countries.
- The recipients of EXIM Bank’s commercial lines of credit act as intermediaries and on lend to overseas buyers for the import of Indian goods and services.
- Mumbai based Export-Import Bank of Indiais the premier Export finance institution in India.
- Yaduvendra Mathur is the current Chairman and Managing Director of the financial institution