IDBI ties up with Exim Bank to co-finance export-oriented companies

MUMBAI: Public sector lender IDBI Bank has entered into an agreement with Exim Bank for co-financing of export-oriented companies, the bank said in a release today.

Under the memorandum of cooperation (MoC), IDBI Bank and Exim Bank would co-finance, co-arrange, syndicate rupee and foreign currency loans, jointly finance export-oriented projects in the country.

It will also provide refinance facility in rupee or in foreign currency for extending short-term export credit and long-term capex loans to eligible export-oriented companies, particularly in the SME sector, the release said.

"The memorandum of co-operation with Exim Bank would help IDBI Bank in increasing our reach to MSME Sector," IDBI Bank Chairman and Managing Director R M Malla said.