Mumbai, March 28: The Export Import Bank of India (Exim Bank) and the Central American Bank for Economic Integration (Cabei) have entered into a memorandum of understanding (MoU) for facilitating information exchanges and co-operation in business opportunities. The MoU was signed by Exim Bank's managing director YB Desai and Cabei's executive president Pablo R Schneider, in the presence of the Indian ambassador to Mexico and the Honduras GS Iyer as well as a high-level delegation of Indian corporates in Washington DC.Cabei, founded in 1960, is a multilateral development bank seeking to promote the economic integration and balanced economic development of Central American member countries like Costa Rica, EL Salvador, Guatemala, the Honduras, and Nicaragua. Said a release, "Following the MoU, the bank is considering extending a line of credit to Cabei, that can aid the growth of Indian exports to this region."
Mr Iyer urged the assembled Indian business community to take full advantage of the many opportunities offered by the efforts underway to develop the infrastructure, agribusiness and manufacturing sector of the Central American region. In aggregate, these five countries boast of a population of 35 million and a GDP of $50 billion. Said Mr Desai, "While present trade and investment flows between India and Central America are low, the potential for growth is significant. Exim Bank will offer a line of credit to Cabei that will enable the latter to lend funds to Central American importers of Indian goods and services."
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
