BoB-Exim Bank to boost SME financing

Mumbai, Nov 22 | Updated: Nov 23 2005, 07:27am hrs
The state-owned Bank of Baroda (BoB) has signed a memorandum of co-operation (MoC) with Export-Import Bank of India for financing, syndication of rupee and foreign currency loans for export and import credit for small and medium enterprises growth plans in India and abroad. The MoC was signed by Anil Khandelwal, CMD, BoB and TC Ventak Subramanian, CMD, Exim Bank on Tuesday.

Terming the partnership as natural synergy for both the banks, Dr Khandelwal, said, The collaboration between Exim Bank and BoB will boost the export and international trade of the country and would provide finance to exporters in a much better way that possibly exist today. The BoB will also help Exim Bank in raising resources by the way of bonds. The maiden venture of the banks would be extending $51.3 million line of credit to the Sugar Corporation of Fiji. Currently, BoB is having 59 overseas branches (including subsidiaries).

The bank will shortly extend its presence in Trinidad & Tobago and Post of Spain and awaiting the RBIs approval for the countries like Sri Lanka, Male, Bangladesh, New Zealand and Canada.