Exim Bank is considering a fund for promoting research and development in engineering and creative economy space.
According to the bank Chairman and Managing Director, Mr T.C.A. Ranganathan, this will be similar to the venture capital fund of Rs 2,000 crore for the pharmaceutical sector being envisaged by the Union Government.
The Union Government had recently announced setting up a Rs 2,000-crore venture capital fund for promoting research and development in the pharma sector in collaboration with Exim Bank.
The Commerce Ministry is working on setting up of the fund and looking into other finer details. Exim Bank would act as an implementing agency, he added.
“We will start off with supporting R&D in pharma sector and then want a similar initiative to promote engineering and creative economy segments like fine arts, gaming solutions and animation, among others,” Mr Ranganathan told newspersons on the sidelines of a banking conclave organised by FICCI here.
This apart, the bank has already lent close to Rs 500 crore for promoting research and development among export-oriented units.
Exim Bank also has a sanction of $500 million (approximately Rs 2,800 crore at current exchange rate) for lending towards modernisation of clusters. This amount can be rolled out over the next five years, he said.
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