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 cooperation with Exim Bank would help IDBI Bank in increasing our reach to MSME Sector,” IDBI Bank Chairman and Managing Director R M Malla said.