Exim Bank to support entrepreneurs for overseas projects

In a bid to support entrepreneurs to build projects overseas, especially in Africa, to beat slowdown and boost trade, Export-Import Bank of India is planning to accelerate funding for such entrepreneurs, said Economic Times.

"What we are trying tell Indian companies that the recession is affecting the progress of projects within India. So please look at overseas projects as an alternative," Exim Bank, Executive Director, David Rasquinha said in the media report.

Discussing upon the importance of project exports, a senior Exim Bank Executive, said that the project exports are most sustainable and have long term benefits while overseas demand for textile or gems and jewellery largely depends on income and economic prosperity.

However, local demand has remained subdued too as the economy is facing a slower growth, added the media report.

Further, to boost the exporters, David Rasquinha added that it is best opportunity to explore African countries for building projects as the US has not recovered fully while Europe is still not doing well.

Dion GLobal Solutions Ltd.

Read more about: exim bank
Story first published: Tuesday, August 6, 2013, 9:21 [IST]
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