EXIM Bank signs $100 million deal with ICD

The Dollar Business Bureau

The Export-Import Bank of India (EXIM) and the Islamic Corporation for the Development of the Private Sector (ICD) signed an agreement to boost bilateral trade and investment between India and the members of Islamic Development Bank.

A $100 million line of credit was announced to facilitate export of goods and services from India to ICD’s member countries.

Tarun Sharma, Regional Head of EXIM Bank of India and Khaled Al Aboodi, the Chief Executive Officer and General Manager of the Islamic Corporation for the Development of the Private Sector signed the MoU in Jeddah.

“Since its inception, EXIM Bank has been both a catalyst and a key player in the promotion of cross-border trade and investment,” Sharma said during the signing ceremony.

“We remain committed to support Indian exporters to enter new markets in their bid to expand, and we are convinced that our co-operation with ICD will serve that very purpose and will be mutually beneficial for both the parties,” he said.

“Moving forward, we are very excited to find common ground and work with EXIM Bank. We acknowledge that India, being the seventh largest economy in the world, has a lot to offer, and its high-quality exports of goods and services can drive the next wave of growth,” said Al-Aboodi.

“I believe ICD’s member countries can offer vibrant business prospects for India’s exporters,” he said.