SAMN
NEW DELHI: India on Wednesday launched a long-term concessional credit scheme to help build export infrastructure in developing nations, especially in Africa, the Gulf and neighbouring countries like Bangladesh , Nepal and Sri Lanka.
“For big projects like rail, power and road infrastructure, developing countries can get long-term finance under this scheme. It will help build capacities in the developing countries,” Commerce and Industry Minister Anand Sharma told reporters after launching the scheme here.
The new “Buyer’s Credit” programme will enable Indian companies to be in a competitive position vis-a-vis peers from other nations in project bids.
The scheme has been developed by the state-run Export-Import (Exim) Bank of India in conjunction with the Export Credit Guarantee Corporation (ECGC).
“Developing countries are the major markets for India’s project exports, and these countries demand medium to long-term credits. With the introduction of this new product, I am sure, many project exporters would be in a position to venture into new markets, and help diversify India’s exports,” the minister said.
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(Thanks to Pritam Rohila)