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EXIM Bank, ICD in MoU

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank has entered in an MoU with Export-Import Bank of India. The MoU envisages cooperation to explore the feasibility of extending a commercial line of credit of USD 100 million to ICD with the aim of facilitating the export of goods and services from India to ICD’s member countries. The agreement also aims at exchange of information on trade-related matters and the identification of business opportunities for Indian companies to pursue in ICD’s member countries. ICD MD and CEO Khaled Al Aboodi said 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. EXIM Bank regional head Tarun Sharma said EXIM Bank has been both a catalyst and a key player in the promotion of cross border trade and investment. The bank remains committed to support Indian exporters to enter new markets in their bid to expand. The co-operation with ICD will serve that very purpose and will be mutually beneficial for both parties, he said.

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