A Memorandum of Understanding (MoU) was signed between the Islamic Corporation for the Development of the Private Sector (ICD) (www.IDC-ps.org), the private sector arm of Islamic Development Bank (IDB) Group and Export-Import Bank of India (EXIM Bank), a specialized financial institution, established under an Act of the Indian Parliament, wholly owned by the Government of India with a mandate to finance, facilitate and promote India’s foreign trade.

The MoU envisages cooperation to explore the feasibility of extending a commercial line of Credit of USD100.0 million to ICD with the aim of facilitating the export of goods and services from India to ICD’s member countries. Typically, the recipients of EXIM Bank’s commercial lines of credit act as intermediaries and on lend to overseas buyers for the import of Indian goods and services. Under the agreement, co-operation will also be achieved through the exchange of information on trade-related matters and the identification of business opportunities for Indian companies to pursue in ICD’s member countries.

The MoU was signed by Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD, and Mr, Tarun Sharma, Regional Head of EXIM Bank.  

During the signing ceremony, Mr. Khaled Al-Aboodi commented: “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. I believe ICD’s member countries can offer vibrant business prospects for India’s exporters.”

Mr. Tarun Sharma said, “Since its inception, EXIM Bank has been both a catalyst and a key player in the promotion of cross border trade and investment. 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 parties.”