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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

23/10/2004

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

Bernama

CATEGORY

HEADLINE

Exim Bank Of India To Expand Its Credit Line In Ma
MUMBAI, Oct 22 (Bernama) -- The Export and Import Bank of India (EXIMBank) is currently in talks with one of Malaysia's commercial bank toexpand its second credit line worth US$10 million (RM38 million), itschairman and managing director, T.C Venkat Subramaniam said.

"We are in talks with the bank. We try to conclude as soon as possible,within the next three months," he told Bernama after a briefing on theBank's activities with the Asean countries.

He said negotiations were on going on the interest rates and some othermatters and he declined to name the Malaysian commercial bank involved.

Currently, EXIM Bank of India has one credit line with EXIM Bank ofMalaysia.

Credit lines are used to facilitate trade, for example, if a credit lineis provided to EXIM Bank of Malaysia, it can utilise it to financeMalaysian importers who want to import goods from India.

He said EXIM Bank of India would extend about US$10 million facility for astart and this could be increased.

Such facility, he said was important to enhance bilateral trade betweentwo countries.

"This additional facility is very important given that there is greatpotential to enhance trade between Malaysia and India," he added.

Currently, Malaysia is India's second largest trading partner in Aseanafter Singapore.

India's total export worldwide is US$65 billion with the Malaysian marketaccounting for 17 percent.

Among the products imported from Malaysia is palm oil and petroleum whilethe products exported include software and spices.

-- BERNAMA