Exim bank of India to boost funding for business projects overseas.

KOLKATA: Export-Import Bank of India is planning to beat slowdown and boost trade by accelerating efforts to grow funding for entrepreneurs who are ready to build projects overseas, especially in Africa.

A senior Exim Bank executive said project exports are most sustainable and have long term benefits while overseas demand for textile or gems and jewellery largely depends on income and economic prosperity. Local demand has remained muted too as the economy is facing a slower growth.

"What we are trying tell Indian companies is that the recession is affecting the progress of projects within India. So please look at overseas projects as an alternative," Exim Bank executive director David Rasquinha said Friday in Kolkata. He told exporters to explore African countries for building projects as the US has not recovered fully while Europe is still not doing well.

He said that seven of the fastest-growing countries in the world are in Africa. Setting up railway tracks, building power generation and other infra facilities in overseas markets are known as project exports.

Source : economictimes.indiatimes.com