KUALA LUMPUR: Export-Import Bank of Malaysia Bhd and Export-Import Bank of India have signed a memorandum of understanding (MOU) to strengthen cooperation in financing, guaranteeing and other financial mechanism to support projects of interests to both the banks.
In a statement on Wednesday, Export-Import Bank of India said both institutions were already cooperating with each other under the umbrella of Asian Export-Import Banks Forum.
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“Through the MoU, both these institutions intend to identify areas of cooperation in providing funding support for Indian companies setting up operations in Malaysia, and Malaysian companies setting up operations in India,” it said.
Export-Import Bank of Malaysia’s acting chief executive officer Norzilah Mohammed and Export-Import Bank of India chairman and managing director Yaduvendra Mathur signed the MoU on the sidelines of the 21st annual meeting of the Asian EXIM Banks Forum (AEBF) in Tokyo.
Under the MoU, both banks would also endeavour to finance infrastructure and other projects in third countries where Malaysian and Indian enterprises were involved, and with a view to promoting economic cooperation and industrial development, as per their respective mandates, it said.
“The possibilities of financing in local currencies of eligible projects, including project, equipment, export and import and overseas investment financing in accordance with laws, regulations and regulatory requirements of India and Malaysia, will also be explored under MOU,” the statement said.
The MoU would further enhance the scope of information and knowledge sharing between the two banks, it said.
