SBI to give financial services to EDC members
Dubai, November 23, 2009
Dubai Export Development Corporation (EDC) has signed a MoU with State Bank of India (SBI – DIFC Branch) under which the bank will provide financial support and services to EDC members comprising of exporters and manufacturers in the UAE.
The three-year agreement provides a framework that permits EDC members to obtain value -added financial services from SBI in the field of deposits, investments, corporate credit, loans and syndications, term loans and project finance, on a selective basis.
This agreement will facilitate credit to the exporters in the UAE at preferential and discounted terms.
With an earlier similar arrangement for product certification with M/s Intertek and now with SBI on financial services, EDC is continuously looking for partnerships with service providers who are able to provide attractive and beneficial services that support the local exporters in the Emirates to establish innovative businesses and to develop customer export prospects, said a spokesperson.
“We share the same objective of enhancing the growth of the UAE economy with EDC. Through this partnership, SBI can grant trade finance and short-term working capital loans including letters of credit and bank guarantees, in addition to term loans, project finance and as well as syndication of credit requirements at highly competitive rates to EDC members,” said Vidyasagar, chief executive officer, State Bank of India.
State Bank of India is the largest bank in India and is among the top 30 most reputable companies in the world according to Forbes. Last September 2009, SBI was granted a full banking licence from Dubai’s financial regulator.-TradeArabia News Service