MUMBAI: Export-Import Bank of India has signed an agreement with the United Nations Development Programme (UNDP) for financing a project on ‘Capacity Building of MSMEs in North East India for Export Competitiveness’.
The agreement was signed by David Rasquinha, Managing Director, Export-Import Bank of India, and Marina Walter, Country Director, UNDP. The project looks at creating stronger MSMEs (micro, small and medium enterprises) in the North-East region to boost exports. “The key strategy would be to take advantage of the emerging opportunities under the Government of India’s ‘Act East Policy’ that recognises the potential of the region in terms of natural resources, hydropower, close proximity to East-Asian countries, among others,” the statement said.
The key activities of the project include cluster-based support to grassroots MSMEs in North-East India in improving their export competitiveness through Bank’s GRID (Grass Roots Initiative and Development) Initiative. Through GRID, Bank extends financial support to promote grassroots initiatives/ technologies, particularly the ones with export potential to realise remunerative return on their produce and facilitate exports from these units.