The new Indian factoring and forfaiting company Global Trade Finance, a joint venture between EXIM Bank and West LB, is formally launched today.
Addressing a press conference in Mumbai Mrs Veena Mankar, Managing Director of Global Trade Finance, said the company was expected to have a turnover of at least US$200m in the first year and was likely to break even around the same time.
Global Trade Finance has also entered into a memorandum of understanding with the French credit insurers COFACE. COFACE will provide credit protection on an e-commerce platform on which Global Trade Finance will provide the factoring service to Indian exporters.
Source: Financial Times – Asia Africa Intelligence Wire
