Saudi Gazette JEDDAH — The landmark memorandum of understanding sealed on Monday between the Islamic Corporation for the Development of the Private Sector (ICD) and the Export-Import Bank of India (Exim Bank), a specialized financial institution, wholly-owned by the government of India to finance and facilitate foreign trade, and the other MoU with Rashtriya Institute of Skill and Education (RISE), would not have been possible if not for the forward-looking initiative of Zafar Sareshwala, Chancellor, Maulana Azad National Urdu University (MANUU). Commenting on the successful signing of MoUs, he said "it was me who have invited the IDB officials to India 2-3 weeks back where they met several government officials like deputy governor for Reserve bank of India, chairman of several banks of India like Exim, IDBI, Union Bank and other banks. They also met the Indian Minister of Railways, IT, minority affairs and others. After these several meetings IDB has opened their minds towards working with India, which is not a member of the bank. Hence thus resulted in the signing of two great memoranda of understanding." He further said this is the beginning. My concern always was that IDB should work with India where both of them get benefitted with each other particularly with the Muslims of India. These memoranda of understanding are the part of the continuation of the visit of the Prime Minister of India. The first agreement was for line of credit for $100 million. "It is historic for me that this is for the first time IDB is working with a bank of India i.e. the Export-Import Bank of India. Exim Bank is already considered as the checque book for the government of India. The second agreement was between RISE and IDB for $55 million where IDB will be donating medical mobile units to India which will be fully equipped with X-Rays, ECG and all other medical facilities in both urban and specially rural areas of India. The donated mobile medical units will also be maintained by IDB for initially 5 years. We have already identified several places for this project. IDB is going to sign another memorandum of understanding very soon with IDBI bank of India for about 200 million dollars. There are various areas and opportunities in India where IDB is planning to work on in future. Other than IDB, the government of Saudi Arabia is planning to set up BPO's for Saudi women with the support of India. Sayed Aqa, ICD Vice President, said IDB's new strategy is to establish bridges and work with the Muslim community around the world particularly India and other member countries in terms of trade, businesses and to tight them closer and closer. "We have a very good relation with India now, hence this opens a lot of good opportunity for integration of business in Indian Muslim community and even beyond Muslim and business community in our other member countries. IDB president is also very much interested to work with India. This is a part of ICD's new strategy. I hope these memoranda of understanding will build more cement and understanding between the ICD and India." Tarun Sharma, Regional Head Export-Import Bank of India (Exim Bank), said that Exim Bank, since its inception, "has been both a catalyst and a key player in the promotion of cross-border trade and investment." He added: "We remain committed to support Indian exporters to enter new markets in their bid to expand and are convinced that our cooperation with the ICD will serve that very purpose and will be mutually beneficial for both parties."
