New Delhi, Jul 11
Axis Bank, India’s third largest private bank announced its collaboration with Inter-American Investment Corporation (IIC) to facilitate trade with Latin America and the Caribbean. Axis Bank is the first Indian Bank to participate in the Trade Finance Facilitation Program (TFFP) as a confirming bank. The IIC, acting on behalf of the Inter-American Development Bank (IDB), is recognised as an honest broker in the region.
The value comes from being able to unite the experience of the public sector with the expertise and agility of the private sector. According to a press release issued by Axix Bank, Latin America, over the past decade has emerged as a flourishing export-import market for India and rivals the other developing continent Africa. With increasing trade relations between the two and considering the potential for the overall economy, the collaboration aims to foster bilateral trade relations by allowing ease of transactions.
Commenting on the announcement, Sidharth Rath, Group Executive, Corporate Banking and Transaction Banking, Axis Bank, said, ‘We are pleased to announce our relationship with the IIC as our partner in Latin America. By virtue of this collaboration, we will further strengthen our international trade relations in the region. We are looking at growing trade financing overseas and this is another step towards serving our customers internationally. We are confident that this partnership will accelerate trade.’