HSBC signed agreement with UK Export Finance (UKEF) to provide 100 million pounds to Indian MSMEs and corporates to finance imports from the UK.
MOUs and Agreement
HSBC India and UK export credit agency UK Export Finance (UKEF) agreed to set up a financing program of up to £100 million to assist Indian micro, small and medium enterprises (MSMEs) and corporates in financing their imports from the UK Is. HSBC India and UKEF signed a Letter of Intent (LOI), enabling them to work together on opportunities related to UKEF's guarantee-backed structures. India was the UK's 12th largest trading partner in the four quarters to the end of Q2 2023, accounting for 2.1 per cent of the UK's total trade. In 2021, around 7,500 UK SMEs with approximately 3,17,300 employees exported £1.2 billion of goods to India, accounting for 85 per cent of all UK businesses exporting goods to India. Providing better financial access and developing an ecosystem that enhances the productivity of SMEs and their competitiveness is critical to achieving broad-based growth.
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