UK exporters get £1bn credit line for Indian projects
Indian investors will be able to get
loans either directly from, or backed by the UK government, when UK
firms have a major role in Indian road and rail projects.
The
UK's export finance body is to provide a £1bn line of credit for
investment in Indian infrastructure, Chancellor George Osborne has said.
Indian investors will be able to get loans either directly
from, or backed by the UK government, when UK firms have a major role in
Indian projects such as building roads and railways.
UK Export Finance will also be able to guarantee commercial loans in rupees.
Mr Osborne announced the plans during a trip to India to promote trade.
"Frankly, Britain does not export enough," Mr Osborne told
the BBC. "It's one of the disappointing features of the British economy.
I want us to do much more business with this extraordinary economy here
in India, exporting more, [and] trading more."
The £1bn line of credit is in addition to £3bn worth of export finance announced in the Budget.
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