India, UK determined to strengthen economy
Moreover, Union Finance minister Arun Jaitley and his UK counterpart George Osborne also agreed on a Pound one billion line of credit from UK Export Finance (UKEF) to support Indian infrastructure projects
"Both countries agreed to pursue joint work on the common aim of exploring ways to encourage increased institutional investment in infrastructure. The ambitious package of measures to support investment in Indian infrastructure will include a £1 billion line of credit from UK Export Finance (UKEF) to support Indian infrastructure projects, such as Bengaluru-Mumbai Economic Corridor (BMEC)," Jaitley and Osborne said in a joint statement.
"This will be supported by the announcement today that 10 global banks are in discussions with UKEF to deliver government funded loans through the £3bn Direct Lending Scheme, with more banks expected to join them in the coming weeks. This will provide competitive finance to purchasers of UK exports in India," read the statement.
"India and the UK are taking determined actions to strengthen our respective economies and are working to improve further the business environment. Both sides welcomed this year’s focused approach in the G20 to achieving strong, sustainable and balanced growth through the development of comprehensive growth strategies that will be presented at the Brisbane Summit," it said.
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