ANSWER: EXIM Bank
Explanation:
- The Union Cabinet has given its approval to create a Project Development Fund (PDF) with a corpus of Rs 500 Crore for catalysing Indian economic presence in the Cambodia, Laos Myanmar and Vietnam.
- The PDF shall be housed in Department of Commerce and operated through the EXIM Bank.
- CLMV countries namely Cambodia, Laos, Myanmar and Vietnam have a unique position in the regional value chains and offer a gateway for market access to China/EU and other markets due to various trade agreements.
- The key advantage of positioning India on the regional value chains is securing on a long term basis, a dedicated market for Indian raw materials and intermediate goods besides a dedicated source for inputs and raw materials for Indian industry.
- While opportunities are a plenty in CLMV region, Indian entrepreneurs' endeavors in these countries have, thus far, been limited due to limited information, infrastructure and other contingent risks.
- The PDF shall benefit India's industrial community for business expansion, and to maintain cost competitive supply chains, besides integrating with global production networks.
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