HSBC India has signed an agreement of a £100 million financing programs for MSME for UK Export Finance

HSBC India and UK Export Finance (UKEF) intend to establish a financing program of up to £100 million for India's Micro, Small and Medium Enterprises (MSME) and corporates to finance imports from Britain, HSBC India said in a statement on Thursday, November 23, 2023. On Thursday, HSBC India and UK Export Finance (UKEF) signed a letter of intent. This will help them work together on opportunities related to UKEF's guarantee-backed framework. The agreement will increase credit availability to Indian Micro, Small and Medium Enterprises (MSMEs) and corporates, and further strengthen trade ties between the two countries.
HSBC India CEO Hitendra Dave said, “We have a large franchise in India. Given our global strength, we are ideally placed to support the ambitions of Micro, Small and Medium Enterprises (MSME) and corporates through our agreement with UKEF.
Also, Harjinder Kang, HM Trade Commissioner for South Asia and Deputy British High Commissioner for Western India, said that with nearly 600 companies thriving in India, the Indian market will create huge opportunities for UK exporters.
India was the UK's 12th largest trading partner in the four quarters to the end of the second quarter of 2023. This is around 2.1 per cent of the UK's total trade. Again in 2021, around 7,500 UK SMEs, with around 3,17,300 employees, exported goods worth £1.2 billion to India. Providing this increased access to finance increases the productivity of SMEs. Also competitiveness is very important for achieving broad-based growth.

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