07 Mar '11, 1pm

[CNA] Budget 2011: No Exim bank in Singapore, for now

[CNA] Budget 2011: No Exim bank in Singapore, for now

SINGAPORE: An export-import (Exim) bank is unlikely to take off in Singapore for now, according to the Second Minister for Finance Mrs Lim Hwee Hua. She was responding to queries in Parliament on Monday. Explaining why the idea for such an institution for cross border financing may not be feasible currently, she said the government found after a detailed feasibility study that there are insufficient economies of scale to set up one. She said such an institution would crowd out commercial financial institutions from a significant part of the market space they are already serving. For now, the government would focus on improving current schemes that small and medium enterprises (SMEs) could tap on. Such programmes include the Internationalization Finance Scheme and the Loan Insurance Scheme. In the last five years, such schemes have catalyzed export-related loans worth about...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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