BY PTI From The Economic Times

NEW DELHI: Axis BankBSE -0.44 % today announced that it will help traders boost relations between India and Latin America and the Caribbean in a collaboration with Inter- American Investment Corporation.

It will facilitate trade with Latin America and the Caribbean in which Axis Bank will participate in the Trade Finance Facilitation Programme (TFFP) as a confirming bank.

Axis Bank said it is the first Indian Bank to be a part of such a facility.

“With increasing trade relations between the two and considering the potential for the overall economy, the collaboration aims to foster bilateral trade relations by allowing ease of transactions,” Axis Bank said in statement.

The Inter-American Investment Corporation (IIC) will be acting on behalf of the Inter-American Development Bank (IDB).

“By virtue of this collaboration, we will further strengthen our international trade relations in the region. We are looking at growing trade financing overseas and this is another step towards serving our customers internationally,” Axis Bank Group Executive, Corporate Banking and Transaction Banking Sidharth Rath said.

Hoping that the partnership will accelerate trade relations between India and the South American continent, Axis Bank said the proposition unites experience of public sector with expertise and agility of private sector.