HSBC India & UK Export Finance Tie Up for 100 mn Pound Financing Program

Current Context: HSBC India and UK Export Finance (UKEF) have signed a letter of intent to establish a financing program of up to 100 million pounds on 24th November 2023.

• This program is designed to support Indian Micro, Small, and Medium Enterprises (MSMEs) and corporates by financing their imports from the UK.
• HSBC India and UKEF will collaborate to originate, structure, and extend financing and credit facilities to Indian MSMEs.
• UKEF offers guarantee-backed structures that will be utilized in this partnership.
• Hitendra Dave, CEO of HSBC India, stated that MSMEs have emerged as a mainstay of innovation and growth in India and are the driving force behind the nation’s growth aspirations.
• Given HSBC’s large franchise in India and its global strengths, it is ideally placed to support the ambitions of these small businesses through its partnership with UKEF.

Question:

Q.1 Who signed a letter of intent to establish a financing program of up to 100 million pounds?
a. HSBC India and UK Export Finance (UKEF)
b. HSBC UK and India Export Finance (IEF)
c. HSBC USA and UK Export Finance (UKEF)
d. HSBC India and US Export Finance (USEF)