The Engineering Export Promotion Council (EEPC) of India and Punjab National Bank (PNB) on Monday singed an MoU to provide access to finance for the small and medium enterprises and merchant exporters of the council.

The public sector bank will provide finances with assurance that loans up to Rs 10 crore would be provided within six to seven weeks at competitive rates, the bank’s Executive Director Sanjiv Sharan said here.

As per the Memorandum of Understanding, the lender would extend foreign currency loan facilities to the members of the council and provide advisory support to financing projects through its more than 200 authorised foreign exchange branches.

The engineering exporters would also be given a gold card under which additional benefits like speedy sanction and disbursals of loans will be extended, the bank’s Zonal Manager L. K Malhotra said.

“Though Indian engineering exports have registered an annualised increase of over 44 per cent in September 2017, the funding is essential to keep up the growth momentum,” the council’s Regional (Eastern Region) Chairman Arun Kumar Garodia said.