Chennai : City based United Economic Forum (UEF), which has the focus of promoting entrepreneurship amongst backward communities including minorities, Monday signed agreements with Indian Overseas Bank (IOB) and GK Industrial Park.
“We have signed memorandums of understanding (MoU) with IOB and GK Industrial Park. Our project cell will vet a project and recommend the same to IOB for funding. The bank would fund the project as per their parameters,” UEF president Ahmed A.R.Buhari told reporters here .
According to him, the UEF wants its members to set up industrial units in Tiruchirappalli (Trichy).
Those members wanting to set up industrial units will be referred to GK Industrial Park which in turn would allot the plots.
Officials said based on the number of proposals received from UEF the plot rate would be determined.
“We are in discussion with Jammu and Kashmir Bank for signing a similar MoU,” Buhari said.
He said UEF is a 30-year-old organisation set up to promote entrepreneurship amongst backward communities, and the forum is trying to bring the backward communities in alignment with the state and the nation by encouraging the members to take up manufacturing activities.
He said the UEF will also mentor first generation entrepreneurs for successful implementation of their projects.