Exim Bank. Export-Import Bank of India

PRESS RELEASES

Exim Bank of India Raises US$ 500 Million 5 year Tenor Reg S Green Bond At a Coupon of 2.75% p.a.

Export-Import Bank of India, India’s premier export finance institution, successfully launched a 5 year Reg S Green Bond issue of US$ 500 mn on March 24, 2015. The issue attracted subscription of around 3.2 times the issue size led by strong demand, across 140 accounts.

 

The 5 year US$ 500 mn Eurodollar Green bond issue was priced at 147.50 basis points over US Treasuries (UST) at a fixed coupon of 2.75% p.a., cutting through the current secondary trading levels of similar bonds and achieving a pricing tighter than the Bank’s own US$ 500 mn Reg S bonds issued in February 2015 for a 5.5 year tenor.

 

The above transaction is significant as it marks the first USD-denominated Green bond offering out of India as well as the first benchmark-sized Green bond out of Asia in 2015 and the third ever Green bond issuance out of Asia. It provides Exim Bank an opportunity to expand its investor base and to support an important market as investors seek more socially responsible investment options. Exim will use the net proceeds from the sale of the notes to fund Eligible Green Projects in countries including Bangladesh and Sri Lanka.

 

The issue attracted over US$ 1.6 bn of book across 140 accounts with significant participation from green investors and real money accounts. The offering saw majority (58%) participation from fund managers, while banks (20%), sovereign wealth funds / insurance companies (18%) were the other major investor classes. The issue was distributed 60% to Asian investors, 30% to EMEA (Europe, Middle East and Africa) and balance to offshore US investors. Bank of America Merrill Lynch and J.P. Morgan acted as Joint Lead Managers on the offering. Exim Bank of India has been rated as ‘BBB-’ by Standard and Poor’s and ‘Baa3’ by Moody’s, same as the rating of Government of India.

Mr.Yaduvendra Mathur, Chairman and Managing Director of Exim Bank, commented, “The Green Bonds reinforce our commitment to the environment and helped us connect with socially responsible investors that care about the Green investments that we facilitate. Exim Bank has been a pioneer in opening new markets for capital raising for other Indian issuers. In the past, Exim India was the first to issue bonds in the Uridashi, Australian Dollar, Singapore Dollar and Samurai bond markets, which was followed by other Indian issuers. This is another attempt to open an increasing important market segment to other Indian issuers and we see more Indian companies following suit to tap the Green bond markets”.

 

 

Mr. David Rasquinha, Deputy Managing Director of Exim Bank, commented, “We are pleased to see the robust demand for our transaction despite recent market volatility. We were able to upsize the transaction to US$500mm from initial indication of US$250-300mm based on strong investor response. The deal announcement followed calls with select global investors spanning over two days. We were able to pick the optimal execution window and are very satisfied with the outcome. Exim Bank has successfully expanded its investor base to include a new class of socially responsible investors”.

 

Exim Bank aims to promote India’s international trade and investment. The Bank offers Indian companies a comprehensive range of products and services, supported by analysis and research, with a view to enhancing their international competitiveness. The Bank supports Indian exporting companies, especially medium-sized enterprises, in their globalisation efforts through a variety of lending programmes.

 

For further information, please contact Mr. Samuel Joseph, Chief General Manager, Treasury & Accounts Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005. Telephone 22172644, Fax: 22182497; E-mail: samuel_joseph@eximbankindia.in

Dr. John Lipsky Delivers Exim Bank’s Commencement Day Annual Lecture 2015
Press Conference

Highlights from Dr. Lipsky’s Lecture

  • Although the onset of the Crisis remains vivid to me – as I had the benefit and burden of witnessing it from my position at the IMF – I recall how the scale of the economic and financial challenge represented by the unfolding Crisis – that began for me in August 2007 -- was not recognized generally until the dramatic events of September 2008.
  • One aspect that was clear to all in the wake of the Lehman bankruptcy was that the sharp increase in the relative economic weight of the key emerging market economies meant that success in resisting the Crisis would require these counties’ full partnership.
  • The near-term outlook contains important uncertainties. These include the financial market and economic impact of inevitable Fed rate hikes and the continuing strains within the Eurozone from – among other things – the yet-unresolved Greek situation, and the fate of promised French and Italian reform efforts. Moreover, the outlook for Japan – and the additional reforms measures that may be enacted by the Abe government – remains far from clear.
  • The most likely outcome for the advanced economies in 2015 is for a moderate improvement in growth prospects, but still subdued inflation pressures in the context of residual unused capacity.

 

  • There is a sense around the world that India could be at the commencement of an exciting period of accelerated progress that could encompass many important social, economic and financial aspects. However, some of this current relative favour is just that, reflecting a somewhat less positive outlook than previously toward other large emerging economies and markets, and in fact toward emerging market economies in general.

Dr. John Lipsky, Senior Fellow, Paul H. Nitze School of Advanced International Studies, Johns Hopkins University, Washington D.C and Former First Deputy Managing Director of the International Monetary Fund, delivered Exim Bank’s Commencement Day Annual Lecture in Mumbai on March 23, 2015. He spoke on the topic “Evolving International Governance, Emerging Markets and India’s Economic Prospects.”

 

In his Lecture, Dr. Lipsky discussed four themes: He began by summarizing some recent history and provided perspective on the changing role of emerging market economies. Next, he spoke on the prospects and risks facing the global economy, including a highly compressed progress report on recent efforts to improve global economic and financial governance in the wake of the Global Financial Crisis of 2007/2009. Third, he explored recent shifts in international investors’ and businesses’ views of the prospects of emerging economies, and finally, he drew some implications of relevance for India stemming from these developments.

 

He spoke at length about the changing dynamics in the geopolitical and global economic scenario and elaborated on the evolving investor views of Emerging Market economies. Dr. Lipsky said, “India’s circumstances today are not exactly ideal, but they are unusually positive. The favourable combination of low advanced economy inflation and low interest rates – and improving advanced economy growth prospects -- will not last forever, but it should not disappear quickly. Lower energy prices and commodity prices are expected to add to the positive mix for some time to come. Investor expectations are favourable, both because of promises of reform and because of problems evident in other emerging markets.”

Dr. Lipsky currently is a Senior Fellow at Johns Hopkins University's Paul H. Nitze School of Advanced International Studies, based in Washington, DC. Previously, Dr. Lipsky served as First Deputy Managing Director of the International Monetary Fund from September, 2006 to August, 2011, as well as Acting Managing Director during May-July 2011. Subsequently, he served as Special Advisor to the IMF's Managing Director through the Cannes G20 Summit in November, 2011. Before joining IMF in 2006, Dr. Lipsky was Vice Chairman of the JPMorgan Investment Bank. Previously, Dr. Lipsky served as JPMorgan's Chief Economist, and as Chase Manhattan Bank's Chief Economist and Director of Research.

Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank of India, said that Exim Bank’s Commencement Day Annual Lecture series, instituted in 1986, has earned recognition as an important milestone in contributing to the debate and discussions on contemporary trade and development issues impacting global economy. Dr. Hasmukh Adhia, Secretary, Department of Financial Services, Ministry of Finance, Government of India, presided over the Lecture. Dr. Adhia said, “India is among the few emerging market economies that were able to withstand the global financial crisis and still emerge as one of the growth drivers of today”.  He emphasized upon the ‘Make in India’ initiative of the Government of India which is aimed at transforming the nation into a manufacturing hub and development of the country’s infrastructure, while creating an environment conducive for setting up of business ventures in India.  He also stressed that while the manufacturing sector in India has grown rapidly over the years, there is need for enhanced role of the sector towards contributing to national development. 

 

PICTURE CAPTION: Dr. John Lipsky, Senior Fellow, Paul H. Nitze School of Advanced International Studies, Johns Hopkins University, Washington D.C and Former First Deputy Managing Director of the International Monetary Fund, delivered Exim Bank’s Commencement Day Annual Lecture in Mumbai on March 23, 2015. Also seen in the picture are Dr. Hasmukh Adhia, Secretary, Department of Financial Services, Ministry of Finance, Government of India and Mr. Yaduvendra Mathur, Chairman and Managing Director, Export-Import Bank of India.

Exim Bank Organises Seminar On Project Exports In Chennai
Press Conference

Shri David Rasquinha, Deputy Managing Director, Exim Bank (3rd from left) speaking at the ‘Stakeholders Seminar on Project Exports’ on March 05, 2015 in Chennai. Seated left to right, Shri A. Chakrapani, Director, Enmas GB Power Systems Projects Ltd.;Shri S. Varadarajan, Executive Director & Group CFO, VA Tech Wabag Ltd.; Shri V. Ravichandran, Head (SSC), L&T Construction, Larsen & Toubro Ltd.;Shri A.D. Choudhary, General Manager & Head - Africa, Ashok Leyland Ltd.;and Shri S. Chandramohan, President & Group CFO, Tractors and Farm Equipment Ltd. (TAFE).

 

Export-Import Bank of India (Exim Bank) organized a “Stakeholders Seminar on Project Exports” on 05th March 2015 in Chennai, with the objective to develop a concrete road-map to give a quantum boost to India’s Project Exports in order to give a major fillip to manufactured exports and employment generation in India.

Project exports are a measure of a nation’s economic development and Exim Bank has been playing the crucial role of a coordinator and facilitator for the promotion of Project Exports covering overseas industrial turnkey projects, civil construction contracts, supplies as well as technical and consultancy service contracts out of India. Exim Bank, with its strong belief in the capabilities of Indian exporters’ technical competence and capacity to control costs, has been constantly endeavouring to provide further impetus to Indian Project Exports by constantly devising innovative financing programmes and products.

Exim Bank’s flagship programmes such as Lines of Credit and Buyers’ Creditare designed to offer funding options to the overseas buyers in order to enable Indian project exporters to access new markets in developing countries and increase exports of goods and services from India, and create jobs.

Exim Bank, in collaboration with the African Development Bank, is also setting up a Project Development Company (PDC) in Africa to identify and develop infrastructure projects with the objective of providing the Indian private sector an opportunity to invest in and implement such projects in Africa. The PDC is expected to provide specialist project development expertise to take the infrastructure project from concept to commissioning. The PDC shall focus on infrastructure projects that have specific strategic interest to India. The PDC is expected to provide an entire gamut of project development expertise to identified projects.

Exim Bank is supporting 374 project export contracts valued `161,083 crore (approx. USD 26.85 billion) that are currently under execution, in 78 countries across Asia, Africa and CIS by 112 Indian companies. These projects are being supported by Exim Bank through a mix of funded and non-funded facilities.

The Seminar was addressed by Shri David Rasquinha, Deputy Managing Director, Exim Bank and included a Panel Discussion at which key industry leaders were represented. Shri S. Chandramohan, President & Group CFO, Tractors and Farm Equipment Ltd. (TAFE), Shri V. Ravichandran, Head (SSC), L&T Construction, Larsen & Toubro Ltd., Shri A.D. Choudhary, General Manager & Head - Africa, Ashok Leyland Ltd., Shri S. Varadarajan, Executive Director& Group CFO, VA Tech Wabag Ltd., and Shri A. Chakrapani, Director, EnmasGB Power Systems Projects Ltd.,  shared their views on the challenges and the way forward, in particular, on how to ensure a level playing field for Indian project exporters. The Seminar was attended by nearly 75 participants from close to 40 leading Indian companies.

Speaking on the occasion, Shri Rasquinha noted that this Seminar has been organised with the objective to develop a concrete road-map to give a quantum boost to India’s Project Exports in order to give a major fillip to manufactured exports and employment generation in India. ShriRasquinha further mentioned that Exim Bank has a strong belief in the capabilities of the Indian Project Exporters’ technical competence and capacity to control costs, and the Bank endeavours to provide further impetus to Indian Project Exports by constantly devising innovative financing programmes and products.

Shri Rasquinha further mentioned that Exim Bank aims to boost Indian Project Exports from the current levels of USD 27 billion to over USD 50 billion in the next 5 years through its innovative initiatives and by leveraging the increasing opportunities in Asia, and Africa.He noted that GOI support would be critical to achieve this target for India. Exim Bank is organising a series of such Stakeholders’ Seminars to seek industry feedback for creating a level playing field for Indian project exporters.

 

For further information,

please contact Ms. Harsha Bangari,

General Manager,

Export-Import Bank of India,

Centre One Building, Floor 21,

World Trade Centre Complex, Cuffe Parade,

Mumbai 400 005.

Telephone: [022] 2217 2301,Fax: [022] 22182572.

E-mail: peg@eximbankindia.in

Exim Bank Completes One-Month Long Workshop For Handicraft Artisans In West Bengal
Press Conference

Exim Bank, in association with the Child and Social Welfare Society (CSWS), successfully concluded a 30-day workshop aimed at training artisans in creative and modern designs for natural fibre-based handicrafts in Paschim Medinipur, West Bengal. The workshop, being first of its kind in the region, was inaugurated on Wednesday, January 28, 2015 and ended on March 02, 2015.

CSWS, a non-government fair trade organization, is working in the region with a focus on education, health, income-generation and welfare for mother, children and old-age people of marginalized and underprivileged section of the rural community for last 45 years. CSWS works with close to 5000 artisans, majority of them being women, working in rural areas of Paschim and Purba Medinipur, Bankura and Purulia districts of West Bengal.

In order to help CSWS expand its presence in the overseas market, essentially through better designing and packaging, Exim Bank organized the month-long workshop for select 50 master artisans based in villages around Pachim Medinipur district of West Bengal. The workshop covered two key areas, viz. (a) Providing inputs for modern designing of crafts and product development; and (b) sharing technical knowledge on advanced tools and equipments to increase production. The workshop is expected to improve the existing practices as also development of product prototypes for export markets. The participants (master artisans) of this training programme are expected to guide the producer groups in the areas of product development and other key aspects.

Speaking on the final day of the Workshop, Mr. Debasish Mallick, Deputy Managing Director, Exim Bank, said that the objective of the Workshop was to improve the quality of products for the export markets which would help the artisans in getting better income and also create additional employment opportunities. He said that Exim Bank has been continuously striving to promote exports from grassroots level. He highlighted that the value of handicraft exports can be significantly enhanced through improvements in quality aspects like designs, colour combinations and packaging, keeping traditional artwork of the country intact along with suitable improvement in the design development. This will lead to better price realization arising out of new products and hence increased exports. However, there is a greater need to work with like-minded organizations both in the private sector and the Government including producer companies, societies, trusts and clusters to achieve this objective.

The workshop was a part of Exim Bank’s initiatives to develop strong linkages between export development and poverty reduction, formalized under a specialized group, viz. Grassroots Initiative and Development (GRID), which aims at handholding various grassroots level organizations/ enterprises in order to help them reach out to overseas buyers. The Bank, through this initiative, has supported various grassroots enterprises across the country in skill building for craft items like coconut shell products, handicraft and handloom products, medicinal products, agarbatii rolling, bidriwares, wood carving, kalamkari paintings etc.

For further information, please contact:

 

Mr. B Ramesh Babu,

 

Regional Head, 

 

Vanijya Bhawan, Floor 4, (International Trade Facilitation Centre) ,

 

1/1, Wood Street, Kolkata – 700 016,

 

Phone: (0133) 22833419/22833420, Fax: (0133) 22891727

E-mail     : eximkro@eximbankindia.in 

 

Website   : www.eximbankindia.in

Exim Bank Extends Line Of Credit of USD 55 Million To The Government Of The Republic Of Congo
Press Conference

Export-Import Bank of India [Exim Bank] has, at the behest of the Government of India, extended a Line of Credit [LOC] of USD 55 million to the Government of the Republic of Congo, for setting up a Greenfield 600 tpd rotary Kiln Cement Plant Project in the Republic of Congo. The LOC Agreement to this effect was signed in New Delhi, India on Wednesday, February 25, 2015, by Mr. Yaduvendra Mathur, Chairman & Managing Director on behalf of Exim Bank and H.E. Mr. Félix NGOMA, Ambassador of the Republic of Congo in India.

 

This is the third LOC to the Government of the Republic of Congo. Exim Bank had earlier extended two LOCs to the Government of the Republic of Congo, valued USD 70 million for financing a Rural Electrification Project and USD 89.90 million for Development of Transport System. The Republic of Congo is located in Central Africa bordered by Gabon, Cameroon, the Central African Republic, the Democratic Republic of Congo and Angolan exclave of Cabinda.

 

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. Major export items from India to the Republic of Congo are rice [non-basmati], tea, spirit and beverages, power loom fabrics, pharmaceuticals, meat products, household articles of steel, bicycles, etc.

 

With the signing of this LOC Agreement, Exim Bank has now in place 192 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 11.64 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

 

               

For further information, please contact Mrs. Geeta Poojary, General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005.

Telephone: [022] 22162073/ 2217 2310, Fax: [022] 22182460.

 

Exim Bank Of India Raises US$ 500 MN For 5.5 Year Tenor At a Coupon Of 2.75% P.A.

Export-Import Bank of India, India’s premier export finance institution, successfully launched a 5.5 year Reg S Bond issue of US$ 500 mn on  February 4, 2015. The issue attracted subscription of around four times the issue size led by strong demand, from over 150 investors.

 

The 5.5 year US$ 500 mn Eurodollar bond issue was priced at 155 basis points over US Treasuries (UST) at a fixed coupon of 2.75% p.a., cutting through the current secondary trading levels of similar bonds and achieving a pricing tighter than the Bank’s own US$ 500 mn Reg S bond issue in March 2014 for a 5.5 year tenor. The bond also has been issued at the tightest spread vs. UST amongst all Indian USD bond transactions since the financial crisis and achieved the lowest ever coupon by an Indian Financial Institution for a public USD bond. The issue attracted more than US$ 2 bn of book size from over 150 accounts. The allocation was made to 117 investors across the globe. Barclays, Citigroup and Standard Chartered Bank acted as Joint Lead Managers and book runners for the offering. Exim Bank of India has been rated as ‘BBB-’ by Standard and Poor’s and ‘Baa3’ by Moody’s, same as the rating of Government of India.

 

The offer received strong institutional response across various investors such as asset management companies, sovereign wealth funds, public banks and pension funds/ insurance companies. Over 52% of the issue was distributed to European investors, 36% to Asian investors and remainder primarily to offshore US investors. Mr. David Rasquinha, Deputy Managing Director of Exim Bank, commented, “We are pleased to see the robust demand for our transaction despite the market volatility. The response reflects the high level of interest in Indian paper, especially trusted names like Exim. The swiftness of the execution process was impressive and ensured a strong momentum. We were able to pick the optimal execution window and are very satisfied with the outcome. We are also happy to see participation from repeat investors being supplemented by new high quality investors."

 

Exim Bank aims to promote India’s international trade and investment. The Bank offers Indian companies a comprehensive range of products and services, supported by analysis and research, with a view to enhancing their international competitiveness. The Bank aggressively supports Indian exporting companies, especially medium-sized enterprises, in their globalisation efforts through a variety of lending programmes.

 

For further information, please contact Mr. Samuel Joseph, Chief General Manager, Treasury & Accounts Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005. Telephone 22172644, Fax: 22182497; E-mail: samuel_joseph@eximbankindia.in

Exim Bank Seminar Motivates Indian Companies To Look At Opportunities In Central And East Europe, And CIS Regions
Press Conference

Export-Import Bank of India (Exim Bank), in collaboration with European Bank for Reconstruction and Development (EBRD), organized a seminar on ‘Developing New Business Opportunities in Central / East Europe, and CIS Countries’, in Mumbai on January 30, 2015.

 

Mr. David Rasquinha, Deputy Managing Director, Exim Bank, while welcoming the EBRD delegation and participants of the seminar, highlighted the potential of Indian companies in undertaking projects and investments in diverse sectors viz., energy, transport, communication, ICT, among others. Organising such seminars are joint endeavours of both the institutions in enhancing the awareness about multilateral funded projects, which would contribute to increased Indian participation in EBRD funded projects, and enhance the involvement of Indian companies in EBRD’s investment programmes in this region, Mr. Rasquinha said. Mr. Rasquinha also underscored the support provided by Exim Bank to the contractors executing funded projects, who could explore business potential of this region.

 

Ms. Nandita Parshad, Director, Power and Energy Utilities, EBRD, who led the presentations at the seminar, presented an overview of EBRD, its role and objectives. Ms. Parshad stated that the EBRD sees great potential for Indian companies in the emerging economies where the EBRD is active. “We have already seen excellent examples of cooperation with top-class Indian firms. But there is scope to do so much more”, Ms. Parshad said.

 

Mr. Dirk Plutz, Senior Procurement Specialist in EBRD, presented the procurement policies and procedures of EBRD, which would enable the Indian companies to enhance their business interests especially in securing projects funded by EBRD in its countries of operations. Mr. Plutz added that “only six Indian suppliers, contractors and consultants have been awarded contracts under EBRD financed projects in the last five years. The seminar will hopefully contribute to a significantly larger number of Indian companies participating in projects financed by EBRD in the coming years.”

 

The EBRD, set up in 1991 as a multilateral funding agency with area of operations being in 35 countries in Central and Eastern Europe and CIS regions, promotes entrepreneurship and fosters transition towards open and democratic market economies. EBRD has more recently expanded into Turkey, and North Africa and the Middle East. The Bank regularly invests in its countries of operations together with private sector companies, helping the movement of private sector expertise and private capital into the regions.

Mr. Debasish Mallick, Deputy Managing Director, Exim Bank of India, pointed out that the Bank through its links with multilateral agencies, financial institutions, trade promotion agencies and service providers, offers a wide range of services to supplement its financing programmes. Such seminars are in line with Exim Bank's objective of proactively supporting the globalization efforts of Indian companies.

 

 

For further information, please contact Mr. S. Prahalathan, Chief General Manager, Export-Import Bank of India, Centre One, Floor 21, World Trade Centre, Cuffe Parade, Mumbai 400 005 Telephone : 2216 0364 / 2217 2704, Fax : 2218 0743; E-Mail : prahalathan@eximbankindia.in

Exim Bank Of India Taps The Japanese Samurai Bond Market – Lowest Ever Coupon For A 10-Year JBIC Part Guaranteed Bond
Exim Bank Of India Taps The Japanese Samurai Bond Market – Lowest Ever Coupon For A 10-Year JBIC Part Guaranteed Bond

Export-Import Bank of India (Exim Bank) issued 10-year bonds in the Japanese bond market (Samurai Bonds) for Japanese Yen 20 billion. Samurai bonds are yen-denominated bonds issued by foreign government or company in the Tokyo bond market. JBIC’s guarantee will cover the principal and part of the interest of privately placed Samurai bonds. Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities, Mizuho Securities and SMBC Nikko Securities were the Joint Lead Arrangers to the issue.

The guarantee was extended under JBIC’s Guarantee and Acquisition toward Tokyo market Enhancement (GATE) facility. JBIC supports Samurai Bond issues by foreign entities in the Tokyo bond market by providing credit enhancement. Thereby, JBIC helps expand and diversify the range of investment opportunities available to Japanese investors and help activate the Samurai bond market. This transaction was a repeat issuance for Exim Bank in the Samurai bond market after its inaugural JBIC guaranteed Samurai bond in 2011. The order book was oversubscribed by 1.5 times despite the rising uncertainties in Japanese markets following the third quarter GDP data for Japan. The final issue size was JPY 20 billion and the Bond was priced at 0.97% (YSO+27 bps) for 10 years. Exim Bank achieved the tightest spread and the lowest coupon, the first sub-one percent, in the history of the GATE facility. The previous record for the lowest coupon was held by the bonds issued by the Government of Turkey (1.05%).

The proceeds of the Samurai bonds will be used by Exim Bank to fund Indian project exports to Sri Lanka for financing Railway ProjectsinSriLanka.

Given the low levels of yield in the Japanese market, the Japanese bond market is an attractive option for issuers from India. The renewed optimism on the economic outlook for India and also the bold quantitative easing announced by the Bank of Japan have increased the appetite for the Indian paper in the Japanese market. With the above issue, Exim Bank has been able to diversify its source of overseas funding. It has in the past raised funds in various currencies which inter-alia include Australian Dollars, Japanese Yen, Mexican Peso, Singapore Dollars, South African Rand, Swiss Francs, Turkish Lira and US Dollars.

Exim Bank has been raising foreign currency resources from the international market, which constituted approximately 46 per cent of the Bank’s borrowings as on March 31, 2014. Exim Bank’s objective is to finance and promote India's International Trade and Investment. The Bank offers to Indian companies a comprehensive range of finance, information and advisory services, supported by analysis and research, with a view to enhancing their international competitiveness. The Bank enjoys investment grade rating on par with the Indian sovereign from four international agencies viz. Baa3 from Moody’s, BBB- from Standard and Poor’s and Fitch and BBB+ from Japan Credit Rating Agency (JCRA).

Exim Bank seeks to leverage its strong financials and sovereign rating to raise foreign currency resources from international debt-capital markets through a variety of instruments and a diversified investor base, thereby enabling it to extend financial assistance to Indian exporting companies at competitive rates.

For further information, please contact
Mr.Samuel Joseph,
Chief General Manager,
Export-Import Bank of India, Centre One Building,
Floor 21, World Trade Centre Complex,
Cuffe Parade, Mumbai 400 005.
Telephone: 022-22172644,
Fax: 022-22162062.
E-mail: samuel_joseph@eximbankindia.in

Seminar On "Economic Development And Inclusive Growth" Held As A Curtain Raiser To The 20th Annual Asian Exim Banks Forum (Aebf) In Jodhpur On November 17, 2014
Seminar on "Economic Development and Inclusive Growth" Held as a curtain raiser to the 20thAnnual Asian Exim Banks Forum (AEBF) in Jodhpur on November 17, 2014

Jodhpur, November 17, 2014: The 20th Annual Meeting of the Asian Exim Banks Forum (AEBF) will be held in Jodhpur on November 18, 2014. The Asian Exim Banks Forum (AEBF) was set up in 1996 by Exim Bank of India to exchange information and share ideas in a structured manner between the major Export Credit Agencies (ECAs) in Asia. The member countries include India, Australia, China, Indonesia, Japan, Korea, Malaysia, Philippines, Thailand and Vietnam. The Asian Development Bank has Permanent Observer status in the Forum.

As a curtain raiser to the milestone 20th Annual Meeting, Exim Bank of India organized a half-day seminar on “Economic Development and Inclusive Growth” on Monday, November 17, 2014, which was presided over by the Honourable Minister of Industries, Government of Rajasthan, Shri Gajendra Singhji Khimsar. Besides being widely attended by local banks and other organisations, it was also attended by the Leaders of all the AEBF member institutions.

In the era of globalization, inclusive growth is not unique to emerging and developing economies but resonates in the advanced economies as well. In this context, ECAs and development finance institutions and banks having wide global network too, could endeavor to play an important role in promoting and fostering inclusive growth through financial inclusion of especially MSMEs while catalyzing their globalization endeavors.

The Chairman and Managing Director of Export-Import Bank of India Mr. Yaduvendra Mathur, in his remarks noted that inclusiveness and sustainability have been the foundation of development in most countries around the world. It would be difficult to envisage development and growth with exclusion of a majority of the section of the society from mainstream economic activity.

The deliberations during the seminar highlighted the increasing impact of financial inclusion and the critical role of DFIs and export credit agencies such as Exim Bank’s in contributing to a nation’s economic development.

The honourable Minister of Industries, pointed out that financial and economic inclusion are key drivers of sustained economic growth and that growth without socio-economic inclusion would be unsustainable in the long run. He opined that it is only when the lower strata of the society, as also small and micro enterprises become part of this growth initiative, that the country could reap the full benefits of sustained economic development.

For further information, please contact
Ms. Deepali Agrawal,
Deputy General Manager,
Export-Import Bank of India, Centre One Building,
Floor 21, World Trade Centre Complex,
Cuffe Parade, Mumbai 400 005.
Telephone: 022-22172829,
E-mail: deepali@eximbankindia.in

Exim Bank's Study Highlights Potential For Enhancing India's Bilateral Ties With CLMV Countries
Press Conference
Release of Exim Bank’s study on “Enhancing India's Bilateral Ties with Cambodia, Lao PDR, Myanmar, Vietnam: A Brief Analysis" at the hands of Mr. Rajeev Kher, Commerce Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India at the 2nd India-CLMV Business Conclave held at the Taj Palace, New Delhi on December 10, 2014. Also seen is Mr. Yaduvendra Mathur (second from left), Chairman and Managing Director, Exim Bank

Export-Import Bank of India (Exim Bank)’s study on “Enhancing India's Bilateral Ties with Cambodia, Lao PDR, Myanmar, Vietnam: A Brief Analysis" was released at the hands of Mr. Rajeev Kher, Commerce Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India at the "2nd India-CLMV Business Conclave" held at the Taj Palace, New Delhi on December 10, 2014.

Exim Bank’s study highlights the significant progress made by the CLMV countries in integrating with the global economy, with total trade of the region risen from US$ 71 billion in 2004 to US$ 342 billion in 2013, underlined by steady rise in both exports and imports, resulting in doubling of the region's share in ASEAN's total trade from 6.6% in 2004 to 13.4% in 2013.

The study delineates the strengthening of economic and trade ties between India and the ASEAN region in recent years, which results in expansion of trade between India and the CLMV countries, which increased more than ten-fold in the last decade, from US$ 1.1 billion in 2004 to 11.2 billion in 2013.

At the same time, India's approved direct investments in joint ventures (JVs) and wholly owned subsidiaries (WOSs) in the CLMV countries increased from US$ 0.1 million in 2004-05 to US$ 40.9 million during 2013-14, with the bulk of the flows towards Vietnam (54.9 per cent of the total flows to the CLMV region). By March 2014, India's cumulative investments in JVs and WOSs in the CLMV countries since April 1996 stood at US$ 753.4 million.

The study stressed that addressing infrastructure bottlenecks in the region, which stem mainly from limited economic capacity of the CLMV countries to invest in their domestic infrastructure, is of critical importance for the development and growth of the region. Potential areas for investments and cooperation in the CLMV region, in which India can play important role, would include, among others, agricultural sector, especially in transition from traditional farming to commercial farming through application of technology; financial sector, including banking; information and communication technology (ICT) sector; manufacturing; infrastructure; and SME sector.

For further information, please contact
Mr. David Sinate,
Chief General Manager,
Export-Import Bank of India, Centre One Building,
Floor 21, World Trade Centre Complex,
Cuffe Parade, Mumbai 400 005.
Telephone: (022) 22172701,
Fax: (022) 22182572.
E-mail: eximloc@eximbankindia.in

Exim Bank’s Goi-Supported Line Of Credit [LOC] Of USD 1 Billion Extended To The Government Of Nepal
Press Conference
Mr. David Rasquinha, Deputy Managing Director, on behalf of Exim Bank signing the Line of Credit Agreement for USD 1 billion for financing Hydropower, Irrigation and Infrastructural Development Projects in Nepal with Mr. Madhu Kumar Marasini, Joint Secretary, Ministry of Finance, on behalf of the Government of Nepal, on November 25, 2014, in the presence of the Prime Minister of India H.E. Mr. Narendra Modi and the Prime Minister of Nepal H.E. Mr. Sushil Koirala.

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended a Line of Credit [LOC] of USD 1 billion to the Government of Nepal for financing Hydropower, Irrigation and Infrastructural Development Projects in Nepal. The LOC Agreement to this effect was signed in Kathmandu, Nepal, on Tuesday, November 25, 2014, by Mr. David Rasquinha, Deputy Managing Director, on behalf of Exim Bank and Mr. Madhu Kumar Marasini, Joint Secretary, Ministry of Finance, on behalf of the Government of Nepal. The LOC Agreement was signed in the presence of the Prime Minister of India H.E. Mr. Narendra Modi, the Prime Minister of Nepal H.E. Mr. Sushil Koirala and diplomats from the Government of India and the Government of Nepal.

 

With the signing of the above LOC Agreement for USD 1 billion, Exim Bank, till date, has extended three Lines of Credit to the Government of Nepal, at the behest of the Government of India, taking the total value of LOCs extended to USD 1.35 billion. The first LOC of USD 100 million was extended to the Government of Nepal in September 2007 for financing road, rural electrification, power transmission and hydro power projects in Nepal. The second LOC of USD 250 million was extended to the Government of Nepal in October 2011 for financing infrastructure projects such as highways, airports, bridges, irrigation, roads, railways and hydropower projects in Nepal. Nepal is a landlocked country located in South Asia and bordered to the north by China, and to the south, east, and west by India. Nepal is separated from Bangladesh by the narrow Indian Siliguri Corridor. The major items that India exports to Nepal are petroleum products, primary and semi-finished iron and steel, transport equipment, cereals, machinery and instruments, and plastics and articles.  

 

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. With the signing of this LOC Agreement, Exim Bank has now in place 189 Lines of Credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of over USD 11.51 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

 

For further information, please contact
Mrs. Geeta Poojary,
General Manager,
Export-Import Bank of India, Centre One Building,
Floor 21, World Trade Centre Complex,
Cuffe Parade, Mumbai 400 005.
Telephone: [022] 22162073 / 2217 2310,
Fax: [022] 22182460.
E-mail: eximloc@eximbankindia.in

Exim Bank’s GoI- Supported Two Lines Of Credit [LOCs] Of USD 22.50 Million Each Extended To The Government Of The Gambia.
Press Conference
Mr. Debasish Mallick, Deputy Managing Director, on behalf of Exim Bank concluding two Line of Credit Agreements for USD 22.50 million each with H.E Mr. Kebba S. Touray, Minister of Finance and Economic Affairs, Government of The Gambia, on behalf of the Government of The Gambia, on October 29, 2014.

Export-Import Bank of India [Exim Bank] has, at the behest of the Government of India, extended two additional Lines of Credit [LOCs] to the Government of The Gambia, viz. USD 22.50 million for financing electrification expansion project for greater Banjul Area and USD 22.50 million for financing replacement of Asbestos Water Pipes with UPVC Pipes in the Greater Banjul Area in Gambia. The LOC Agreements to this effect were signed on Wednesday October 29, 2014, by Mr. Debasish Mallick, Deputy Managing Director, on behalf of Exim Bank and by H.E. Mr. Kebba S. Touray, Minister of Finance and Economic Affairs, Government of The Gambia on behalf of the Government of The Gambia.

With the signing of the above two LOC Agreements aggregating USD 45 million, Exim Bank, till date, has extended five Lines of Credit to The Gambia, at the behest of the Government of India, taking the total value of LOCs extended to USD 78.58 million. The first LOC of USD 6.7 million was extended to the Government of The Gambia in November 2005 for financing the supply of 500 tractors with spares and assembly. The second LOC of USD 10 million was extended to the Government of The Gambia in August 2008 for construction of the National Assembly Building Complex in Gambia and third LOC of USD 16.88 million was extended to the Government of The Gambia in October 2012 for completion of the National Assembly Building Complex in Gambia. Gambia is a country located in West Africa, and is surrounded by Senegal and a short coastline on the Atlantic Ocean in the west. The country is situated around the Gambia River which flows through the country's centre and empties into the Atlantic Ocean. The main items that India exports to Gambia are cotton, cereals, man-made fibres and electrical machinery and equipment.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. With the signing of this LOC Agreements, Exim Bank has now in place 188 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.51 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.


For further information, please contact 

Mrs. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22162073 / 2217 2310
Fax: (022) 22182460.
E-mail:eximloc@eximbankindia.in

 

Exim Bank’s Push For A Quantum Jump In India’s Project Exports
Press Conference
Shri Yaduvendra Mathur, IAS, Chairman & Managing Director, Exim Bank (extreme left) delivering the keynote address, at the ‘Stakeholders Seminar on Project Exports’ on October 16, 2014 in Mumbai. Seated left to right, Shri David Rasquinha, Deputy Managing Director, Exim Bank, Shri N. Shankar, Chairman-cum-Managing Director, ECGC Ltd., Shri Sanjay Kirloskar, Chairman & Managing Director, Kirloskar Brothers Ltd., Shri Debasish Mallick, Deputy Managing Director, Exim Bank.

Project exports are a measure of a nation’s economic development. Export-Import Bank of India (Exim Bank) organized a “Stakeholders Seminar on Project Exports” on 16th October 2014 in Mumbai,with the objective to develop a concrete road-map to give a quantum boost to India’s Project Exports in order to give a major fillip to manufactured exports and employment generation in India.

Exim Bank has been playing the crucial role of a coordinator and facilitator for the promotion of Project Exports covering overseas industrial turnkey projects, civil construction contracts, supplies as well as technical and consultancy service contracts out of India. Exim Bank, with its strong belief in the capabilities of Indian exporters’ technical competence and capacity to control costs, has been constantly endeavouring to provide further impetus to Indian Project Exports by constantly devising innovative financing programmes and products.

Exim Bank’s flagship programmes such as Lines of Credit and Buyers’ Creditare designed to offer funding options to the overseas buyers in order to enable Indian project exporters to access new markets in developing countries and increase exports of goods and services from India, and create jobs.

Exim Bank, in collaboration with the African Development Bank, is also setting up a Project Development Company (PDC) in Africa to identify and develop infrastructure projects with the objective of providing the Indian private sector an opportunity to invest in and implement such projects in Africa. The PDC is expected to provide specialist project development expertise to take the infrastructure project from concept to commissioning. The PDC shall focus on infrastructure projects that have specific strategic interest to India. The PDC is expected to provide an entire gamut of project development expertise to identified projects.

As on September 30, 2014, 374 project export contracts valued `161,083 crore (approx. USD 26.85 billion), supported by the Bank, were under execution, in 78 countries across Asia, Africa and CIS by 112 Indian companies. These projects have been supported by Exim Bank through mix of funded and non-funded facilities.

The Seminar was addressed by Shri Yaduvendra Mathur, IAS, Chairman & Managing Director, Exim Bank and Shri N. Shankar, Chairman-cum-Managing Director, ECGC Ltd., and included a Panel Discussion moderated by Shri David Rasquinha, Deputy Managing Director, Exim Bank, at which key industry leaders like Shri Sanjay Kirloskar, Chairman &Managing Director, Kirloskar Brothers Ltd., Shri S. Kuppuswamy, Advisor, Group Finance & Special Projects, Shapoorji Pallonji & Co. Pvt. Ltd., Shri Ramesh Chandak, Managing Director & CEO, KEC International Ltd., Shri Rajesh Sharma, Chairman & Managing Director, Ion Exchange (India) Ltd., Rear Admiral (Retd.) K.N. Vaidyanathan, Head of Defence Shipbuilding, Larsen &Toubro Ltd. and Shri Manish Mohnot, Executive Director, Kalpataru PowerTransmission Ltd.,shared their views on the way forward, in particular, on how to ensure a level playing field for Indian project exporters. The Seminar was attended by nearly 100 participants from close to 60 leading Indian project exporting companies.

Speaking on the occasion, Shri Mathur noted that this Seminar has been organised with the objective to develop a concrete road-map to give a quantum boost to India’s Project Exports in order to give a major fillip to manufactured exports and employment generation in India.Shri Mathur further mentioned that Exim Bank has a strong belief in the capabilities of the Indian Project Exporters’ technical competence and capacity to control costs, and the Bank endeavours to provide further impetus to Indian Project Exports by constantly devising innovative financing programmes and products.

Shri Mathur further mentioned that Exim Bank aims to boost Indian Project Exports from the current levels of USD 27 billion to over USD 50 billion in the next 5 years through its innovative initiatives and by leveraging the increasing opportunities in Asia, and Africa.He noted that GOI support would be critical to achieve this target for India. Exim Bank proposes to organise a series of such Stakeholders’ Seminars to seek industry feedback for creating a level playing field for Indian project exporters.

For further information, please contact 

Ms. Harsha Bangari,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: [022] 22181489/2217 2301,
Fax: (022) 22182572.
E-mail:peg@eximbankindia.in

 

Exim Bank Announces The Winner Of IERA (International Economic Research Annual) Award 2013
Press Conference
Presentation of Exim Bank IERA Award 2013 by Dr. Indira Rajaraman, member of Central Board of the Reserve Bank of India, to the Award winner, Dr. Anwesha Aditya in the presence ofMr. Yaduvendra Mathur, Chairman & Managing Director, Exim Bank of India at the Award Function held in New Delhi on September 30, 2014. Exim Bank's Occasional Paper titled "Trade Liberalisation, Product Variety and Growth" was also released byDr. Rajaramanan at the function.

Dr.Anwesha Aditya was declared the winner of Export-Import Bank of India’s (Exim Bank) International Economic Research Annual (IERA) Award 2013 for her Doctoral dissertation titled “Trade Liberalisation, Product Variety and Growth”. The Exim Bank IERA Award 2013 was announced by Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank, at an award function held on September 30, 2014, in New Delhi. The Award consisting of Indian Rupees Two Lakh Fifty Thousand and a Citation were handed over by the Chief Guest, Dr.Indira Rajaraman, member of Central Board of the Reserve Bank of India, who also released Exim Bank’s Occasional Paper titled “Trade Liberalisation, Product Variety and Growth”, which is based on Dr.Aditya’s Award winning thesis.

Mr. Mathur, highlighted that the Exim Bank IERA Award, instituted in 1989, is given for Doctoral dissertations in the area of international economics, trade, development and related financing by Indian nationals from Indian or foreign universities. The year 2013 was the twenty fifth year of the Award. Commenting on the Award winning thesis, Mr. Mathur noted that the research study addresses the various intriguing facets of trade liberalization, product diversification, and economic growth.

Winning Thesis:
Dr.Aditya obtained her Doctorate in Economics from the JadhavpurUniversity in 2013and at present is Assistant Professor of Economics at the Department of Humanities and Social Sciences of Indian Institute of Technology Kharagpur. In her thesis, Dr.Aditya seeks to provide an analysis of the impact of trade liberalisation, product diversification, and export composition on economic growth using an empirical and theoretical approach.The study also investigates whether the trade growth relationship may depend on institutions, like multilateral and regional trading arrangements and country-specific institutions such as political regimes of countries, and the productivity constraints, like human capital, and research and development (R&D).

Exim Bank:
Exim Bank International Economic Research Annual Award represents the Bank’s ongoing efforts at promoting research and analysis in the area of international economics, trade & development and related financing.

For further information, please contact 

Mr. David Sinate,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22172701,
Fax: (022) 22182572.
E-mail:dsinate@eximbankindia.in

 

Exim Bank’s GoI- Supported Lines Of Credit [LOCs] Of USD 2.71 Million And Usd 5.05 Million Extended To Banco Exterior De Cuba.
EXIM BANK’S GOI- SUPPORTED LINES OF CREDIT [LOCs] OF USD 2.71 MILLION AND USD 5.05 MILLION EXTENDED TO BANCO EXTERIOR DE CUBA.

Export-Import Bank of India [Exim Bank] has, at the behest of the Government of India, extended two additional Lines of Credit [LOCs] to Banco Exterior De Cuba, Cuba Viz. USD 2.71 Million for financing the setting up of a bulk blending fertilizer plant and USD 5.05 Million for financing the modernization of an injectable products plant. The LOC Agreements to this effect were signed on Tuesday September 2, 2014, by Mr. Sriram Subramaniam, Deputy General Manager, on behalf of Exim Bank and jointly by Mrs. Elvia Graveran Pacheco, General Business Director and Mr. Yuri Corona Chavez, Commercial Director, on behalf of Banco Exterior De Cuba.

With the signing of the above two LOC Agreements aggregating USD 7.76 million, Exim Bank, till date, has extended three Lines of Credit to Cuba, at the behest of the Government of India, taking the total value of LOCs extended to USD 12.76 million. The first LOC of USD 5 million was extended to the Government of the Republic of Cuba in October 10, 2012 for financing the setting up of a Milk powder processing plant in Camaguey province of Cuba. Cuba is an island nation, located in the northern Caribbean Sea at the confluence of the Gulf of Mexico and the Atlantic Ocean. The United States America lies to the north-west, the Bahamas to the north, Haiti to the east, Jamaica and the Cayman Islands to the south, and Mexico to the west. The main items that India exports to Cuba are pharmaceuticals, fine chemicals, vehicles other than railway or tramway, organic chemicals, rubber manufactured products, and plastic products. The main items that India imports from Cuba are vegetables, fruits, nuts and their preparations, pharmaceutical products, leather, raw hides and skin.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. With the signing of this LOC Agreements, Exim Bank has now in place 197 Lines of Credit, covering 74 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.58 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.


For further information, please contact 

Mrs. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22162073 / 2217 2310
Fax: (022) 22182460.
E-mail:eximloc@eximbankindia.in

 

Roundtable With SelectUSA: Investment Opportunities In The US
Press Conference
Export-Import Bank of India organized a roundtable with SelectUSA, on September 23, 2014, to promote Indian investments in the US.

Export-Import Bank of India organized a roundtable with SelectUSA, on September 23, 2014, to promote Indian investments in the US. A team of senior officials from SelectUSA led by Ambassador Vinai Thummalapally, Executive Director, SelectUSA, as well as dignitaries from the US Embassy, New Delhi and US Consular General, Mumbai were present at the event.

During the visit of US Secretary of Commerce Ms. Penny Pritzker on July 30, 2014, Exim Bank had signed a Memorandum of Intent (MOI) with SelectUSA to encourage collaboration to promote Indian investment to the US. The MOI reinforces the strong commercial relationship between the two countries. Under the terms of the MOI, both parties will seek to act as central points of contact for existing and potential investors who seek investment opportunities and information on bilateral investment flows. The Roundtable is a part of this joint effort to enhance trade and investment relations between India and the US.

In his keynote address, Amb. Thummalapally encouraged collaboration between the two countries and urged for higher Indian investments in the US. A presentation by SelectUSA revealed India as one of the fastest growing sources of FDI in the US, growing at a CAGR of 29.3 percent between 2009-2013.

Speaking on the occasion, Mr. Yaduvendra Mathur, CMD, Exim Bank, spoke about India’s robust trade ties with the US, as well as growing Indian investments into the US in recent years, which has been a novel feature of bilateral ties. He briefed on the various programmes supported by Exim Bank in the US, and reaffirmed Exim Bank’s support to partner Indian companies in their endeavours to enhance their operations in the US.

The event was largely attended by potential Indian companies who are looking at the US for investments, as also those who would like to enhance their presence in the US market as part of their global endeavour.

For further information, please contact 

Mr. David Sinate,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22172701,
Fax: (022) 22182572.
E-mail:dsinate@eximbankindia.in

 

Exim Bank’s Study Highlights Potential For Enhancing Intra-SAARC Trade
Press Conference
Release of Exim Bank's publication on “Potential for Enhancing Intra-SAARC Trade: A Brief Analysis” at the hands of General (Dr.) Vijay Kumar Singh (Retd), Minister of State for External Affairs and Minister of State (Independent Charge) for Ministry of Development of North Eastern Region, Government of India, at the 4th Global Economic Summit 2014, held at the World Trade Centre, Mumbai, on September 11, 2014. Also seen is Mr. Yaduvendra Mathur (Second from right), Chairman and Managing Director, Exim Bank

Export-Import Bank of India (Exim Bank)’s study on “Potential for Enhancing Intra-SAARC Trade: A Brief Analysis” was released at the hands of General (Dr.) Vijay Kumar Singh (Retd), Minister of State for External Affairs and Minister of State (Independent Charge), Ministry of Development of North Eastern Region, Government of India, at the 4th Global Economic Summit 2014, held at the World Trade Centre, Mumbai, on September 11, 2014

Exim Bank’s latest study highlights that while the South Asian countries made significant progress in integrating with the global economy, it was limited by low level of intra-regional trade, which remained somewhat stagnant at a modest level of 4.3 per cent of global trade of the region, which was much below that of EU-27, ASEAN and CIS regions.

The study, while analysing the trading patterns within the region, reveals that levels of intra-regional trade in South Asia are quite diverse, indicating diverse level of member’s regional dependence for trade. An analysis of the share of SAARC in respective member’s global trade reveals that while countries like Bhutan and Nepal trade mostly with other SAARC members, countries like Afghanistan, Bangladesh, India, Maldives, Pakistan and Sri Lanka traded mostly with rest of the world

According to the study, growth of intra-SAARC trade has been constrained by a number of factors, which include, among others, high and escalating trade cost, including restrictive customs procedures, administrative and technical barriers; informal trade; poor intra-regional connectivity; supply side constraints and weak of productive capacity; inadequacies of trade-related infrastructure, trade finance, and trade information.

As a strategy to enhance Intra-SAARC trade, the study has identified select commodities at the 6-digit level in which SAARC members have potential for trade within the region. The study has estimated that the share of intra-SAARC trade to its global trade could increase to 5.7 per cent if these select identified commodities are traded among the SAARC members to their full potential. In addition, the study noted that addressing infrastructure bottlenecks, logistic constraints and connectivity issues, among others, could result in significant increase in intra-regional trade.

The study has identified select commodities in which SAARC members may consider revisiting and revising their sensitive lists for LDCs and non-LDCs, and draws attention to power trade among SAARC members, which has a huge potential to enhance intra-SAARC co-operation. Further, the study also delineates the need for opening of more ‘border haats’ to address the issue of high level of informal trade, and enhancing intra-regional connectivity in the form of granting transit rights to each other, especially taking into consideration the landlocked countries of the region.

For further information, please contact 

Mr. David Sinate,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22172701,
Fax: (022) 22182572.
E-mail:dsinate@eximbankindia.in

 

Exim Bank Extends USD 62.95 Million LOC To The Republic Of Senegal For Rice Self-Sufficiency Programme In The Republic Of Senegal
Press Conference
Mr. David Rasquinha, Deputy Managing Direct, Export-Import Bank of India (left) exchanging the Line of Credit Agreement for USD 62.95 million for Rice self-sufficiency programme in the Republic of Senegal with H.E. Mr. Amadou Moustapha DIOUF, Ambassador of the Republic of Senegal in India (right), on behalf of the Government of Republic of Senegal, in New Delhi.

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended an additional Line of Credit [LOC] of USD 62.95 million to the Government of the Republic of Senegal, for Rice self-sufficiency programme in the Republic of Senegal. The LOC Agreement to this effect was signed on Wednesday September 17, 2014, by Mr. David Rasquinha, Deputy Managing Director on behalf of Exim Bank and H.E. Mr. Amadou Moustapha DIOUF, Ambassador of the Republic of Senegal in India, on behalf of the Government of Republic of Senegal.

With the signing of the above LOC Agreement, Exim Bank, till date has extended twelve Lines of Credit to the Republic of Senegal, at the behest of the Government of India, taking the total value of LOCs extended to the Republic of Senegal to USD 269.36 million. The LOCs have supported export of items like agricultural machinery and equipment, buses and vans, medical equipments, equipments for rural electrification project, meat processing project, fisheries development project, IT training projects, Irrigation project.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. The Republic of Senegal is a country in West Africa. Exim Bank has now in place 196 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.77 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.


For further information, please contact 

Mrs. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22162073 / 2217 2310
Fax: (022) 22182460.
E-mail:eximloc@eximbankindia.in

 

Exim Bank Extends USD 100 Million LOC To Vietnam For Financing Purchase Of Equipment/Supplies In Vietnam
Press Conference
Mrs. Geeta Poojary, General Manager, Lines of Credit and Trade Finance Group, Export-Import Bank of India (sitting on extreme left) signing the Line of Credit Agreement for USD 100 million for financing purchase of equipment / supplies in Vietnam with Mr. Truong Chi Trung, Vice Minister, Ministry of Finance (sitting on extreme right) on behalf of the Government of the Socialist Republic of Vietnam, in Hanoi, Vietnam in the presence of H.E. Mr. Pranab Mukherjee, President of India and H.E. Mr. Trương Tấn Sang, President of Vietnam.

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended an additional Line of Credit [LOC] of USD 100 million to the Government of the Socialist Republic of Vietnam, for financing the purchase of equipment / supplies in Vietnam. The LOC Agreement to this effect was signed on Monday September 15, 2014, by Mrs. Geeta Poojary, General Manager, Lines of Credit and Trade Finance Group on behalf of Exim Bank and Mr. Truong Chi Trung, Vice Minister, Ministry of Finance on behalf of the Government of the Socialist Republic of Vietnam. The LOC Agreement was signed in the presence of the President of India H.E. Mr. Pranab Mukherjee, the President of Vietnam H.E. Mr. Trương Tấn Sang and diplomats from the Government of India and the Government of Vietnam.

With the signing of the above LOC Agreement, Exim Bank, till date has extended four Lines of Credit to Vietnam, at the behest of the Government of India, taking the total value of LOCs extended to Vietnam to USD 191.50 million. The LOCs have supported export of items like equipments for hydro power project, cold rolling steel, carding and spinning machines, hydraulic power equipment, tea processing machinery and the Nam Chien Hydropower Project in Vietnam.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Vietnam is the eastern most country on the Indo-China Peninsula in Southeast Asia. Exim Bank has now in place 195 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.71 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.


For further information, please contact 

Mrs. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22162073 / 2217 2310
Fax: (022) 22182460.
E-mail:eximloc@eximbankindia.in

 

Need Conducive Policy Framework And Institutional Support Systems To Support Domestic Shipbuilding: Exim Bank Study
Press Conference
Mr. Yaduvendra Mathur, Chairman & Managing Director, Exim Bank with Mr. Gautam Chatterjee, Director General of Shipping and Mr. Vijay G Kalantri, CEO, Dighi Port Ltd releasing Exim Bank's publication on “Strategic Development of Ship Building Sector: Comparison of Institutional Support Systems and Policy Framework in India and Select Countries” during a seminar for Key Stakeholders from the Shipping and Shipbuilding industry in Mumbai on September 9, 2014.

Mumbai, September 9, 2014: The development of a successful shipbuilding sector has been pivotal to the rapid and robust economic development in most countries in the world with long coastal boundaries. Shipbuilding industry has the potential to significantly contribute to national GDP. The sector has an immense direct and indirect positive impact on most other manufacturing and ancillary industries, besides its huge dependence on infrastructure and services sectors in an economy.

The Study, which analyses the shipbuilding industry in select countries, noted that, in line with the trends in global trade, the global shipbuilding industry witnessed a continued contraction during the period 2008 to 2012, with global shipbuilding order book position declining from 368 million gross tonnage (GT) in 2008 to touch a low of 160 million GT in 2012. The industry in major shipbuilding nations, such as China, South Korea, Japan, Philippines, Brazil, Vietnam and India witnessed this contraction. However, reflecting the recent pickup in global trade witnessed in 2013, the global shipbuilding industry has also witnessed a rebound to touch 182.9 million GT in 2013. All the major shipbuilding nations, except India, have also registered turnaround in the industry. The Big-3, viz. China, South Korea, Japan, dominate the global shipbuilding industry, together accounting for as much as 87% of the global industry in 2013. Other countries, such as Philippines, Brazil and Vietnam, in recent years, have also emerged as important shipbuilding nations, reflecting the strong institutional and policy support by respective governments.

The Study highlights that India ranks amongst the major global exporters of ships and boats. Reflecting India’s potential, India’s exports of ships and boats have witnessed a steady and sharp rise during the period 2002 to 2011, significantly increasing from a marginal US$ 56 million to US$ 7 billion during the period. Consequently, India’s global ranking has also witnessed a sharp rise from the 22nd position in 2002, to the 10th position in 2008, and further to the 5th position in 2009. Reflecting its global export capability, India ranked as the 4th largest global exporter of ships and boats, accounting for 3.7% of global exports during 2011. However, with the slump in global demand India’s exports of ships and boats too moderated to US$ 4.1 billion in 2012, and further to US$ 3.6 billion in 2013, with India’s ranking also slipping to the 5th position in 2012, and further to the 7th position in 2013.

The study emphasised the need for a conducive policy framework and institutional support system to support India’s endeavours to emerge as a vibrant shipbuilding nation. Towards this end, countries such as Brazil, Philippines and Vietnam, among others, have put in place strong policy framework and support systems that have contributed significantly to these countries’ emergence as vibrant and growing shipbuilding nations. Learning from such country experiences could prove to be beneficial in development and expansion of India’s own shipbuilding industry.

Accordingly, the study suggested certain broad strategies and recommendations which include, among others: setting up of a Marine Fund to support domestic shipbuilding similar to the Merchant Marine Fund (FMM) of Brazil; according ‘Strategic Industry Status’ to the ship building industry as in case of Philippines; technology upgradation through Joint Ventures as seen in case of Vietnam; setting up a Specialized Marine Financing Institution and Marine Finance Scheme as is prevailing in Malaysia; and exploring potential demand from overseas markets by matching India’s export capability with demand existing for ships in emerging markets, including Africa. In this direction, an important strategy could be putting in place credit lines to identified potential markets, which would serve to enable such countries to increase imports from India, while also generating much needed assured orders for Indian shipyards.


For further information, please contact 

Mr. David Sinate,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22172701,
Fax: (022) 22182572.
E-mail:dsinate@eximbankindia.in

 

Exim Bank Of India Collaborates With JBIC To Promote Infrastructure Development
Press Conference
Chairman & Managing Director of Export-Import Bank of India (Exim Bank) Mr. Yaduvendra Mathur and Governor & CEO of Japan Bank for International Cooperation (JBIC) Mr. Hiroshi Watanabe signed a Memorandum of Understanding (MoU) in Tokyo on September 1, 2014.

Chairman & Managing Director of Export-Import Bank of India (Exim Bank) Mr. Yaduvendra Mathur and Governor & CEO of Japan Bank for International Cooperation (JBIC) Mr. Hiroshi Watanabe signed a Memorandum of Understanding (MoU) in Tokyo on September 1, 2014.

The objective of the MoU is to jointly explore the possibility of infrastructure development collaboration to enhance connectivity and regional integration between India and its neighbouring countries. Under the MoU, both the institutions will also explore the possibility of financing business opportunities in other countries, such as African countries where Indian and Japanese companies have a presence, to promote economic cooperation and industrial development.

In January this year, the Government of India and the Government of Japan had announced their intention to further cooperate in building infrastructure that will improve connectivity and regional integration between India and its neighbouring countries to support cross border business activities thereby contributing to economic growth and development in the region.

“This collaboration between Exim Bank and JBIC will help Indian and Japanese companies to participate in critical infrastructure development projects for the region’s development,” said Mr. Watanabe.

Emphasising on the importance of the MoU, Mr. Mathur said, “It reinforces the strong commercial relationship between Indian and Japan. The availability of financing from the both the institutions will also allow Indian and Japanese companies to realize their full potential in infrastructure development projects.”

For further information, please contact: Mr. Samuel Joseph, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: (022) 22172600
Fax: (022) 22182572. E-mail: samuel@eximbankindia.in, Website: 
www.eximbankindia.in

Exim Bank Of India Collaborates With SelectUSA To Promote Indian Investments Into USA
Press Conference
Chairman & Managing Director of Export-Import Bank of India (Exim Bank) Mr. Yaduvendra Mathur (on the right) and Executive Director of SelectUSA Mr. Vinai Thummalapally signed a Memorandum of Intent (MOI) on July 30, 2014, to encourage collaboration to promote Indian investment to the United States.

Department of Commerce SelectUSA and Exim Bank
sign an agreement to promote increased investment in the US

Chairman & Managing Director of Export-Import Bank of India (Exim Bank) Mr. Yaduvendra Mathur and Executive Director of SelectUSA Mr. Vinai Thummalapally signed a Memorandum of Intent (MOI) on July 30, 2014, during the visit of US Secretary of Commerce Ms. Penny Pritzker, to encourage collaboration to promote Indian investment to the United States.

SelectUSA is the first US government-wide programme to promote and facilitate business investment in the United States. Exim Bank is actively involved in facilitating and supporting India’s bilateral trade and investment relations with partner countries including the United States. 

“This new collaboration between the Export-Import Bank of India and SelectUSA will open up doors for Indian companies to grow their business in the United States in so many new ways that was unimaginable in the past,” said Vinai Thummalapally, “The availability of financing from the Bank and the assistance of SelectUSA will allow these companies to realize their full potential.”

Mr. Mathur reaffirmed that, “with the synergy in bilateral trade and investment relations between India and the US, Exim Bank continues to fully support outward oriented Indian companies in their ventures in the US”.  He opined that this collaboration with SelectUSA would strongly add to its endeavours.”

This MOI serves as an important deliverable as the United States engages with India’s new government. US Secretary of Commerce Penny Pritzker witnessed the signing as a precursor to the US-India Strategic Dialogue in New Delhi on July 31, 2014. The MOI is a component of advancing commercial ties between the two countries.

The MOI reinforces the strong commercial relationship between the two countries. Under the terms of the MOI, both parties will seek to act as central points of contact for existing and potential investors who seek investment opportunities and information on bilateral investment flows. The parties also aim to collaborate on programming in India and the United States for existing and potential investors to the United States.


For further information, please contact 

Mr. David Sinate,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22172701,
Fax: (022) 22182572.
E-mail:dsinate@eximbankindia.in

 

Outward Direct Investments (ODI) In Manufacturing Declines: Exim Bank Study

Outward direct investments (ODI) from India have undergone a considerable change not only in terms of magnitude but also in terms of geographical spread and sectoral composition. ODI has been playing an increasingly important role in enhancing the global competitiveness of Indian firms, inter alia, by, providing access to strategic assets, technology, skills, natural resources and market. An Exim Bank study titled ‘Outward Direct Investment from India: Trends, Objectives & Policy Perspectives’, observes that India’s outward investment increased from US$ 1.0 billion in 2001-02 to US$ 30.9 billion in 2011-12. RBI data indicates that a significant amount of this investment has been going to countries like Mauritius, Singapore, British Virgin Islands and the Netherlands. The study notes that while in themselves, these countries are neither large enough nor do they have significant domestic markets to warrant the amount of investments witnessed over the years by Indian entities, they do provide considerable amount of tax benefits which make them attractive destinations for onward routing of investments into third countries. The ultimate destination of investments is not captured in the RBI data and hence may not accurately reflect the extent of the linkages between India and the rest of the world in terms of actual outward investments.

 


In terms of sectoral dispersion, the study points out that it has primarily been the manufacturing sector that has been the favoured choice for Indian ODI , across most of the last decade, although its significance has gradually been waning. Thus, while the share of manufacturing sector in India’s ODI was 59.8% in 2003-04, its share declined to 31.5% in 2011-12. Within manufacturing, refined petroleum products were the largest category (in terms of cumulative investments), followed by pharmaceuticals, medicinal chemical and botanical products, and motor vehicles. While the sectoral dispersion has remained fairly stable during this period, the notable change has been the emergence of fabricated metal products (except machinery and equipment) and special purpose machinery among the major segments of Indian overseas investment during the latter part of the decade.

 


The study has also undertaken a primary research on the motives of India ODI which indicates varied objectives, ranging from low labour cost advantages in the host country and saturation of the Indian market to the need to enhance their export-competitiveness in third country markets and to exploit the domestic market potential in other countries. However, a clear outcome that emerges from the survey based research undertaken in the study is that overseas investment activities of Indian companies are motivated essentially by a set of firm-specific objectives and could range from acquisition of brands and technology to securing resources.

 


The study opines that the Government can play a proactive role in encouraging cross-border investments from India by drawing up an enabling policy environment. In this context, the study has drawn out a few suggestions like creating an institutional mechanism in the form of an Overseas Investment Promotion Council for promotion of ODI; earmarking separate funds for promoting cross border investments; and aligning bilateral investment treaties from the perspective of both inward and outward FDI. Further, presently, the data on ODI captures only the actual flow of funds rather than the ultimate destination of investment. Hence, the study recommends a granular analysis of ODI data, perhaps by the Reserve Bank of India, in an endeavour to monitor end use of such investments, thereby overcoming statistical inadequacy on ascertaining the actual investment destinations.

For further information, please contact 

Mr. Prahalathan Iyer,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22172704,
Fax: (022) 22182572.
E-mail:prahalathan@eximbankindia.in

Exim Bank Pays Rs. 339 Crore To Government As Balance Of Net Profit
Press Conference
Presenting the RTGS receipt of Rs. 339 crore as Balance of Net Profit transferred to the Government of India: Seen in the photograph (from left to right) Exim Bank’s Deputy Managing Directors Shri Debasish Mallick and Shri David Rasquinha and Exim Bank’s Chairman and Managing Director Shri Yaduvendra Mathur with Hon’ble Union Minister of Finance Shri Arun Jaitley.

Shri Yaduvendra Mathur, Chairman & Managing Director, Export-Import Bank of India (Exim Bank), presented an RTGS receipt of 339 crore to Hon’ble Union Minister of Finance, Shri Arun Jaitley, representing Balance of Net Profit transferred to the Government, for the financial year ended March 31, 2014. The Bank made a post-tax profit of Rs. 710 crore for the financial year 2013-2014. In the last five years, the Bank has transferred Rs. 1142 crore as Balance of Net Profit to the Government. Exim Bank’s paid-up capital is entirely subscribed by the Government of India.

Exim Bank’s principal objective is to finance export of projects, products and services from India through a variety of financing programmes including Lines of Credit to overseas entities and Buyer’s Credits to overseas importers. Exim Bank, in conjunction with ECGC, offers Buyer’s Credit under Government of India’s National Export Insurance Account (NEIA), under which the Bank finances project exports from India on medium to long term basis to foreign governments and government-owned entities, without recourse to Indian project exporters. Exim Bank also offers a comprehensive programme to support Indian investment overseas. The Bank is active in financing R&D, Innovation and Creative industries which have huge potential in diversifying India’s export basket. The Bank has separate Groups for supporting Small and Medium Enterprises and Rural Grassroots Business Initiatives. The Bank has put in place a Technology and Innovation Enhancement and Infrastructure Development (TIEID) Fund of US$ 500 million exclusively for MSMEs by partnering with banks/FIs. The objective of setting up the fund is to assist export-oriented micro, small and medium enterprises (MSMEs) with long-term foreign currency loans through other commercial banks.

For further information, please contact 

Ms. Deepali Agrawal,
Deputy General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) : 22172829,
Fax::(022) 22182572 .
E-mail:deepali@eximbankindia.in

David Rasquinha And Debasish Mallick Appointed As DMDs Of Exim Bank
Press Conference
Government of India has appointed Mr. David Rasquinha and Mr. Debasish Mallick as Deputy Managing Directors of the Export-Import Bank of India (Exim Bank). Prior to their appointments, Mr. Rasquinha was Executive Director of Exim Bank, while Mr. Mallick was the Managing Director and CEO of IDBI Asset Management Company Ltd.

A first class graduate in Economics and a post graduate in Business Management, Mr. Rasquinha joined Exim Bank in 1985 and since then has had a wide ranging exposure to the broad field of export credit, having worked in the areas of Treasury, Multilateral Agency Funded Projects, Planning & Research, Risk Management, Trade Finance, Project Finance and Project Exports. He was a member of an Exim Bank team that conducted a feasibility study for setting up an export credit agency for the Gulf Co-operation Council countries. He served as a member on the Working Group set up by Reserve Bank of India for working capital finance to software units. From 1999 – 2004, he served as Resident Representative at the Bank’s Washington DC Representative Office.

A post graduate in Economics and a Certified Associate of Indian Institute of Bankers, Mr. Mallick has nearly three decades of experience in the Banking industry. Immediately prior to joining the AMC, he was head of Personal Banking Business for IDBI Bank Ltd. (West Zone) which included distribution of Mutual Fund products. He also has long experience in the areas of Corporate Banking, International Banking, Resource Mobilization and Treasury among others.

For further information, please contact 

Ms. Deepali Agrawal,
Deputy General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) : 22172829,
Fax::(022) 22182572 .
E-mail:deepali@eximbankindia.in

Exim Bank Signs An Agreement For Cooperation On Innovation Financing With Other Member Development Banks Of BRICS Nations
Press Conference
Left to right: Mr. Luciano Coutinho, President of Brazil's BNDES, Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank of India, Mr. Vladimir Dmitriev, Chairman of Russia's Vnesheconombank, Mr. Hu Huaibang, Chairman of China Development Bank and Mr Patrick Dlamini, CEO, Development Bank of Southern Africa signed the agreement in the presence of Heads of States of the BRICS countries during the BRICS Summit 2014 in Fortaleza, Brazil on July 15, 2014.

Chairman and Managing Director of Exim Bank of India, Mr. Yaduvendra Mathur, signed a multilateral financial cooperation agreement for financing innovation, with Chairmen/Presidents of other member development banks of BRICS (Brazil, Russia, India, China, and South Africa) nations, in the presence of Heads of States/Governments of the BRICS countries on Tuesday, July 15, 2014, in Fortaleza, Brazil during the BRICS Summit 2014.

This Agreement is aimed at setting broader agenda for cooperation in the innovation financing sector, including exchange of information. The Agreement is expected to enhance cooperation among BRICS development banks and to significantly promote innovation investment amongst BRICS nations.

Mr. Mathur also addressed the Annual Meeting of the BRICS Financial Forum, under the BRICS Interbank Cooperation Mechanism, organised by Brazilian Development Bank (BNDES) as part of official agenda of the BRICS Summit. In his address, Mr. Mathur stated that BRICS nations are growing innovation economies, which is reflected in the statistical data associated with innovations in BRICS nations. Cumulatively, BRICS nations have spent USD 375 billion (in purchasing power parity terms) in the year 2013, which is 24 per cent of global R&D spending, which is projected to increase to USD 407 billion. The success ratio of grant of patents received by BRICS nations is about one-third, which also very high, Mr. Mathur said.

Exim Bank of India is the nominated member development bank under the BRICS Interbank Cooperation Mechanism. Other nominated member development banks from BRICS nations are: Banco Nacional de Desenvolvimento Economico e Social – BNDES, Brazil; State Corporation Bank for Development and Foreign Economic Affairs – Vnesheconombank, Russia; China Development Bank Corporation, and Development Bank of Southern Africa.

For further information, please contact 

Mr. Prahalathan Iyer,
Research & Planning Group
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) : 22172704,
Fax::(022) 22180743 .
E-mail:prahalathan@eximbankindia.in

Exim Bank Extends Line Of Credit Of USD 82 Million To Democratic Republic Of Congo
Press Conference
Mr. Yaduvendra Mathur, Chairman & Managing Director, on behalf of Exim Bank concluding Line of Credit Agreement for USD 82 million with H.E Mr. François BALUMUENE NKUNA, Ambassador of the Democratic Republic of Congo in India, on behalf of the Government of the Democratic Republic of Congo in the presence of officials of the Embassy of Democratic Republic of Congo in India and Exim Bank.

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended a Line of Credit [LOC] of USD 82 million to the Government of Democratic Republic of Congo for financing completion of the Ketende hydroelectric project in Democratic Republic of Congo. The LOC Agreement to this effect was signed in New Delhi by Mr. Yaduvendra Mathur, Chairman & Managing Director, on behalf of Exim Bank and H.E Mr. François BALUMUENE NKUNA, Ambassador of the Democratic Republic of Congo in India, on behalf of the Government of Democratic Republic of Congo, in the presence of officials of Embassy of Democratic Republic of Congo in India and Exim Bank.

With the signing of the above LOC Agreement for USD 82 million, Exim Bank, till date, has extended five Lines of Credit to Democratic Republic of Congo, at the behest of the Government of India, taking the total value of LOCs extended to USD 350.50 million. The first LOC of USD 33.50 million was extended to the Government of the Democratic Republic of Congo in August 2005 for financing supply of buses, spare parts, cement project, hydraulic excavators in Democratic Republic of Congo. The second LOC of USD 25 million was extended to the Government of Democratic Republic of Congo in August 2009 for financing supply of hand pumps, drilling rigs, submersible pumps, DG sets and spare parts and equipment for workshops for execution of rural water supply project. The third LOC of USD 42 million was extended to the Government of Democratic Republic of Congo in August 2010 for financing Kakobola hydroelectric power project. The fourth LOC of USD 168 million was extended to the Government of the Democratic Republic of Congo in July 2011 for financing Katende hydroelectric power project. Democratic Republic of Congo is a West African country bordered by South Central Africa with a narrow strip of land on the northern bank of the Zaire River and is surrounded by the Republic of Congo and the Atlantic Ocean to the west, Angola and Zambia to the southeast, Tanzania, Burundi, Rwanda and Uganda to the east, South Sudan to the northeast and the Central African Republic to the north and northeast. The major items in India’s export basket to Democratic Republic of Congo are pharmaceuticals & fine chemicals, transport equipment, machinery and instruments, manufactures of metals, meat and preparations, primary and semi-finished iron and steel.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporter, upfront upon the shipment of goods/ provision of services. With the signing of this LOC Agreement, Exim Bank has now in place 194 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.61 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact
Mrs. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex,
Cuffe Parade,
Mumbai - 400005
Telephone: [022] 22162073
Fax: :[022] 22182460
E-mail: eximloc@eximbankindia.in

Exim Bank Extends USD 18 Million Line Of Credit To The Government Of Mauritius
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 18 million to the Government of Mauritius, for financing supplies from India. The LOC Agreement to this effect was signed in New Delhi by Ms. Geeta Poojary, General Manager, on behalf of Exim Bank and Mr. Radhakrishna Chellapermal, Deputy Financial Secretary, Ministry of Finance and Economic Development, on behalf of the Government of Mauritius.

This is the third Line of Credit extended to Mauritius by Exim Bank at the behest of the Government of India. Exim Bank had earlier extended an LOC of USD 48.50 million for financing an Offshore Patrol Vessel to be built by Garden Reach Shipbuilders & Engineers Ltd., Kolkata and an LOC of USD 46 million for financing purchase of specialized equipment and vehicles.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 193 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.53 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact
Mrs. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex,
Cuffe Parade,
Mumbai - 400005
Telephone: [022] 22162073
Fax: :[022] 22182460
E-mail: eximloc@eximbankindia.in

Exim Bank And Indian Council Of Cultural Relations Sign MoU For Establishment Of An India Studies Chair In Lagos Business School, Nigeria
Press Conference
Export-Import Bank of India (Exim Bank) and the Indian Council of Cultural Relations (ICCR) entered into a Memorandum of Understanding (MoU) for establishment of an ICCR-Exim Bank Chair in Lagos Business School, Pan Atlantic University, Lagos, Nigeria on Indian Financial Management, to promote knowledge and information about India’s capability in financial management, which would also serve to enhance and strengthen economic relations with Nigeria. The Memorandum of Understanding (MoU) was signed between Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank and Mr. Satish C. Mehta, Director General, ICCR on June 27, 2014 at New Delhi.

The ICCR-Exim Bank Chair of Indian Financial Management at the Lagos Business School, Nigeria envisages strengthening of bilateral socio-economic cooperation and academic linkages between India and Nigeria. Promotion of such academic and intellectual activities forms an integral aspect of bilateral cooperation. Exim Bank and ICCR, through the establishment of the Chair of Indian Financial Management, recognise the importance of strengthening and further promoting bilateral relations between India and Nigeria.

Exim Bank Extends Two Lines Of Credit Aggregating USD 82 Million To Togo
Press Conference
Mr. Yaduvendra Mathur, Chairman & Managing Director, on behalf of Exim Bank concluding two Lines of Credit Agreements aggregating USD 82 million with H.E Mr. Adji Otèth AYASSOR, Minister of Economy and Finance, on behalf of the Government of the Republic of Togo, on June 20, 2014, in the presence of Mr. Deepak Pathak, Director, Ministry of External Affairs, Government of India.

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended two additional Lines of Credit [LOCs] to the Government of the Republic of Togo viz. USD 30 million for financing rural electrification project to cover 150 localities in Togo and USD 52 million to the Government of Togo for setting up of 161 KV power transmission line in Togo. The LOC Agreements to this effect were signed in New Delhi, on Friday, June 20, 2014, by Mr. Yaduvendra Mathur, Chairman & Managing Director, on behalf of Exim Bank and H.E Mr. Adji Otèth AYASSOR, Minister of Economy and Finance, on behalf of the Government of the Republic of Togo, in the presence of Mr. Deepak Pathak, Director, Ministry of External Affairs, Government of India.

With the signing of the above two LOC Agreements aggregating USD 82 million, Exim Bank, till date, has extended four Lines of Credit to Togo, at the behest of the Government of India, taking the total value of LOCs extended to USD 110.095 million. The first LOC of USD 15 million was extended to the Government of the Republic of Togo in July 2011 for financing the rural electrification project in Togo. The second LOC of USD 13.095 million was extended to the Government of the Republic of Togo in December 2011 for financing farming and cultivation of Rice, Maize and Sorghum in Togo. Togo is a Western African country bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. In Africa, Togo is a member of the African Union, AfDB, Economic Community of West African States (ECOWAS) and West African Economic and Monetary Union (UEMOA). The major items in India’s export basket to Togo are cotton yarn fabrics made-ups, petroleum products, cereals, manmade filaments, iron and steel and pharmaceuticals. Some of the major items of import from Togo are crude fertiliser, metaliferrous ores & metal scrap, wood & wood products and cotton raw.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporter, upfront upon the shipment of goods/ provision of services. With the signing of this LOC Agreements, Exim Bank has now in place 192 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.53 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact
Mrs. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex,
Cuffe Parade,
Mumbai - 400005
Telephone: [022] 22162073 / 2217 2310
Fax: [022] 22182460
E-mail: eximloc@eximbankindia.in