Exim Bank. Export-Import Bank of India

PRESS RELEASES

Exim Bank extends Line of Credit of USD25 million to the Government of Niger
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 25 million to the Government of Niger for financing Potable Water for Semi Urban and Rural Communities in Niger. The LOC Agreement to this effect was signed in New Delhi, India on Friday, March 14, 2014, by Mr. Yaduvendra Mathur, Chairman & Managing Director on behalf of Exim Bank and H.E. Mr. Amadou Boubacar CISSE, Senior Minister of Planning, Land Management and Community Development, on behalf of the Government of Niger, in the presence of Ambassador of Government of Republic of Niger to India H.E. Mr. Ali ILLIASSOU and Joint Secretary,Ministry of External Affairs, Government of India Mr. Alok K. Sinha.

This is the fourth LOC extended by Exim Bank to Niger at the behest of the Government of India. The first LOC of USD 17 million was extended for acquisition of buses, trucks, tractors, motor pumps, flourmills in Niger. The second LOC of USD 20 million was extended for rehabilitation of six-power stations, purchase of power transformers and rehabilitation as well as erection of power lines in Niger and the third LOC of USD 34.54 million was extended for solar electrification and setting up solar photovoltaic system.

Niger, located in West Africa, is surrounded by Nigeria and Benin to the south, Burkina Faso and Mali to the west, Algeria and Libya to the north and Chad to  the east. Major export items from India to Niger are pharmaceutical products, cereals, cotton, machinery and instruments, sugar and sugar confectionery and miscellaneous edible preparations.

With the signing of this LOC Agreement, Exim Bank has now in place 189 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 10.33 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.

Exim Bank’s study highlights India’s trade potential with the SADC region
Press Conference
Export-Import Bank of India’s recent publication on “Enhancing India’s Trade Relations with Southern African Development Community (SADC): A Brief Analysis” being released at the hands of Rt. Hon. Dr. Motsoahae Thomas Thabane, the Hon’ble Prime Minister of the Kingdom of Lesotho, in the presence of the Hon’ble Minister of Commerce and Industry, Government of India, Mr. Anand Sharma, and Ms. Arancha Gonzalez, Executive Director, International Trade centre, on March 09, 2014, during the inaugural session of the 10th CII-Exim Bank Conclave on India-Africa Project Partnership held in New Delhi

Export-Import Bank of India (Exim Bank)’s recent publication on “Enhancing India’s Trade Relations with Southern African Development Community (SADC): A Brief Analysis” was released at the hands of Rt. Hon. Dr. Motsoahae Thomas Thabane, the Hon’ble Prime Minister of the Kingdom of Lesotho, in the presence of the Hon’ble Minister of Commerce and Industry, Government of India, Mr. Anand Sharma, and Ms. Arancha Gonzalex, Executive Director, International Trade Centre, on March 09, 2014, during the inaugural session of 10th CII-Exim Bank Conclave on India-Africa Project Partnership held in New Delhi. The CII-Exim Bank conclave saw representations from over 40 African countries with participation of more than 500 delegates, including head of states, senior ministers, diplomats and entrepreneurs from both India and African countries.

Exim Bank’s latest study highlights the increasing importance of SADC region in the African continent. The region accounted for 32.5% of total land area of Africa, 27.2% of total population of Africa and is the largest contributor of gross domestic product (GDP) to the African region, to the tune of 32.1%. In fact, reflecting the increasing globalization of the economies in SADC region, SADC’s global trade has witnessed significant upward trend in recent years. During the period 2001 to 2012, SADC’s total trade have risen almost 5-fold, from US$ 88.7 bn in 2001 to US$ 395.5 bn in 2012, growing at a compound annual growth rate of 13.4% over the period. The Study covers all the 15 member countries namely, Angola, Botswana, DR Congo, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe. 

The study draws attention to the fact that India’s trade relations with the SADC region have strengthened in recent years, and presents opportunities to further enhance bilateral trade relations. The study highlights that two-way trade between India and SADC countries has witnessed a robust 12-fold rise from US$ 2.3 bn in 2001 to touch US$ 27.1 bn in 2012.  While India’s total exports to SADC have risen from US$ 0.7 bn in 2001 to US$ 9.7 bn in 2012, India’s total imports from SADC have also risen from US$ 1.5 bn to US$ 17.5 bn, thus resulting in higher trade deficit with SADC region, which has risen over 9-fold from US$ 0.8 bn in 2001 to touch     US$ 7.8 bn in 2012.

 

While India has emerged as the third largest export destination for SADC, India however, ranks as the fifth largest source for SADC’s imports, highlighting the potential for further enhancing India’s exports to SADC.  Potential to enhance India’s exports to SADC can also be assessed from the fact that, despite the increasing trend in India’s exports to SADC, India’s share in the import basket of major importers in SADC is still marginal. For instance, India accounts for a marginal 0.7% share in Botswana’s total imports; 0.8% share in Namibia’s total imports; 1.8% share in Zimbabwe’s total imports; 2.3% share in DR Congo’s total imports; 2.6% share each in case of Angola’s and Zambia’s total imports; and 4.9% share in South Africa’s imports in 2012.

The study draws attention to the fact that with a view to balancing the burgeoning trade gap between India and SADC, there is need for increased focus on India’s export potential to the major countries in SADC with which India maintains the largest and rising trade deficit as also other countries in SADC, based on projected growth of imports, projected growth of GDP and size of the market. 

To enhance India’s exports to SADC, while also addressing the issue of rising trade deficit, Exim Bank’s study attempts to identify potential focus items for increased exports to countries in SADC, based on India’s export capability and import demand in these countries, up to the 6-digit level of HS code classification.

Growth in hi-tech exports will boost the manufacturing sector: Exim Bank study
Press Conference
Despite India’s early development strategy of creating a well diversified industrial base focused on manufacturing, acceleration of manufacturing growth and the desired dynamism has thus far remained elusive. The share of India’s manufacturing sector stands at 13.5 per cent of GDP – a level which has remained stagnant over the past decade. India’s share in global manufacturing today is only 1.8 per cent. India ranks 52nd in terms of manufacturing value added as a percentage of GDP, lower than even Bangladesh. This has had adverse impact on the country’s trade deficit with limited ability to export manufactured products, especially the value added high-tech products and excessive reliance on imports for meeting domestic demand. This is in stark contrast to the experience of other Asian nations, particularly China, where manufacturing constitutes 34 per cent of national GDP and accounts for 13.7 per cent of world manufacturing — up from 2.9 per cent in 1991.

Taking cognizance of the need to boost the manufacturing sector in India, the Export-Import Bank of India (Exim Bank) has done an analysis of the potential of Hi-Tech exports from India. The study titled “India’s Hi-Tech Exports: Potential Markets & Key Policy Interventions” was released at the hands of Mr. Rajeev Kher, Commerce Secretary, Ministry of Commerce & Industry, Government of India at the 4th CII Export Summit held in New Delhi on February 20, 2014.

The study observes that hi-tech exports from India have been witnessing a significant CAGR of 26per cent during the period 2007-2011, with exports having touched US$ 20.9 billion as compared to US$ 8.1 billion in 2007. Pharmaceuticals and electronic goods sectors dominate exports of high-tech products, with the share of electronics in hi-tech exports almost doubling during the 2007-2011 period.

The paradox of heightened demand (both in domestic and export markets) and lagging production, signifies avenues for domestic capacity expansion. This will not only lead to augmenting exports but also reduce the country’s dependence on high-tech imports, thereby rendering the country’s trade deficit more manageable. 

The Exim Bank study elucidates select measures that may be considered to enhance hi-tech exports from India. These, inter alia, include setting up a credit facility by the Government on the lines of the Brazilian BNDES model exclusively for investments in hi-tech industries and providing preferential corporate income tax treatment for units manufacturing hi-tech products and meeting certain pre-defined criteria as is the case in China for their High-New Technology Enterprises.

The study has also examined successful development models of Chengdu in China and Colorado in USA, which despite being landlocked (away from ports by about 800 kms) have been able to become successful hi-tech manufacturing hubs. These have, over the years, increased their exports significantly, provided additional employment and generated higher tax revenues than neighbouring regions that have not adopted a hi-tech manufacturing strategy. These two examples indicate that hi-tech manufacturing is region-neutral and does not require large land area.

The Government has put a renewed focus on manufacturing with the National Manufacturing Policy envisaging increasing the share of manufacturing to 25 per cent of GDP by 2022. The study opines that giving thrust to value-added hi-tech exports needs to be an integral component of the strategy to achieve this target. 

Yaduvendra Mathur appointed as CMD of Exim Bank
Press Conference
Mr. Yaduvendra Mathur has been appointed by the Government of India as Chairman and Managing Director of Export-Import Bank of India (Exim Bank).  Prior to this appointment,
Mr. Mathur was Chairman and Managing Director, Rajasthan Financial Corporation, since 2011.

Mr. Mathur is an Indian Administrative Service Officer of the 1986 batch. A First Class Graduate in Economics and an MBA in Finance, Mr. Mathur has worked with Golden Tobacco and Associated Cement Companies in Mumbai between 1982 – 1984 before joining the Indian Revenue Services (Income Tax) in 1984 and then the IAS in 1986, topping his batch.

He has had long stints in various positions in the Finance Department including Principal Secretary Finance, Government of Rajasthan. During his postings under the Department of Economic Affairs (2001-2003) at Cote d'Ivoire and Tunisia, Mr. Mathur worked as Assistant to the Executive Director (representing India, Norway, Denmark, Sweden, Finland and Switzerland) of African Development Bank. He was then actively engaged with the Export-Import Bank of India in enhancing and promoting business opportunities for Indian companies in the African continent through Technical Cooperation Agreements. As Energy Secretary of Rajasthan for over three years, Mr. Mathur contributed in the setting up of three greenfield power plants in the state. He was also Planning Secretary, PHED Secretary and Director General Revenue Intelligence in Government of Rajasthan. He also has experience as Managing Director of a Textile Mill at Bhilwara and as Chairman of Indira Gandhi Canal Board. Mr. Mathur was Collector & District Magistrate of Bhilwara and Bharatpur and has also served for over three years as Senior Deputy Director at the Lal Bahadur Shastri National Academy of Administration, Mussoorie.

Mr. Mathur has interests in entrepreneurship development, infrastructure financing, regulatory issues and in behavioral sciences.

Prof. Kishore Mahbubani delivers Exim Bank’s Commencement Day Annual Lecture 2014
Press Conference
Prof. Kishore Mahbubani, Dean and Professor in the Practice of Public Policy at the Lee Kuan Yew School of Public Policy of the National University of Singapore, delivered Exim Bank’s Commencement Day Annual Lecture in Mumbai on February 14, 2014. Also seen in the picture are Dr. Dilip M. Nachane, Member, Economic Advisory Committee to the Prime Minister, and Mr. David Rasquinha, Executive Director, Export-Import Bank of India.

In his Lecture, Prof. Mahbubani said, “By 2020, the global middle class will number 3.2 billion and 4.9 billion by 2030. In Asia alone, the middle class is expected to triple from 500 million in 2010 to 1.75 billion by 2020, accounting for 85 percent of global growth. Half of the global middle class will be Asian in 2020, and almost two thirds in 2030. This is an extraordinary development unprecedented in human history which has had and will continue to have enormous ramifications for our world. Again, however, this massive transformation has not been taking place as quickly in India. As of 2010, India’s middle class numbered 69.17 million people, or less than 6 percent of the total population. By contrast, the size of China’s middle class is currently estimated to be more than 300 million, or about the size of the entire population of the United States. These trends are rapidly closing the gap between the West and the rest, causing the “great convergence”. But we are experiencing not only a great convergence in material wellbeing, but also in our values and aspirations." 

He spoke at length about the changing dynamics in the geopolitical and economic scenario and elaborated on India's various areas of strengths. Prof. Mahbubani said, "India has a massive potential and considering the enormous surge made by many developing countries in the past three decades as part of the great global convergence, the time has come for Indian policymakers and the Indian public to work out a new consensus on the steps that India can and should take to return to the rates of 7 to 9 percent annual growth that India enjoyed in recent years".

Prof. Kishore Mahbubani has had the benefit of enjoying a career in government and, at the same time, writing extensively on public issues. He was with the Singapore Foreign Service for 33 years (1971-2004) where he had postings in Cambodia (1973-74), Malaysia, Washington DC and New York, where he served two postings as Singapore’s Ambassador to the UN and as President of the UN Security Council in January 2001 and May 2002. He was Permanent Secretary at the Foreign Ministry from 1993 to 1998.

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. Dilip M. Nachane, Member, Economic Advisory Committee to the Prime Minister, presided over the Lecture.

Exim Bank Extends Two LOCs Of USD 198.96 Million And USD 155 Million To Myanma Foreign Trade Bank (MFTB), Myanmar For Financing 18 Irrigation Projects (16 Ongoing And 2 Rehabilitation) And Procurement Of Rolling Stock Equipment And Upgradation Of Three M

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended two Lines of Credit [LOCs] of USD 198.96 million and USD 155 million to Myanma Foreign Trade Bank (MFTB), Myanmar for financing 18 irrigation projects (16 ongoing and 2 rehabilitation) and the Procurement of Rolling stock, equipment and upgradation of three major railway workshops in Myanmar respectively. The LOC Agreements to this effect were signed on Wednesday, December 11, 2013, by Mr. David Rasquinha, Executive Director, on behalf of Exim Bank and Mr. Nyi Phyu Hla, Managing Director, on behalf of Myanma Foreign Trade Bank.

With the above two LOCs, an aggregate of nine LOCs have been extended to MFTB. The earlier seven LOCs of value aggregating USD 247.43 million were extended to MFTB for financing railway projects, refinery projects, assembly/manufacturing plant of vehicles, transmission lines, upgradation of petrochemical complex in Myanmar.

Under the LOCs, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOCs will be used for sourcing of goods and services from India. Exim Bank has now in place 182 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.07 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 CMD, Shri T. C. A. Ranganathan, Retires Shri Anurag Jain Assumes Charge As CMD, Exim Bank
Press Conference

Shri T. C. A. Ranganathan, Chairman and Managing Director of the Export-Import Bank of India (Exim Bank), relinquished his office, on attaining superannuation, on November 30, 2013. Shri Ranganathan served as the Chief Executive of the Bank since April 2010. Under the stewardship of Shri Ranganathan, Exim Bank has crossed significant milestones in business promotion as well as other initiatives as the premier export finance institution of the country.

Shri Anurag Jain, (IAS :1989), Joint Secretary (Financial Inclusion & CVO), Department of Financial Services, Ministry of Finance, has been appointed as Chairman and Managing Director of Export-Import Bank of India, till such time as a regular incumbent is appointed by the Government. Shri Anurag Jain is a graduate in Electrical Engineering from the Indian Institute of Technology, Kharagpur and holds a Masters degree in Public Administration from Maxwell School of Syracuse, USA. Shri Anurag Jain is on the Boards of Punjab National Bank, National Insurance Co. Ltd. and IFCI Ltd.

For further information, please contact:
Ms. Deepali Agarwal
Deputy General Manager
Export-Import Bank of India
Centre One, Floor 21,
World Trade Centre Complex,
Cuffe Parade, Mumbai 400 005.
Telephone: 022- 2217 2829;
Fax: 022- 2218 2572;
E-mail: ccg@eximbankindia.in

Exim Bank Inks Pact For Export Targeted Modern Irrigated Agricultural Project In The Republic Of Rwanda
Press Conference
Mrs. Geeta Poojary, General Manager, on behalf of Exim Bank, signing the Line of Credit Agreement for USD 120.05 million for Export Targeted Modern Irrigated Agricultural Project with H. E. Mr. GATETE Claver, Hon’ ble Minister of Finance and Economic Planning, Government of the Republic of Rwanda [sitting to the right] in the presence of H.E. Dr. Agnes Matilda Kalibata, Minister of Agriculture and Animal Resource, Government of Republic of Rwanda, Mr. S. N. Ray, Indian High Commissioner and senior diplomats from the Government of Republic of Rwanda, on October 26, 2013.

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended a Line of Credit [LOC] of USD 120.05 million to the Government of the Republic of Rwanda, for Export Targeted Modern Irrigated Agricultural Project and Extension of Export Targeted Modern Irrigated Agricultural Project. The LOC Agreement to this effect was signed in the Republic of Rwanda, on Saturday October 26, 2013, by Mrs. Geeta Poojary, General Manager, on behalf of Exim Bank and H. E. Mr. GATETE Claver, Hon’ble Minister of Finance and Economic Planning, Government of the Republic of Rwanda in the presence of H.E. Dr. Agnes Matilda Kalibata, Minister of Agriculture and Animal Resource, Government of Republic of Rwanda, Mr. S. N. Ray, Indian High Commissioner and senior diplomats from the Government of Republic of Rwanda.

This is the third LOC extended by Exim Bank to Rwanda at the behest of the Government of India. The Republic of Rwanda is a small landlocked country in the Great Lakes region of east-central Africa, bordered by Uganda, Burundi, the Democratic Republic of the Congo and Tanzania. Major export items from India to Republic of Rwanda are pharmaceutical products, machinery and instruments, transport equipment, manufactures of metals and plastic and linoleum products and readymade garments. Exim Bank has earlier extended to the Government of the Republic of Rwanda two LOCs aggregately valued USD 80 million, for financing Nyabarongo Power project in Rwanda.

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 179 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.66 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) 22162073/22172310,
Fax:(022) 22182460.
E-mail : eximloc@eximbankindia.in

Exim Bank’s Study Highlights India’s Trade and Investment Potential in the CLMV Region
Press Conference
Exim Bank's latest publication on "India’s Trade and Investment Relations with Cambodia, Lao Pdr, Myanmar, Vietnam (CLMV): Enhancing Economic Cooperation" being released on October 22, 2013, at the hands of Mr. Rajeev Kher, Additional Secretary, Department of Commerce, Ministry of Commerce & Industry, Government of India during the CLMV business conclave held in New Delhi

Export-Import Bank of India (Exim Bank)'s publication on "India’s Trade and Investment Relations with Cambodia, Lao PDR, Myanmar, Vietnam (CLMV): Enhancing Economic Cooperation" was released at the hands of Mr Rajeev Kher, Additional Secretary, Department of Commerce, Ministry of Commerce & Industry, Government of India, on October 22, 2013 during the CLMV Business Conclave organised by CII in New Delhi.

Exim Bank's latest study highlights that the CLMV countries, which are endowed with abundant natural resources and low-waged labour forces, are among the fastest growing economies in the ASEAN region. The average real GDP growth of CLMV countries was 6.2% in 2012 as against 5.4% for ASEAN as a whole. Total trade of the CLMV region has risen more than five-fold from US$ 56 billion in 2003 to US$ 301 billion, while FDI inflows into the CLMV region was recorded at US$ 12.5 billion, accounting for 11.2% of total inflows in the ASEAN region.

The study draws attention to the fact that India's trade and investment relations with the CLMV region have strengthened in recent years, and presents opportunities to further enhance bilateral commercial relations. The study highlights that India's total trade with the CLMV countries has risen more than eight-fold in the last ten years, from US$ 0.9 billion in 2003 to US$ 7.8 billion in 2012. The study also highlights that the cumulative approved Indian direct investments in the CLMV region in joint ventures (JVs) and wholly owned subsidiaries (WOS), in equity, loans and guarantees issued, during April 1996 to March 2013, amounted to US$ 699.8 million, with the bulk of flows directed towards Vietnam (67.6% of total flows to the CLMV region).

Exim Bank's study identifies the potential items for India's exports to the CLMV region, which broadly include, inter alia, machinery; electrical and electronic equipment; transport vehicles; optical, photographic and medical apparatus; plastics and articles; iron and steel and its articles; rubber and articles; petroleum products and sugar and sugar confectionary.

The study has also delineated broad strategies and recommendations to enhance and foster India's commercial relations with CLMV region, which include, among others, cooperation in agricultural development, cooperation in infrastructure, cooperation in SME sector, and broadening linkages with trade and investment promotion institutions in the region.

With a view to enhancing and facilitating India's trade and investment relations with the CLMV region, Exim Bank has in place a comprehensive range of financing and support programmes to facilitate and promote bilateral commercial relations, which include lines of credit extended to a number of countries in the region. Exim Bank has supported Indian companies to execute a number of projects in the region, while also providing finance to Indian companies for setting up ventures in the region. Towards building institutional linkages in the CLMV region, Exim Bank has also signed an MOU with Investment and Trade Promotion Centre, Vietnam.

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 - 400005
Telephone: 91-22-2218 2511
Fax: 91-22-22180743
E-mail: dsinate@eximbankindia.in

Exim Bank Inks Pact For Power Transmission And Distribution Project In The Republic Of Liberia
Press Conference
Mr. T.C.A. Ranganathan, Chairman & Managing Director, on behalf of Exim Bank, exchanging the Line of Credit Agreement for USD 144 million for Power Transmission and Distribution Project with Mr. Augustine Kpehe Ngafuan, Hon’ble Minister of Foreign Affairs, Government of the Republic of Liberia in the presence of Hon’ble President of the Republic of Liberia, Ms. Ellen Johnson Sirleaf and Hon’ble Prime Minister of India, Dr. Manmohan Singh, on September 11, 2013.

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended a Line of Credit [LOC] of USD 144 million to the Government of the Republic of Liberia, for Power Transmission and Distribution Project. The LOC Agreement to this effect was signed in New Delhi, on Wednesday September 11, 2013, by Mr. T.C.A. Ranganathan, Chairman & Managing Director, on behalf of Exim Bank and Mr. Augustine Kpehe Ngafuan, Hon’ble Minister of Foreign Affairs, Government of the Republic of Liberia in the presence of Hon’ble President of the Republic of Liberia Ms. Ellen Johnson Sirleaf and Hon’ble Prime Minister of India, Dr. Manmohan Singh, Ministers, senior diplomats from the Government of India and the Government of Republic of Liberia.

This is the first LOC extended by Exim Bank to Liberia at the behest of the Government of India. The Republic of Liberia is a country in West Africa bordered by Sierra Leone to its west, Guinea to its north and Côte d'Ivoire to its east. Major export items from India to Republic of Liberia are non-basmati rice followed by pharmaceuticals & fine chemicals, primary & semi-finished iron & steel, machinery and instruments, transport equipment, plastic & linoleum products and poultry products.

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 177 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.51 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: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in

Exim Bank Extends A USD 34.54 Million Line Of Credit To The Government Of Niger For Solar Electrification Of 30 Villages And Setting Up Solar Photo Voltaic System Of 5 Megawatt In Niger
Press Conference
Mrs. Geeta Poojary, General Manager, on behalf of Exim Bank, exchanging the Line of Credit Agreement for USD 34.54 million for solar electrification of 30 villages and for setting up solar photo voltaic system of 5 megawatt in Niger with H.E. Mr. Amadou Boubacar CISSE, Senior Minister of Planning, Land Management and Community Development, Government of Niger, on September 12, 2013.

Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 34.54 million to the Government of Niger for financing Solar Electrification of 30 villages and for setting up Solar Photo Voltaic System of 5 Megawatt in Niger. The LOC Agreement to this effect was signed in New Delhi, India on Thursday, September 12, 2013, by Mrs. Geeta Poojary, General Manager on behalf of Exim Bank and H.E. Mr. Amadou Boubacar CISSE, Senior Minister of Planning, Land Management and Community Development, on behalf of the Government of Niger, in the presence of officials from the Ministry of Finance and Ministry of External Affairs, Government of India.

This is the third LOC extended by Exim Bank to Niger at the behest of the Government of India. The first LOC of USD 17 million was extended for acquisition of buses, trucks, tractors, motor pumps, flourmills in Niger. The second LOC of USD 20 million has been extended for rehabilitation of six-power stations, purchase of power transformers and rehabilitation as well as erection of power lines in Niger. Niger, located in West Africa, is surrounded by Togo to the west, Nigeria to the east, Benin to the south, Burkina Faso and Mali to the west, Algeria and Libya to the north and Chad to the east. Major export items from India to Niger are pharmaceutical products, cereals, cotton, machinery and instruments, sugar and sugar confectionery and miscellaneous edible preparations.

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 178 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.54 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 30.94 million LOC to Lao PDR for construction of storage dams and development of irrigation systems.
Press Conference
Mr. David Rasquinha, Executive Director of Export-Import Bank of India (standing on the left) concluding the Line of Credit Agreement for USD 30.94 million for financing the Construction of Storage Dams and Development of Irrigation systems in four major provinces of Lao PDR with Mrs. Thipphakone Chanthavongsa, Director General, Ministry of Finance (standing on the right) on behalf of the Government of Lao PDR, at the 7th India-Lao Joint Commission Meeting on Bilateral Cooperation in Vientiane, Lao PDR in the presence of Hon’ble Union Minister of External Affairs of India, Mr. Salman Khurshid (sitting at the left) and Deputy Prime Minister and Hon’ble Minister of Foreign Affairs of the Government of Lao PDR, Dr. Thongloun Sisoulith (sitting at the right).

Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 30.94 million to the Government of Lao People's Democratic Republic (PDR), for financing the Construction of Storage Dams and Development of Irrigation systems in four major provinces of Lao PDR. The LOC Agreement to this effect was signed at the 7th India-Lao Joint Commission Meeting on Bilateral Cooperation in Vientiane, Lao PDR on Monday, September 9, 2013, by Mr. David Rasquinha, Executive Director, on behalf of Exim Bank and Mrs. Thipphakone Chanthavongsa, Director General, Ministry of Finance, on behalf of the Government of Lao PDR. The LOC Agreement was signed in the presence of Union External Affairs Minister Hon’ble Mr. Salman Khurshid and Hon’ble Dr. Thongloun Sisoulith, Deputy Prime Minister and Minister of Foreign Affairs of the Government of Lao PDR.

This is the fourth Line of Credit being extended to the Government of Lao PDR. Exim Bank had earlier extended three LOCs of value aggregating USD 122.89 mn to Government of Lao PDR for financing electric transmission line project, hydropower project, rural electrification and development of irrigation schemes in Lao PDR.

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. Lao PDR is in Southeast Asia, bordered by Myanmar and China to the northwest, Vietnam to the east, Cambodia to the south, and Thailand to the west. Exim Bank has now in place 176 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.37 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 42.61 million LOC to Benin for up-gradation of water supply schemes in 69 villages.
Press Conference
MR. DAVID RASQUINHA, EXECUTIVE DIRECTOR, ON BEHALF OF EXIM BANK EXCHANGING THE LINE OF CREDIT AGREEMENT FOR USD 42.61 MILLION FOR UP-GRADATION OF WATER SUPPLY SCHEMES IN 69 VILLAGES IN BENIN WITH H.E. MR. ANDRÉ SANRA, AMBASSADOR EXTRAORDINARY AND PLENIPOTENTIARY OF THE REPUBLIC OF BENIN TO INDIA, ON BEHALF OF THE GOVERNMENT OF BENIN, IN NEW DELHI ON SEPTEMBER 06, 2013.

Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 42.61 million to the Government of Benin, for up-gradation of Water Supply Schemes in 69 villages in Benin. The LOC Agreement to this effect was signed in New Delhi, India on Friday, September 06, 2013, by Mr. David Rasquinha, Executive Director, on behalf of Exim Bank and H.E. Mr. André Sanra, Ambassador Extraordinary and Plenipotentiary of the Republic of Benin to India, on behalf of the Government of Benin, in the presence of Mr. Deepak Pathak, Director, Development Partnership Administration, Ministry of External Affairs, Government of India. This is the third LOC extended by Exim Bank to Benin at the behest of the Government of India. The first LOC of USD 15 million was extended for purchase of railway equipment, agricultural equipment and feasibility study for setting up a cyber city in Benin. The second LOC of USD 15 million has been extended for setting up a Tractor assembly plant and farm equipment manufacturing unit in Benin. Benin, located in West Africa, is surrounded by Togo to the west, by Nigeria to the east and by Burkina Faso and Niger to the north. The main items that India exports to Benin are petroleum products, followed by non-basmati rice, manufactures of metals, pharmaceuticals and manmade yarn fabric made-ups. The main items that India imports from Benin are raw cashew nuts, metaliferrous ores and metal scrap, wood and wood products, vegetable oil and petroleum crude. 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 175 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.34 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 of India opens its Representative Office in Yangon, Myanmar

Standing from left H.E. Mr. Gautam Mukhopadhaya, Ambassador of India to Myanmar, Mr. T.C.A Ranganathan, Chairman and Managing Director of Exim Bank, and H.E. U Myint Swe, Hon’ble Chief Minister of Yangon, during the lamp lighting ceremony of inauguration of Exim Bank’s Representative Office in Yangon, Myanmar

Export-Import Bank of India's (Exim Bank's) Representative Office at Yangon was formally inaugurated on September 09, 2013, in the esteemed presence of H.E. U Myint Swe, Hon?ble Chief Minister of Yangon, H.E. Mr. Gautam Mukhopadhaya, Ambassador of India to Myanmar, and Mr. T.C.A Ranganathan, Chairman and Managing Director of Exim Bank. A seminar on Trade and Investment opportunities between India and Myanmar was also organised to mark the occasion, which was attended by Myanmar?s high-level Government functionaries, diplomats, multi-lateral agencies, banks, large number of corporates and the Indian diasporas. H.E. Mr. Gautam Mukhopadhaya, Ambassador of India to Myanmar in his opening remarks welcomed Exim Bank's decision to open an office in Yangon, its eighth overseas regional office, and hoped that Exim Bank's presence in Myanmar would serve to further boost and facilitate bilateral trade and investment relations between India and Myanmar and contribute to the developmental endeavours of Myanmar. He urged the trade and industry bodies in the region to benefit from the use of financing and support services offered by Exim Bank. Highlighting the historic connect between India and Myanmar, he emphasised that development cooperation has been the corner stone of bilateral ties, with India extending technical and financial assistance for a number of developmental projects in Myanmar, both in infrastructural and non-infrastructural areas, besides capability creation and entrepreneurship development. Delivering the Special Address, H.E. U Myint Swe, Hon?ble Chief Minister of Yangon congratulated Exim Bank of India and observed that Exim Bank?s presence in Myanmar and through its expertise in trade and overseas investment finance would significantly contribute to enhancing bilateral trade and investment ties between Myanmar and India in the years to come. He also recommended that Myanmar presents a plethora of opportunities for collaboration for especially partner Asian countries like India. Mr. U Win Thein Min, Deputy Director, Financial Supervision Department, Central Bank of Myanmar, and Ms. Daw Cho Cho Wynn, Deputy Director General, Directorate of Investment and Company Administration (DICA) also addressed the participants on banking and investment scenario in Myanmar. Earlier during the function, Exim Bank's Chairman and Managing Director, Mr. T.C.A. Ranganathan, in his welcome address, stated that Exim Bank through its global network of offices and wide range of financial, advisory and capability building activities has strived to play a catalytic role, as a key player, in promoting India?s international trade and investment relations with partner countries, while contributing to the internationalisation endeavours of Indian business. He highlighted that bilateral trade relations between India and Myanmar have witnessed significant rise in recent years, with India accounting for 15 percent of Myanmar?s global exports in 2012, and ranking as its second largest export market. As a partner country for Myanmar?s imports, India accounted for a share of 3 percent of Myanmar?s global imports while ranking as the seventh largest import source. He emphasised the need for a stronger bilateral cooperation between India and Myanmar in order to harness the true potential that exists for increasing bilateral trade and investment and stated that Exim Bank?s office in Myanmar would endeavour to contribute in this direction. On this occasion, Exim Bank's research publication titled ?Enhancing India-Myanmar Trade and Investment Relations: A Brief Analysis? was released at the hands of H.E. U Myint Swe, Hon?ble Chief Minister of Yangon, in the presence of H.E. Mr. Gautam Mukhopadhaya, Ambassador of India to Myanmar, and Mr. T.C.A. Ranganathan, Chairman and Managing Director, Exim Bank. The study highlights that in spite of India?s geographical proximity to Myanmar and export capability in most leading import items of Myanmar, India?s share in Myanmar?s imports is relatively low, as compared to other partner countries in Asia including China, Thailand, Singapore, Korea, Japan and Malaysia. The study draws attention to the fact that with a view to balancing the burgeoning trade gap between India and Myanmar, there is need for increased focus on India?s export potential to Myanmar. This would also serve to enhance India?s ranking as Myanmar?s import source. Apart from its Head Office in Mumbai, the Bank has regional offices spread across the major cities of India viz. Ahmedabad, Bangalore, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai, New Delhi and Pune. The overseas offices of the Bank are located in Addis Ababa, Dakar, Dubai, Johannesburg, London, Singapore and Washington DC.

For further information, please contact

Ms. Deepali Agarwal,

Deputy General Manager,

Export-Import Bank of India,

Centre One, Floor 21,

World Trade Centre Complex,

Cuffe Parade, Mumbai 400 005.

Telephone: 022- 2217 2829;

Fax: 022- 2218 2572;

E-mail: ccg@eximbankindia.in

Or

Mr. Jasmeet Singh Narula,

Resident Representative,

Export-Import Bank of India,

House No. 54/A, Ground Floor,

Boyarnyunt Street, Dagon Township,

Yangon, Myanmar.

Telephone: +95-9423694109;

E-mail: jasmeet.n@eximbankindia.in, eximyangon@eximbankindia.in

Exim Bank signs MOC with women on wings.
Press Conference
Mr. David Rasquinha, Executive Director, Exim Bank and Ms. Maria Van der Heijden, Managing Co-Founder, Women on Wings during the signing of the Memorandum of Cooperation in the presence of Ms. Lilianne Ploumne, Hon’ble Minister for Foreign Trade and Development Cooperation of the Netherlands, and Mr. Alphonsus Stoelinga, Ambassador of the Netherlands to India

Export-Import Bank of India (Exim Bank), signed a Memorandum of Cooperation (MOC) with Women on Wings, a non-profit organization based in Austerlitz, the Netherlands and working with social enterprises in India with an objective to create one million jobs for women in rural India by 2018. The purpose of the MOC is to identify areas and means of cooperation through which Indian grassroots/social enterprises could be supported to enable them reach international markets. Under the MOC, both Exim Bank and Women on Wings will share their knowledge and connect each other to promising social enterprises for further support, including financial and advisory.

The MOC was signed by Mr. David Rasquinha, Executive Director, EXIM Bank and Ms. Maria Van der Heijden, Managing Co-Founder, Women on Wings, at a small function held in Mumbai, in the presence of the Hon'ble Minister for Foreign Trade and Development Cooperation of the Netherlands, Ms. Lilianne Ploumne, who is leading a trade delegation to India. The Hon'ble Minister opined that investing in a woman implied investing in the whole family and that the MOC was a significant milestone since sharing knowledge and skills is just as important as finance.

Briefing the delegates from the Netherlands and media persons on the occasion, Mr. David Rasquinha highlighted that Exim Bank has been striving towards promotion of exports of products from rural grassroots business enterprises, by providing them with an array of services including those related to financial support, capacity building, and export marketing. The underlying objective is to augment sustainable employment opportunities and exports from rural India. Exim Bank has supported various grassroots organization/ enterprises across different parts of the country. Mr. Rasquinha pointed out that this partnership with Women on Wings was a part of the Bank's outreach strategy to target a wider spectrum of grassroots organizations and would supplement the Bank's efforts towards boosting exports and alleviating poverty from rural India. Expressing her happiness in working with Exim Bank, Ms. Maria Van der Heijden, Co-Founder of Women on Wings, pointed out that the synergy between the two institutions would improve the quality of business of social enterprises and make them more sustainable in the long run.

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) 22172461,
Fax:(022) 22188076.
E-mail:samuel_joseph@eximbankindia.in

Exim Bank pays ` 263 crore to Government as Balance of Net Profit
Press Conference
Presenting the RTGS receipt of  ` 263 crore as Balance of Net Profit to the Government of India: Seen in the photograph (from left to right) Shri Sriram Subramaniam, Regional Head, Exim Bank's New Delhi Office, Shri David Rasquinha, Executive Director, Exim Bank, Shri T. C. A. Ranganathan, Chairman and Managing Director, Exim Bank and Hon'ble Union Minister of Finance Shri P. Chidambaram.

Shri T. C. A. Ranganathan, Chairman & Managing Director, Export-Import Bank of India (Exim Bank), presented an RTGS receipt of `263 crore to Hon'ble Union Minister of Finance, Shri P. Chidambaram, representing Balance of Net Profit to the Government, for the financial year ended March 31, 2013. The Bank made a post-tax profit of `742 crore for the financial year 2012-2013. In the last five years, the Bank has transferred `919 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:ccg@eximbankindia.in 

Exim Bank Extends USD 10 Million LOC To Nicaragua For Financing The Supply Of Equipment From India For Building Two Electric Sub-Stations In Nicaragua.

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended a Line of Credit [LOC] of USD 10 million to the Government of the Nicaragua, for financing the supply of equipment from India for building two electric sub-stations in Nicaragua. The LOC Agreement to this effect was signed on Friday June 14, 2013, by Mr. T.C.A Ranganathan, Chairman and Managing Director, on behalf of Exim Bank and H.E. Mr. Ivan Acosta Montalvan, Minister of Finance and Public Credit, on behalf of the Government of the Nicaragua. 

This is the first Line of Credit extended to Nicaragua by EXIM Bank at the behest of the Government of India. Nicaragua is the largest country in the Central America. Nicaragua is bordered by Honduras to the north, Costa Rica to the south, Caribbean Sea to the east and the El Salvador to the west. 

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 174 Lines of Credit, covering over 76 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.14 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 

Ms. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in 

Exim Bank Extends USD 19.50 Million LOC To Vietnam For Financing Two Projects In Vietnam
Press Conference
Mr. T.C.A Ranganathan, Chairman and Managing Director of Export-Import Bank of India (sitting on extreme right) signing the Line of Credit Agreement for USD 19.50 million for financing two projects in Vietnam with Mr. Truong Chi Trung, Vice Minister, Ministry of Finance (sitting on extreme left) on behalf of the Government of the Socialist Republic of Vietnam, at the 15th Joint Commission Meeting Vietnam- India in New Delhi in the presence of Hon'ble Union Minister of External Affairs of India, Mr. Salman Khurshid, (sitting third from left) and Hon'ble Foreign Minister of Vietnam, Mr. Pham Binh Minh (sitting second from left).

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended an additional Line of Credit [LOC] of USD 19.50 million to the Government of the Socialist Republic of Vietnam, for financing two projects in Vietnam. The LOC Agreement to this effect was signed after the 15th meeting of India-Vietnam Joint Commission on Trade, Economic, Scientific and Technological Cooperation in New Delhi, on Thursday July 11, 2013, by Mr. T.C.A Ranganathan, Chairman and Managing Director, 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 Union External Affairs Minister H.E. Mr. Salman Khurshid, Vietnamese Foreign Minister H.E. Mr. Pham Binh Minh 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 three Lines of Credit to Vietnam, at the behest of the Government of India, taking the total value of LOCs extended to Vietnam to USD 91.50 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. Vietnam is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea to the east. Exim Bank has now in place 173 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.13 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 

Ms. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in 

Exim Bank Extends Three Lines Of Credit Aggregating USD 216.44 Million To Mozambique
Press Conference
Mr. David Rasquinha, Executive Director of Export-Import Bank of India [sitting on the left] signing three Lines of Credit Agreements aggregating USD 216.44 million with the Government of Mozambique with H.E. Mr. Manuel Chang, Minister of Finance [sitting on the right], on behalf of the Government of Mozambique, in Maputo, in the presence of Hon'ble Minister of State for External Affairs, Government of India, Smt. Preneet Kaur [standing third from left] and Hon'ble Deputy Minister of Foreign Affairs and Cooperation, Government of Mozambique, H.E. Dr. Eduardo Koloma [standing second from right].

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended three additional Lines of Credit [LOCs] to the Government of Mozambique viz. USD 19.72 million for rural drinking water project extension in Mozambique; USD 149.72 million for rehabilitation of road between Tica, Buzi and Nova Sofala in Mozambique; and USD 47 million for construction of 1200 houses in Mozambique. The LOC Agreements to this effect were signed in Maputo, Mozambique, on Thursday, July 04, 2013, by Mr. David Rasquinha, Executive Director, on behalf of Exim Bank and H.E. Mr. Manuel Chang, Minister of Finance, on behalf of the Government of Mozambique, in the presence of Hon'ble Minister of State for External Affairs, Government of India, Smt. Preneet Kaur, Hon'ble Deputy Minister of Foreign Affairs and Cooperation, Government of Mozambique, H.E. Dr. Eduardo Koloma and senior diplomats from the Government of India and the Government of Mozambique, as also, senior officials of Ministry of Planning and Finance and Ministry of Foreign Affairs and Cooperation, Government of Mozambique. 

With the signing of the above three LOC Agreements aggregating USD 216.44 million, Exim Bank, till date, has extended twelve Lines of Credit to Mozambique, at the behest of the Government of India, taking the total value of LOCs extended to USD 639.44 million. The LOCs have supported export of items like electricity equipment, water drilling machinery equipment, agro-inputs and drip irrigation, vegetable oil refining plant & machinery and oil storage tank, transfer of water drilling technology and associated equipment, enhancing productivity of rice-wheat-maize cultivation, rural electrification projects and a Solar Photo Voltaic Module Manufacturing Plant in Mozambique. 

Under the LOCs, Exim Bank reimburses 100% of contract value to the Indian exporter, upfront upon the shipment of goods / provision of services. With the signing of above three LOC Agreements, Exim Bank has now in place 172 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 9.11 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 

Ms. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in 

Exim Bank Extends USD 28.60 Million LOC To Zimbabwe For Up-Gradation Of Deka Pumping Station And River Water Intake System In Zimbabwe
Press Conference
Mr. Saroj Khuntia, Assistant General Manager of Export-Import Bank of India (sitting on the left) concluding the Line of Credit Agreement for USD 28.60 million for up-gradation of Deka Pumping Station and River Water Intake System in Zimbabwe with H.E. Mr. Tendai Biti, Minister of Finance (sitting in the middle) on behalf of the Republic of Zimbabwe, in Harare, in the presence of Indian Ambassador Mr. Jeitendra Tripathi (sitting on the right side).

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended a Line of Credit [LOC] of USD 28.60 million to the Republic of Zimbabwe, for up-gradation of Deka Pumping Station and River Water Intake System in Zimbabwe. The LOC Agreement to this effect was signed in Harare, on Friday June 21, 2013, by Mr. Saroj Khuntia, Assistant General Manager, on behalf of Exim Bank and H.E. Mr. Tendai Biti, Minister of Finance, on behalf of the Republic of Zimbabwe, in the presence of Indian Ambassador Mr. Jeitendra Tripathi and diplomats from the Government of India and the Republic of Zimbabwe, as also, senior officials of Ministry of Power and Ministry of Finance, Republic of Zimbabwe. 

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. Zimbabwe is a landlocked country located in southern Africa. Zimbabwe is bordered by South Africa to the south, Botswana to the southwest, Zambia to the northwest and Mozambique to the east. This is the first LOC extended by Exim Bank to Zimbabwe at the behest of the Government of India. 

Exim Bank has now in place 169 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 8.89 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 

Ms. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in 

Exim Bank Receives The Banking License For Opening Of Its Representative Office In Yangon, Myanmar
Press Conference
Seen in the photograph (from left to right) Mr. Win Htein Min, Deputy Director, Financial Institutions Supervision Department, Central Bank of Myanmar, Mr. U Thein Zaw, Deputy Director General, Financial Institutions Supervision Department, Central Bank of Myanmar, Mr. David Rasquinha, Executive Director, Exim Bank, and Mr. Jasmeet Singh Narula, Manager, Exim Bank.

Export-Import Bank of India (Exim Bank) has received banking license for opening of its representative office at Yangon in Myanmar on Friday, June 14, 2013. The license was presented over by Mr. U Thein Zaw, Deputy Director General, Financial Institutions Supervision Department, Central Bank of Myanmar to Mr. David Rasquinha, Executive Director, Exim Bank. 

Exim Bank, at the behest of and with the support of GOI, extended 7 Lines of Credit [LOCs] aggregating USD 247.43 mn to the Myanma Foreign Trade Bank [MFTB]. The above LOCs have been / are being used for projects / contracts such as [i] upgradation of the Yangon - Mandalay railway system; [ii] setting up Moreh-Tamu OFC link with Cor-DECT system at Yangon and Mandalay urban centers; [iii] Thanlyin refinery projects; [iv] railway projects; [v] setting up an assembly/manufacturing plant for assembly and manufacturing of Tata vehicles in Myanmar; [vi] setting up of three transmission lines in Myanmar; and [vii] upgradation of Thanbayakan Petrochemical Complex. During the State visit of the Hon'ble Prime Minister of India to Myanmar, on May 28, 2012, an Memorandum of Understanding (MOU) for LOCs aggregating to USD 500 mn was signed between Exim Bank and MFTB. Under this MOU, 16 ongoing irrigation schemes, 2 irrigation projects, project for procurement of rolling stock, equipment and upgradation of three major railway workshops in Myanmar are covered. 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. 

Exim Bank also offers medium and long term Buyers Credit for project exports to Myanmar, thus enabling Indian project exporters to secure business while avoiding risk. The Bank also supports Indian companies investing in Myanmar by way of joint ventures and subsidiaries through a mix of term and working capital finance. 

Trade relations between India and Myanmar have also witnessed a robust trend in recent years, with India's total trade with Myanmar having risen by 4.1% to reach USD 1.9 billion in 2012-13 from USD 1 billion in 2007-08. Main export items of India to Myanmar in 2011-12 were manufactures of metals (41.7% of total exports), pharmaceutical products (14.6%), machinery and equipments (6.7%), primary and semi-finished iron and steel (5.2%), and meat & preparations (5.1%) while the main imports of India from Myanmar during 2011-12 were wood and articles (49.2% of total imports), pulses (38.2%), petroleum crude & products (0.9%), and inorganic chemicals (0.6%). 

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) 22181852,
Fax:(022) 22182572.
E-mail:deepali@eximbankindia.in 
 

Exim Bank To Finance New Ethio-Djibouti Railway Line [The Asaita-Tadjourah Portion] Project In Ethiopia
Press Conference
Mr. T.C.A. Ranganathan, Chairman & Managing Director of Export-Import Bank of India exchanging a Line of Credit Agreement for USD 300 million with H.E. Mr. Ahmed Shide, State Minister of Finance and Economic Development, Government of Ethiopia in the presence of officials of Government of India and Export-Import Bank of India.

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended a Line of Credit [LOC] of USD 300 million to the Government of Ethiopia, for financing new Ethio-Djibouti Railway Line [the Asaita-Tadjourah portion] Project. The LOC Agreement to this effect was signed in New Delhi, on Thursday June 13, 2013, by Mr. T.C.A. Ranganathan, Chairman & Managing Director, on behalf of Exim Bank and H.E. Mr. Ahmed Shide Mehamed, State Minister of Finance and Economic Development, Government of Ethiopia. 

Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of goods. The LOC will be used for sourcing of goods and services from India. Ethiopia is a land locked country located in eastern Africa. Exim Bank has earlier extended to Government of Ethiopia, six [6] LOCs aggregating value USD 705 million, for financing [a] electricity transmission and distribution project [USD 65 million]; and [b] development of sugar industry in Ethiopia [USD 640 million]. 

Exim Bank has now in place 168 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 8.87 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 

Ms. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in 

Exim Bank receives special 'Plaque of Merit' from ADFIAP for its Programme for Financing Creative Industries
Press Conference
Mr. Ajit Kumar (centre), Chief General Manager, Exim Bank of India, receiving the special ADFIAP 'Plaque of Merit' for its program on financing Creative Industries, during the 36th Annual Meetings of ADFIAP held in Ulaanbaatar, Mongolia, on May 22, 2013.

EXIM Bank of India has been conferred a special 'Plaque of Merit' by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) for its program for financing creative industries. The 'Plaque of Merit', a part of the ADFIAP Development Awards under the 'Trade Development' category, was received on behalf of EXIM Bank by its Chief General Manager, Mr. Ajit Kumar, at a special function organised as part of the 36th Annual Meetings of ADFIAP in Ulaanbaatar, Mongolia (a photograph is attached with this press release). The function was attended by over hundred delegates from 24 countries of the Asia-Pacific region. 

The ADFIAP Development Award recognizes and honours ADFIAP member institutions, which have assisted projects that have created a development impact in their respective countries. Awards are given to members, which in the judgment of the ADFIAP Awards Board, have implemented or enhanced outstanding and innovative development projects during the immediate past year. 

The 2013 special 'Plaque of Merit' to EXIM Bank was in recognition of its unique financing programme devised to cater to the export oriented Indian creative industry. In addition to financing individual entrepreneurs, Exim Bank has also endeavoured to create common infrastructure facilities for the creative industry and to help in capacity building and training exercises with a view to reinforcing and promoting creative entrepreneurship. Introduction of this new financing programme for creative industries would provide a strategic focus to this sector, enhance EXIM Bank's presence in the creative economy space, which is predominated be micro, small and medium enterprises, and result in augmenting not only exports but also the export worthiness and orientation of the Indian creative industry. 

For further information, please contact 

Mr. Ashish Kumar,
Assistant General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 2217 2703,
Fax:(022) 22180743.
E-mail:ashish@eximbankindia.in 

Exim Bank Of India's Study Highlights India's Trade Potential With Select Countries In Africa
Press Conference
Export-Import Bank of India's (Exim Bank's) recent publication on "Enhancing India's Trade Relations with Africa: Focus on Select Countries" being released at the hands of Dr. Arvind Mayaram, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, in the presence of Mr. R V Kanoria, Immediate Past President, FICCI and Chairman and Managing Director, Kanoria Chemicals & Industries Limited; and Ms. Margit Thomsen, Executive Director (India), African Development Bank, during the India-Africa Partnership Day, jointly organized by Exim Bank and Federation of Indian Chambers of Commerce and Industry (FICCI), in Marrakech, Morocco on May 30, 2013, as part of the Annual Meeting of African Development Bank Group.

Export-Import Bank of India (Exim Bank)'s recent publication on "Enhancing India's Trade Relations with Africa: Focus on Select Countries" was released at the hands of Dr. Arvind Mayaram, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India during the India-Africa Partnership Day, jointly organized by Exim Bank and Federation of Indian Chambers of Commerce and Industry (FICCI), in Marrakech, Morocco on May 30, 2013, as part of the Annual Meeting of African Development Bank Group. The event was organized with the objective of sharing India's developmental experiences with Africa, particularly in Public-Private Partnership. 

Exim Bank's latest study highlights that the two-way trade between India and Africa has witnessed a robust 12-folds rise from US$ 5.2 billion (2001) to US$ 63 billion (2011). Underlying this trade growth is the significant rise in Africa's trade balance with India, from a deficit of US$ 0.4 bn in 2001, to a trade surplus of US$ 16.4 bn in 2011. While India has emerged as the third largest export destination for Africa, India however, ranks as the fifth largest source for Africa's imports, highlighting the potential for further enhancing Africa's imports from India. 

Potential to enhance India's imports to Africa can be assessed from the fact that, despite the increasing trend in India's exports to Africa, India's share in the import basket of major importers in Africa is still marginal. For instance India accounts for a marginal 1.7% share in Algeria's total imports in 2011; 3% share in Angola's total imports; 3.6% share in Egypt's total imports; 1% share in Morocco's total imports, 4.3% share in South Africa's total imports, and 3.4% share in Nigeria's total imports. 

The study draws attention to the fact that with a view to balancing the burgeoning trade gap between India and Africa, there is need for increased focus on India's export potential to the major countries in Africa with which India maintains the largest and rising trade deficit as also to potential countries in Africa, based on projected growth of imports, projected growth of GDP and size of the market. 

To enhance India's exports to Africa, while also addressing the issue of rising trade deficit, Exim Bank's study attempts to identify potential focus items for increased exports to select countries in Africa, based on India's export capability and import demand in focus countries, up to the 6-digit level of HS commodity code classification. 

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) 2217 2701,
Fax:(022) 22180743.
E-mail:dsinate@eximbankindia.in 

Exim Bank Posts Strong Business Growth Despite Challenging Environment In 2012-13
Press Conference
Exim Bank’s Chairman Mr. T. C. A. Ranganathan and Executive Director Mr. David Rasquinha addressed media persons in Mumbai on Thursday, May 23, 2013, at a Press Conference to declare the Bank’s annual results.

Loan Portfolio of the Bank increases 20% to ` 65,563 crore

Exim Bank Chairman and Managing Director, Mr. T. C. A. Ranganathan announced the Bank's results for the year 2012-13 at a press conference in Mumbai on Thursday, May 23, 2013.

FINANCIAL PERFORMANCE

  • Loan Portfolio     : Up 20% to ` 65,563 crore.
  • Net profit (profit after tax)     : Up 10% to ` 742 crore.
  • Net worth of the Bank     : Up 20% to ` 7,239 crore.
  • Return on Capital to the
  • Central Government     :    Up 28% to ` 263 crore.
  • Total Business     :    Up 21% to ` 1,37,774 crore.
  • Capital to Risk Assets Ratio     :    15.28%
  • Net NPAs     :    0.47% (80% provision cover)

BUSINESS PERFORMANCE

  • Lines of Credit aggregating US$ 833.59 million were extended to support export of projects, goods and services from India. 167 LOCs, covering 75 countries in Africa, Asia, CIS, Europe and Latin America, with credit commitments aggregating US$ 8.57 billion have been extended till date, while a number of prospective LOCs are under negotiation.
  • Project Export Contracts supported by Exim Bank in 2012-13, amounted to ` 24,255 crore, which were secured by 47 companies in 38 countries.
  • Buyer's Credit - National Export Insurance Account (BC-NEIA): The Bank has sanctioned an aggregate amount of US$ 248 million (equivalent to ` 1,346 crore) for projects valued at US$ 291 million (equivalent to ` 1,580 crore) under BC-NEIA and given in-principle commitments for supporting 51 projects aggregating to US$ 5.14 billion.
  • Overseas Investment assistance was sanctioned to 49 corporates aggregating ` 4,228 crore for financing their overseas investments in 20 countries. Exim Bank has so far provided finance to 436 ventures set up by 352 companies in 71 countries. Aggregate assistance for overseas investment amounts to ` 29,280 crore.

RESOURCES/TREASURY

  • The Bank raised borrowings aggregating ` 38,569 crore in 2012-2013, comprising rupee resources of ` 17,012 crore and foreign currency resources of ` 21,557 crore equivalent.
  • The Bank is rated investment grade, on par with the country's Sovereign rating i.e. Baa3 by Moody's, BBB- by Standard & Poor's, BBB- by Fitch Ratings and BBB+ by Japan Credit Rating Agency (JCRA). The Bank's Rupee debt instruments are rated AAA by CRISIL and ICRA. NEW BENCHMARKS IN THE INTERNATIONAL CAPITAL MARKETS
  • Exim Bank became the first ever Indian entity to be included in the Emerging Market Bond Index. The Bank issued 5-year US$ 500 million and 10-year US$ 750 million Eurodollar bonds at the finest pricing, leveraging the EMBI inclusion.
  • In 2012-13, the Bank became the first Indian entity to tap the Australian dollar market with a 5-year AUD 200 million bond issue. The Bank also became the first Indian entity to issue 5-year Singapore Dollar denominated bonds (SGD 250 million).
  • The Bank launched a second Uridashi Bond issue of US$ 170 million equivalent (a bond denominated in a foreign currency and sold directly to Japanese household investors) in three different currencies viz., Japanese Yen, Mexican Peso and Turkish Lira, Exim continues to be the only Indian entity accepted in the Uridashi market.
  • During the year, the Bank secured a 20 year loan of € 150 million from the European Investment Bank to support projects that contribute to climate change mitigation. The Bank also began drawals under a US$ 100 million loan from Asian Development Bank, to be used to support SMEs and SME clusters in the less developed states for technology upgradation.

GRASSROOTS BUSINESS INITIATIVES

  • The Bank supported Tangail Tantujibi Unnayan Samabay Samity Ltd., a weaver's cooperative which manufactures and exports handloom products; a trust - Kala Raksha - producing hand embroidered garments, accessories etc.; Industree Crafts Private Ltd., an organization producing handicraft and handloom products to improve their export capability.
  • The Bank supported several NGOs, Self Help Groups (SHGs) and artisans to provide new opportunities that would positively impact the lives of a large number of people associated with them, thus contributing towards social, economic, and cultural upliftment, women empowerment, employment generation and capacity building.
  • The Bank organized a Design Development and Training workshop for women artisans in developing creative and modern designs for coconut shell crafts. Workshops were also organized on Design Sensitization, Design Development Training Phase II for Bidar Bidari Youth Mandal, an SHG; Packaging, Forwarding and Finance for Successful Marketing and Exports, Quality Control, Branding and Packaging for Jharcraft, a Jharkhand Government undertaking. The workshops aimed to create quality products to tap international markets and helping these organizations in terms of marketing, brand building and generating business. The Bank, in partnership with World Craft Council, also organised "Exim Bank - WCC International Craft Film Contest" to support students working in the field of handicrafts.
  • During the year, the Bank entered into a Memorandum of Understanding with National Institute of Design to provide training on design interventions, product development and advisory services for documentation, entrepreneurship, marketability and branding. The Bank also entered into a Memorandum of Cooperation with the Rural Technology and Business Incubator, an incubator cell in IIT-Madras to evaluate and support organisations, at their nascent stage of development, which work towards improving rural livelihood.

SOUTH - SOUTH COOPERATION AND REGIONAL COOPERATION

  • Exim Bank signed two multilateral financial cooperation agreements with other member banks of the BRICS (Brazil, Russia, India, China and South Africa) nations, viz. BRICS Multilateral Infrastructure Co-financing for Africa; and BRICS Multilateral Co-operation and Co-financing Agreement for Sustainable Development.
  • The Bank concluded a detailed study for the SAARC Development Fund (SDF), which is the umbrella financing mechanism created by the South Asian Association for Regional Cooperation, and proposed a strategy for the SDF in terms of its operations, direction, portfolio of products and also a longer term plan of getting a multilateral status and expanding its resource base with a view to revive and promote intra-regional projects in the South Asia region.

KNOWLEDGE SHARING

The Bank published 9 research papers during the year 2012-13 in the form of Occasional Papers and Working Papers, namely: 

  • West Africa: A Study of India's Trade and Investment Potential;
  • Potential for Enhancing India's Trade with China: A Brief Analysis.
  • Potential for Enhancing India's Trade with Myanmar: A Brief Analysis;
  • Potential for Enhancing India's Trade with Pakistan: A Brief Analysis;
  • Potential for Enhancing India's Trade with Iran: A Brief Analysis;
  • Indian Ocean Rim Association for Regional Co-operation (IOR-ARC): A Study of India's Trade and Investment Potential;
  • Indian Chemical Industry: Exploring Global Demand;
  • Technological Interventions in Indian Agriculture for Enhancement of Crop Productivity;
  • Exports of Services and Offshore Outsourcing. 

For further information, please contact 

Ms. Deepali Agrawal,
Deputy General Manager,
Corporate Communications Group,
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 

Prof. Pranab Bardhan delivers Exim Bank's Commencement Day Lecture
Distinguished economist, Professor Pranab Bardhan delivered Exim Bank's Commencement Day Annual Lecture in Mumbai on March 14, 2013. He spoke on the topic "The Theory of Trade and Development from the Indian Point of View." At the Lecture, Mr. T.C.A. Ranganathan, Chairman and Managing Director, Exim Bank of India, said that Exim Bank's Annual Lecture series, instituted in 1986 to mark the Bank's Commencement Day, has earned recognition as an important milestone in contributing to the debate and discussions on contemporary trade and development issues impacting global economy. Dr. Urjit. R. Patel, Deputy Governor, Reserve Bank of India, presided over the Lecture. 

Professor Bardhan has done extensive theoretical and field studies research in diverse areas including rural institutions in poor countries, on political economy of development policies, and on international trade. A part of his work is in the interdisciplinary area of economics, political science, and social anthropology. Besides being the editor of 12 books, Professor Bardhan has also authored 12 books and published around 170 research articles in reputed national and international journals. His most recent book "Awakening Giants, Feet of Clay: Assessing the Economic Rise of China and India", published by Princeton University Press in 2010, succinctly summarizes the challenges facing China and India, including environmental degradation, unfavourable demographics, poor infrastructure, and social inequality- threats. A more contentious claim offered by Professor Bardhan is that internal reform- not the global market- has been the key driver of both countries' growth. 

Professor Bardhan after graduating from the Calcutta University and obtaining his doctorate from the Cambridge University in UK moved on to Cambridge, Massachusetts, teaching and researching at the Massachusetts Institute of Technology (MIT). Professor Bardhan returned back to India in 1969 and taught at the Indian Statistical Institute Delhi and at the Delhi School of Economics during 1969 to 1977. Professor Bardhan, since 1977 has been Professor at the University of California at Berkeley. During this period he has also served as a distinguished visiting professor at leading universities across the globe which include the London School of Economics; Trinity College, Cambridge; St. Catherine's College, Oxford; and the Stanford University. 

In his distinguished teaching career since 1960s, Professor Bardhan also held a number of important professional positions. He has been the Chief Editor, Journal of Development Economics; Associate Editor, Journal of Economic Perspectives; Associate Editor, International Economic Review; and a member on the Boards of several reputed journal which include the American Economic Review; Studies in Comparative International Development; Environment and Development Economics; Social Justice Research; and Indian Economic Review. 

Among the several accolades that he has received, include the Stevenson Prize for Research Students in Social Science, Cambridge University in 1964; the Elected National Lecturer, University Grants Commission, India, 1975; Guggenheim Fellowship in 1982; Social Science Research Council Fellowship in 1982-83; and the Mohalanobis Gold Medal in Economics by the Indian Econometric Society in 1984. 

BRIEF ON PROF. PRANAB BARDHAN'S LECTURE 

Prof. Pranab Bardhan analyzed the implications of the 'learning by doing' model and the 'infant-industry' arguments in the context of India - the former providing opportunities to transfer technical knowhow and acquiring tacit knowledge, while the latter requiring on-the-job training and slow adoption of work practices. He lauded the auto-component industry in India as it became globally competitive in a short-span while following the 'learning by doing' model. 

He stressed upon the fact that in international competition a firm can make up for its low productivity by paying lower wages to its employees, however, if the quality of the product is below par, it would get rejected in international trade. If better quality levels are attained then globalization increases the incentives for making profits from trade. Prof. Bardhan stressed that the goal should be to develop domestic policies of coordination which improve productivity, thereby curbing the monopolistic influences of companies that lead to price distortion in the market place. 

He opined that gains from trade would increase access to new imported inputs and new varieties of existing products. However, one of the pertinent fallouts of increased industrial average productivity with trade liberalization is through market reallocation within the industry, with the exit of low-productivity firms. This may cause many employed in the low-productivity manufacturing sector to go and crowd the non-traded sector and informal services, thereby bringing down average productivity in the rest of the economy. 

Prof. Bardhan said that Indian labour laws need to be relaxed, but there are more striking lacunae like power, roads, credit, managerial and organizational training, etc which need to be addressed for increasing productivity. Prof. Bardhan exhibited pragmatism by allowing more flexibility in hiring and firing, while at the same time propounding a reasonable scheme of unemployment compensation, from an earmarked fund to which employers as well as employees should contribute. 

For further information, please contact 

Mr. S Srinivas,
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:cag@eximbankindia.in 
Exim Bank Extends USD 41.60 Million LOC To Comoros For Installation Of An 18 Mw Power Project In Moroni, The Capital City Of Comoros
Press Conference
Mr. David Rasquinha, Executive Director of Exim Bank of India concluding the Line of Credit Agreement for USD 41.60 million for installation of an 18 MW power Project in Moroni, the capital city of Comoros with H.E. Mr. Mohamed Ali Soilihi, Vice President In Charge of Finance, Comoros on behalf of the Government of the Union of Comoros, in New Delhi.

Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 41.60 million to the Government of the Union of Comoros, for installation of an 18 MW power Project in Moroni, the capital city of Comoros. The LOC Agreement to this effect was signed in New Delhi, India on Friday, February 22, 2013, by Mr. David Rasquinha, Executive Director of Exim Bank of India on behalf of Exim Bank and H.E. Mr. Mohamed Ali Soilihi, Vice President In Charge of Finance, Comoros on behalf of the Government of the Union of Comoros. 

This is the first LOC extended by Exim Bank to Comoros at the behest of the Government of India. Comoros is an archipelago island nation in the Indian Ocean, located off the eastern coast of Africa, on the northern end of the Mozambique Channel, between northeastern Mozambique and northwestern Madagascar. Other countries near Comoros are Tanzania to the northwest and the Seychelles to the northeast. Meat and meat preparations, cotton yarn fabric made-ups are among India's major export items to Comoros followed by electronic goods, manufactures of metals, and glass, glassware & cement. India's major imports from Comoros are spices accounting for the major part of India's total imports from the country. 

Under the LOCs, Exim Bank reimburses 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 169 Lines of Credit, covering 76 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 9.106 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 

Ms. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in

Exim Bank Extends USD 22.50 Million LOC To Burkina Faso For Financing A Low Cost Housing And Economical Buildings' Project In Burkina Faso
Press Conference
Mr. Amit Kumar, Regional Representative of Exim Bank's Dakar Office concluding the Line of Credit Agreement for USD 22.50 million for financing a low cost housing and economical buildings' project in Burkina Faso with H.E. Mr. Lucien Marie Noël Bembamba, Minister of Economy and Finance, on behalf of the Government of Burkina Faso, in Ouagadougou.

Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 22.50 million to the Government of Burkina Faso, for financing a low cost housing and economical buildings' project in Burkina Faso. The LOC Agreement to this effect was signed in Ouagadougou, Burkina Faso on Friday, January 18, 2013, by Mr. Amit Kumar, Regional Representative of Exim Bank's Dakar Office on behalf of Exim Bank and H.E. Mr. Lucien Marie Noël Bembamba, Minister of Economy and Finance, on behalf of the Government of Burkina Faso. 

This is the third LOC extended by Exim Bank to Burkina Faso at the behest of the Government of India. The first LOC of USD 30 million was extended for financing the acquisition of tractors, harvesters & agriculture processing equipment in Burkina Faso. The second LOC of USD 25 million is being utilized for financing rural electrification project in Burkina Faso. Burkina Faso is a landlocked country in West Africa. It is surrounded by six countries: Mali to the north, Niger to the east, Benin to the southeast, Togo and Ghana to the south, and Côte d'Ivoire to the southwest. Pharmaceutical products and rubber manufactured products were India's major export items to Burkina Faso followed by transport equipment, manufactures of metals, machinery and instruments, and paper / wood products. Metaliferrous ores & metal scrap, raw cotton, and non-electrical machinery were the major items imported from Burkina Faso. 

Under the LOCs, Exim Bank reimburses 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 168 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 8.69 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 

Ms. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in 

Exim Bank Extends A USD 19 Million Line Of Credit To The Government Of Senegal For Financing Fisheries Development Project In Senegal
Press Conference
Mr. T.C.A. Ranganathan, Chairman and Managing Director, on behalf of Exim Bank, exchanging the Line of Credit Agreement for USD 19 million for financing fisheries development project in Senegal with Mr. Amadou Moustapha DIOUF, Ambassador of Senegal to India, on behalf of the Government of Senegal, on December 19, 2012.

Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 19 million to the Government of Senegal for financing fisheries development project in Senegal. The LOC Agreement to this effect was signed in New Delhi on Wednesday, December 19, 2012, by Mr. T.C.A. Ranganathan, Chairman and Managing Director on behalf of Exim Bank and Mr. Amadou Moustapha DIOUF, Ambassador of Senegal to India, on behalf of the Government of Senegal. 

Senegal is a country in West Africa. This is the tenth LOC extended by Exim Bank to the Government of Senegal. The earlier nine LOCs for agreegating value of USD 145.45 million were extended to the Government of Senegal for financing purchase of agricultural machinery & equipment, supply of buses and spares, Irrigation project, Women Poverty Alleviation Programme & acquisition of vehicles, IT training project, acquisition of railway coaches and locomotives, Rural Electrification project & Fishing industry development, Medical equipments, furniture and Procurement of pumping equipment and crane trucks. 

Under the LOCs, Exim Bank reimburses 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 167 Lines of Credit, covering 74 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 8.67 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 

Ms. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in 

Exim Bank Extends A USD 10 Million Line Of Credit To The Government Of Seychelles For Financing Import Of Goods And Services From India For Specific Projects Funded By Development Bank Of Seychelles
Press Conference
Mr. T.C.A. Ranganathan, Chairman and Managing Director, on behalf of Exim Bank and Mr. Pierre Laporte, Minister of Finance, Government of Seychelles, on behalf of the Government of Seychelles, exchanging the Line of Credit Agreement for USD 10 million for financing import of goods and services from India for specific projects funded by The Development Bank of Seychelles on December 18, 2012.

Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 10 million to the Government of Seychelles for financing import of goods and services from India for specific projects funded by Development Bank of Seychelles. The LOC Agreement to this effect was signed in New Delhi on Tuesday, December 18, 2012, by Mr. T.C.A. Ranganathan, Chairman and Managing Director on behalf of Exim Bank and Mr. Pierre Laporte, Minister of Finance, Government of Seychelles, on behalf of the Government of Seychelles. 

This is the third LOC extended by Exim Bank to Seychelles. The first LOC for USD 5 million was extended to Seychelles Marketing Board [SMB] on commercial terms and second LOC of USD 8 million was extended at the behest of the Government of India, taking the total value of LOCs extended to USD 23 million. The LOCs have supported supply of Vehicles, Medicines, Food items etc. Seychelles, is an island country in the Indian Ocean. 

Under the LOCs, Exim Bank reimburses 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 166 Lines of Credit, covering 74 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 8.65 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 

Ms. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in