Exim Bank. Export-Import Bank of India

PRESS RELEASES

Exim Bank Prescribes Sharing of Indian Developmental Experiences in the Healthcare Sector with Africa
Press Conference
Exim Bank of India’s study on ‘India-Africa Healthcare Cooperation: Way Forward,’ was released by H.E. Mr. Joseph Kasonde, Hon’ble Health Minister for Zambia (second from left). Also seen in the picture are (left to right) Exim Bank’s CMD Mr. Yaduvendra Mathur, Mr. Dinesh Sharma, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India and Mr. Gaddam Dharmendra, High Commissioner of India to the Republic of Zambia.

 

Export-Import Bank of India in association with FICCI (Federation of Indian Chambers of Commerce and Industry), and with the support from the African Development Bank Group and the Government of India, organized the “Africa-India Partnership Day” on May 25, 2016 in Lusaka, Zambia, with the objective of sharing India’s experiences in implementing projects in the Healthcare Sector with Africa. This is the fourth edition under the joint initiatives of all these institutions to be featuring as a part of the Annual meetings of the African Development Bank Group.

Mr. Dinesh Sharma, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, who is also serving as Temporary Governor of India to the African Development Bank Group deliberated on India’s experiences in building PPP framework not only in the core infrastructure sectors but also in the healthcare sector, which can be replicated in the African continent.

H.E. Mr. Joseph Kasonde, Hon’ble Health Minister for Zambia complimented the Government of India’s support in setting up 650 health posts in Zambia. The Hon’ble Minister was confident that with the participation by the private sector in the healthcare development and learning from Indian experiences, African nationals need not travel across the continent to avail healthcare services.

Mr. Gaddam Dharmendra, High Commissioner of India to the Republic of Zambia, highlighted on the cordial relationship between India and Africa, and how India’s engagements with Africa are expanding under the Lines of Credit and ITEC Programmes.

Speaking on the occasion, Mr. Kapil Kapoor, Acting Vice President, Sector Operations, African Development Bank Group prioritised the requirements in the African Continent, viz., Lighting Africa, Feeding Africa, Connecting Africa and Integrating Africa.

Emphasizing on the strong Indian commitment on strengthening India-Africa relations, Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank of India highlighted that Exim Bank and the Government of India are willing to share India’s development experiences in the Healthcare Sector with Africa.

On the occasion Exim Bank of India released its study on ‘India-Africa Healthcare Cooperation: Way Forward’, at the hands of H.E. Mr. Joseph Kasonde, Hon’ble Health Minister for Zambia. The Study highlighted the crucial role that the private sector can play across the healthcare chain in Africa in improving the healthcare outcomes in the continent. The Study notes that there are considerable opportunities to fund healthcare infrastructure projects in Africa that could deliver both primary and tertiary care. Many Indian healthcare providers have already ventured overseas, including in African nations by implementing different models of business and commercial partnerships. The study believes that some of these successful models can be replicated in various countries in Africa.

The event also had panel discussions on developing coordinated Public-Private Partnership for the Healthcare Sector in Africa, with speakers from Indian and African nations. The event was attended by several dignitaries including ministers and senior officials from African nations, CEOs of developmental financial institutions, banks and corporate houses from India and Africa.

Representatives from various Indian hospitals came to Lusaka to participate in the event and share Indian expertise, knowledge, skill and technology for development of the African Healthcare Sector.

 

For further information, please contact Mr S Prahalathan, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21; World Trade Centre Complex; Cuffe Parade, Mumbai-400005. Telephone:+91-22-2217 2704. E-mail: prahalathan@eximbankindia.in

 

Exim Bank posts robust business growth in 2015-16
Press Conference
Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank of India, announced the Bank’s annual results on May 20, 2016 in Mumbai. Also seen in the picture are the Bank’s Deputy Managing Directors, Mr. David Rasquinha and Mr. Debasish Mallick.

 

 

 

Loan Portfolio of the Bank crosses ` 1 lakh crore milestone

Exim Bank’s Chairman and Managing Director, Mr. Yaduvendra Mathur announced the Bank’s results for the year 2015-16 at a press conference in Mumbai on Friday, May 20, 2016.

 FINANCIAL PERFORMANCE

  • Loan Portfolio                                      :         Up 18%      to ` 1,02, 537 crore.
  • Net worth of the Bank                          :         Up 16%      to ` 11,486 crore.
  • Non Funded Portfolio                          :         Up 6.5 %    to ` 11,555 crore
  • Total Business                                    :         Up 17%      to ` 2,07,409 crore.
  • Capital to Risk Assets Ratio                :         14.55%
  • Net NPAs                                            :         0.86%

BUSINESS & FINANCIAL PERFORMANCE

  • Lines of Credit: As on March 31, 2016, the Bank had in place 203 LOCs, covering 63 countries with credit commitments of over US$ 14.26 billion. During FY 2016, 9 LOCs amounting to US$ 2.61 billion were extended to Bangladesh, Cote d’Ivoire, Congo, Guyana, Guinea, Tanzania, Zimbabwe, and Myanmar.
  • Project Export Contracts: During FY 2015-16, 95 Project Export contracts were secured in 39 countries by 50 exporters, aggregating ` 22,551 crore.  
  • Buyer’s Credit – National Export Insurance Account (BC-NEIA): The Bank had till March 31, 2016, sanctioned US$ 2.19 billion for 22 projects valued US$ 2.49 billion under the Buyer’s Credit – National Export Insurance Account (BC-NEIA). The Bank has also given in-principle commitments for supporting several projects and the current active pipeline includes 36 proposals aggregating
    US$ 5.11 billion under BC-NEIA.
  • Overseas Investment: During the year ended March 31, 2016, the Bank’s approvals under the Overseas Investment Finance Programme amounted to `5,264 crore, comprising `5,217 crore towards acquisition/setting up of 26 overseas ventures; and `47 crore towards renewal of existing facilities.
  • Profit before tax (PBT) and profit after tax (PAT) of the Bank were at ` 453 crore and ` 316 crore     respectively during the year 2015-16.

 

 

RESOURCES/TREASURY

  • During the year, the Bank raised borrowings of varying maturities comprising rupee resources of
    ` 23,183 crore and foreign currency resources of ` 13,781 crore equivalent.
  • The Bank is rated investment grade, on par with the country’s Sovereign rating. As on March 31,  2016, the Bank was rated Baa3 (Positive) by Moody's, BBB- (Stable) by Standard & Poor’s, BBB- (Stable) by Fitch Ratings and BBB+ (Stable) by Japan Credit Rating Agency (JCRA). The Bank's Rupee debt instruments continued to enjoy the highest rating viz. AAA rating from the rating agencies, CRISIL and ICRA.

BENCHMARKS IN THE INTERNATIONAL CAPITAL MARKETS

  • Successfully launched a 5 year Reg S Green Bond issue of US$ 500 million. The 1st ever USD-denominated Green bond offering out of India - 1st benchmark-sized Green bond out of Asia in 2015 - and the 3rd ever Green bond issuance out of Asia. Attracted subscription of around 3.2 times the issue size, led by strong demand, across 140 accounts, with significant participation from green investors and real money accounts, upsized from $ 250 million.
  • Launched a 5.5 year Reg S Bond issue of US$ 500 million. Issue attracted a total order book in excess of US$ 1.25 bn. thereby achieving 2.5x oversubscription of the issue size from over 110 investors.
  • The Bank raised US$ 162.26 million equivalent by way of Uridashi Bonds in two different currencies viz., Australian Dollar and United States Dollars thereby achieving diversification of investor base. The USD swapped price of the Bonds was inside the fair value of the Bank’s outstanding public USD bonds for similar tenor. The Bank has now tapped the Uridashi Bond market on four occasions and continues to be the only Indian entity in this market.

ADVISORY & CONSULTANCY SERVICES

  • Special Purpose Facility for Financing Strategic Infrastructure Projects in Neighbouring Countries: Exim Bank with the support of GoI, has extended commitment to finance the strategic Maitree Power Project in Bangladesh valued US$ 1.8 billion. BHEL has emerged as the lowest bidder, against global competition. The project known as Bangladesh India Friendship Power Company Ltd. is a 50:50 JV between NTPC and the Bangladesh Power Development Board. Once commissioned, it is expected to be the largest power plant in Bangladesh. The project saw many firsts – it was the first super-critical overseas power project in which BHEL has been involved – and the first being developed by NTPC overseas.
  • Initiatives for Renewable Energy: Exim Bank has been partnering the Ministry of New and Renewable Energy, GoI, in its plan towards establishing the International Solar Alliance drawn as a part of the COP21 initiative in Paris, to boost solar energy in developing countries. Exim Bank is also a part of the Advisory Committee of ISA, and had given a presentation at the 2nd Steering Committee of the ISA, in Abu Dhabi in January 2016, towards promoting 10,000 MW of solar projects. Bank has also conducted a Study entitled “International Solar Alliance: Nurturing Possibilities.”
  • Export Development Fund: In terms of the Exim Bank Act, the Export Development Fund is a distinct Fund with an independent balance sheet and earnings statement. The fund can be utilized only for specified activities as may be approved by GoI. GoI has approved an amount of upto ` 3,000 crore of Buyer’s Credit facility to seven Iranian banks for utilisation towards import of steel rails from India and Development of Chabahar Port Project. The credit facility will also be guaranteed by GoI.
  • Kukuza Project Development Company: Exim Bank, IL&FS, AfDB and SBI have floated the Kukuza Project Development Company (PDC) for Africa, based out of Nairobi. A few projects in Africa are currently under consideration by the PDC.

For further information, please contact Ms. Deepali Agrawal, General Manager, Corporate Communications Group,
Export-Import Bank of India, Telephone : (022) 22172829, Fax : (022) 22182572. E-mail: deepali@eximbankindia.in Website: www.eximbankindia.in

EXIM BANK STUDY: REFORMS IN THE DEFENCE SECTOR SET TO ENHANCE EXPORT ORIENTATION
Press Conference
Gen. (Dr) V. K. Singh (Retd.), Hon’ble Minister of State for External Affairs and Minister of State (Independent Charge) for Statistics and Programme Implementation, Government of India (second from right) receiving the first copy of Exim Bank's publication on “Defence Equipment Industry: Achieving Self-Reliance and Promoting Exports”, from Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank (second from left), on May 17, 2016, in New Delhi. Mr. David Rasquinha, Deputy Managing Director (first from right), and Mr. Tarun Sharma, Regional Head, Exim Bank's New Delhi Regional Office (first from left), were also present on the occasion.

 

Exim Bank has prepared a comprehensive Study entitled “Defence Equipment Industry: Achieving Self-Reliance and Promoting Exports”, the first copy of which was presented to Gen. (Dr) V. K. Singh (Retd.), Hon’ble Minister of State for External Affairs and Minister of State (Independent Charge) for Statistics and Programme Implementation, Government of India, at New Delhi on May 17, 2016.

The Study has noted that the Indian defence sector is at variance from the global one, where more than 80 percent value addition happens at the integrator stage, with the component suppliers, many of which are SMEs, accounting for only 20 percent. This concentrated structure restricts the growth of private players in the sector and also affects the scope for R&D. Moreover, efficiency in the Indian defence sector (measured in terms of labour productivity) lags behind sectors such as consumer goods and transport equipment which again is at variance from countries like UK where labour productivity in aerospace and defence was nearly 8 percent higher than the overall productivity in all UK companies.

Highlighting the policy initiatives in recent times, the Study has opined that there has been a paradigm shift in the defence sector with a renewed focus on self-reliance, import substitution, technology upgradation and indigenization. The reforms in defence sector coupled with the high domestic demand emanating from extensive modernization plans of the Indian defence services, is set to position India as an important defence sourcing hub.

To alleviate the growth constraints for the sector, the Study has recommended policy oriented, manufacturing related promotional strategies which include among others, reforms in offsets policy; according special priority status to the sector; setting up export control systems in consonance with international non-proliferation regimes; adopting cost-plus contracts structure; PPPs in test facilities; subsidies on test fees for MSMEs; and setting up technology development funds.

The Study has also noted that availability of finance will be a critical element for building the bridge between challenges and opportunities, inertia and inventiveness and status quo and advancement for defence exports. In this context, the Study has asserted that with adequate support from the Government of India, Exim Bank can play a pivotal role in the defence sector by pushing exports to a higher growth trajectory.

For further information, please contact: Mr. S Prahalathan, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21; World Trade Centre Complex; Cuffe Parade, Mumbai – 400005, Telephone: 91-22-2217 2704, E-mail: prahalthan@eximbankindia.in
Exim Bank extends a Line Of Credit of USD 1 billion to the Government of Mongolia
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 1 billion to the Government of Mongolia, for development of railways and related infrastructure projects. The LOC Agreement to this effect was signed in New Delhi on April 28, 2016, by Mr. David Rasquinha, Deputy Managing Director, on behalf of Export-Import Bank of India and H.E. Mr. Gonchig Ganbold, Ambassador Extraordinary and Plenipotentiary of Mongolia to India, on behalf of the Government of Mongolia, in the presence of H.E. Gen. (Dr.) V.K. Singh (Retd), Minister of State for External Affairs, Government of India and H.E. Mr. L. Purevsuren, the Minister for Foreign Affairs, Government of Mongolia.

The USD 1 billion is the second largest Exim Bank’s GOI-supported LOC to any country. With the signing of the above LOC Agreement for USD 1 billion, EXIM Bank, till date, has extended two LOCs to the Government of Mongolia, on behalf of Government of India, taking the total value of LOCs to USD 1.02 billion. The first LOC of USD 20 million was extended in July 2011 for financing the India-Mongolia Joint Information Technology Education & Outsourcing Center (IMJIT) Project in Mongolia.

With the signing of this LOC Agreement, Exim Bank has now in place 204 Lines of Credit covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over USD 15.28 billion, available for financing exports from India. Under the LOCs, EXIM Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. 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 Mr. Mukul Sarkar, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: (022) 22172610/22182296, Fax:(022) 22188076. E-mail: eximasia@eximbankindia.in
EXIM BANK OF INDIA AND THE ISLAMIC CORPORATION FOR THE DEVELOPMENT OF THE PRIVATE SECTOR (ICD) SIGNS MOU TO ENHANCE BILATERAL TRADE AND INVESXTMENTS BETWEEN INDIA AND THE MEMBER COUNTRIES OF ISLAMIC DEVELOPMENT BANK
Press Conference
Mr. Tarun Sharma of Exim Bank of India and Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of the Islamic Corporation for the Development of the Private Sector (ICD) signing the MOU in Jeddah, to enhance bilateral trade and investments between India and the member countries of Islamic Development Bank. Standing from the left to right are: Mr. Sayed Aqa, Vice President of the Islamic Development Bank; H.E. Mr. Ahmad Javed, Ambassador of India to the Kingdom of Saudi Arabia; Mr. B.S. Mubarak, Consul General of India in Jeddah; and Mr. Zafar Sareshwala, Chancellor, Maulana Azad National Urdu University.

A Memorandum of Understanding (MoU) was signed between Export-Import Bank of India (EXIM Bank) and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group. The MoU envisages cooperation, among others, to explore the feasibility of extending a commercial Line of Credit of USD100 million to ICD with the aim of facilitating the export of goods and services from India to ICD’s member countries. Typically, the recipients of EXIM Bank’s commercial lines of credit, act as intermediaries and on lend to overseas buyers for the import of Indian goods and services. Under the agreement, co-operation will also be achieved through the exchange of information on trade-related matters and the identification of business opportunities for Indian companies to pursue in ICD’s member countries.

The MoU was signed by Mr, Tarun Sharma, Regional Head of EXIM Bank New Delhi Representative Office, and Mr. Khaled Al Aboodi, the Chief Executive Officer and General Manager of ICD.

During the signing ceremony, Mr. Tarun Sharma said, “Since its inception, EXIM Bank has been both a catalyst and a key player in the promotion of cross border trade and investment. We remain committed to support Indian exporters to enter new markets in their bid to expand and we are convinced that our co-operation with ICD will serve that very purpose and will be mutually beneficial for both the parties.”

Mr. Khaled Al-Aboodi commented: “Moving forward, we are very excited to find common ground and work with EXIM Bank. We acknowledge that India, being the seventh largest economy in the world, has a lot to offer and its high-quality exports of goods and services can drive the next wave of growth. I believe ICD’s member countries can offer vibrant business prospects for India’s exporters.”

EXIM Bank is a premier financial institution established under the Export-Import Bank of India Act, 1981, and wholly owned by the Government of India. The Bank’s mandate is to finance, facilitate and promote India's international trade and to coordinate the working of institutions engaged in export and import-related services aimed at the globalization of Indian companies. EXIM Bank, through its wide network of alliances with financial institutions, trade promotion agencies, information providers across the globe, assists externally oriented Indian companies in their quest for excellence and globalization. For more information, visit www.eximbankindia.in.

For further information, please contact Mr. S. Prahalathan ,Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21; World Trade Centre Complex; Cuffe Parade, Mumbai - 400005 Telephone: 91-22-2217 2704, E-mail: prahalthan@eximbankindia.in
Dr. Donald Kaberuka delivers Exim Bank’s 31st Commencement Day Annual Lecture: 2016
Press Conference
(L-R): Dr. Donald Kaberuka, Former President of African Development Bank delivered Exim Bank’s 31st Commencement Day Annual Lecture in Mumbai on March 21, 2016. Also seen in the picture are Mr Sunil Arora, Secretary, Ministry of I&B, Government of India and Mr Yaduvendra Mathur, Chairman and Managing Director, Export-Import Bank of India.

 

Dr. Donald Kaberuka, Former President of the African Development Bank Group and currently the Hauser Leader in Residence, Harvard Kennedy School delivered Exim Bank’s 31st Commencement Day Annual Lecture in Mumbai on March 21, 2016. Dr. Kaberuka was the Finance Minister of Rwanda prior to joining AfDB. Dr. Kaberuka spoke on “Promoting Africa-India Investment in the New Global Landscape.”

Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank of India, said that Exim Bank’s Commencement Day Annual Lecture series, instituted in 1986, has earned recognition as an important milestone in contributing to the debate and discussions on contemporary trade and development issues impacting global economy. Dr. Sunil Arora, Secretary, Ministry of Information & Broadcasting, presided over the Lecture.

Dr. Kaberuka spoke extensively on Africa and India’s development story while drawing references to the gradual evolution of both the regions in the new economic environment, and the potential it has in the days to come. As a corollary, he mentioned about the growing trade and investment flows between Africa and India, even in the aftermath of the global financial crisis, which stands today at about US$ 76 billion dollars, from US$ 38 billion dollars in 2008. At the same time the African economy today has grown by 5 times its size as compared to 2000, (adjusted for real 2000 dollar the size is three times).

He observed that the last fifty years especially the last part of it have been phenomenal in global economic history, as billions of people were lifted out of poverty by advances in globalization, thereby reducing the cost of doing business, increasing inter-connectedness and providing opportunities around global value chains for all countries. Recalling the discussions in the last World Economic Forum in Davos, he called the new economic order as the "fourth industrial revolution" with new opportunities but also disruptions in traditional business models, advances such as in artificial intelligence.

“It is also about the new elements in geopolitics, where it seems the problems are increasingly global, but the political actors have remained focused on the local, thereby creating a major disconnect. The multilateral system born of the Second World War is no longer fit for purposes like trade, migration, epidemics, terrorism, refugees, climate change  etc. and both India and Africa must determine how best to mitigate the downside while taking advantage of the opportunities that the two regions have,” Dr. Kaberuka said.

He drew parallels with India, and said that while both the Indian and African economies have seen rapid expansion of services, but the contraction in agriculture and manufacturing eventually has led to limited job creation, inequalities, and minimal integration in global value chains. As both regions continue to register fast growth, opportunities arise for diversification at both country and sectoral levels like agribusiness, IT, financial services, and healthcare and infrastructure.

While appreciating that PPPs, BoTs in infrastructure sector have worked well in some geographies, such as Kenya and Côte d’Ivoire, they have not been success stories across the board, including India. He conveyed his enthusiasm towards Exim Bank of India and AfDB working together on innovative infrastructure financing models in the years ahead.

In his speech he expressed anguish about those investors having a clichéd view about Africa, and wished that investors should ideally look beyond the hype, and the short term tactical issues and concentrate on the longer term trends. While articulating his concerns towards the existing pockets of extremism in the continent, which remain a big drag on investments, he felt that these could be overcome through a robust multilateral architecture and cooperation.

Referring to the slowdown in China, and its ‘triple transition’ phase, he felt that jobs will move to both India and Africa due to competitive conditions favoring the two regions.  He seemed extremely optimistic about Africa and India, as he expressed his belief of the longer term mega trends accruing from the demographic dividend with a younger, educated and connected population, having increasingly higher disposable incomes. 

 

EXIM BANK EXTENDS A LINE OF CREDIT OF USD 50 MILLION TO THE GOVERNMENT OF THE CO-OPERATIVE REPUBLIC OF GUYANA
Press Conference
Mr. T. D. Sivakumar, Resident Representative, Washington D. C., Exim Bank (extreme right) exchanging Line of Credit Agreement for USD 50 million with Honorable Mr. Winston Jordan (second from left), Minister of Finance, Government of the Co-operative Republic of Guyana on Wednesday, March 16, 2016 in the presence of H. E. Mr. Venkatachalam Mahalingam (second from right), High Commissioner, Indian High Commission in Georgetown, Guyana and Honorable Mr. David Patterson (extreme left), Minister of Public Infrastructure.

 

Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 50 million to the Government of the Co-operative Republic of Guyana, for financing East Bank East Coast Road Linkage Project. The LOC Agreement to this effect was signed in Georgetown, Guyana on Wednesday, March 16, 2016, by Honorable Mr. Winston Jordan, Minister of Finance, on behalf of the Government of Co-operative Republic of Guyana and Mr. T. D. Sivakumar, Resident Representative, Washington D. C., on behalf of Export-Import Bank of India.

With the signing of the above LOC Agreement for USD 50 million, Exim Bank, till date, has extended five LOCs to the Co-operative Republic of Guyana, at the behest of the Government of India, taking the total value of LOCs to USD 94.10 million. The first LOC of USD 19 million was extended in November 2004 for Construction of a cricket stadium for World Cup 2007 in Georgetown, Guyana.

With the signing of this LOC Agreement, Exim Bank has now in place 203 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over USD 14.27 billion, available for financing exports from India. Under the LOCs, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. 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 Mr. Nadeem Panjetan, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: +91 22 22162073/ 2217 2310, Fax: +91 22 22182460. E-mail: eximloc@eximbankindia.in
Exim Bank’s Study Highlights Potential for Enhancing India’s Engagements with Southern African Development Community (SADC)
Press Conference
Release of Exim Bank's publication on “Focus Africa: Enhancing India’s Engagements with Southern African Development Community (SADC)” at the hands of Gen. V K Singh (Retd.), Hon’ble Minister of State for External Affairs, Government of India (fifth from left); H.E. Kwesi Amissah-Arthur, Vice President, Republic of Ghana (fourth from left); H.E. James Wani Igga, Vice President, Republic of South Sudan (sixth from right); and Hon. Okechukwu Enelamah, Minister of Industry, Trade & Investment, Republic of Nigeria (third from left), in the presence of Mr. Yaduvendra Mathur, Chairman and Managing Director, Export-Import Bank of India (seventh from left) and other distinguished dignitaries at the “11th CII-EXIM BANK Conclave on India Africa Project Partnership”, held in New Delhi on March 14, 2016.
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Export-Import Bank of India (Exim Bank)’s study on “Focus Africa: Enhancing India’s Engagements with Southern African Development Community (SADC)” was released at the hands of Gen. V. K. Singh (Retd.), Hon’ble Minister of State for External Affairs, Government of India; H.E. Kwesi Amissah-Arthur, Vice President, Republic of Ghana; H.E. James Wani Igga, Vice President, Republic of South Sudan; and Hon. Okechukwu Enelamah, Minister of Industry, Trade & Investment, Republic of Nigeria, at the “11th CII- EXIM BANK Conclave on India Africa Project Partnership”, held in New Delhi on March 14, 2016.

The study dwells on the strategic importance of SADC countries as investment destination for India. The SADC region accounts for nearly 30 per cent of Africa’s GDP and is the second-largest bloc (in terms of economy size) in the continent, after Economic Community of West African States (ECOWAS). For India, especially, the SADC region is of strategic importance, accounting for nearly 40 per cent of its total trade with Africa, and a substantial portion of India’s investments, with major destinations like Mauritius, Mozambique and South Africa, among others. In the SADC region, Indian multi-national enterprises (MNEs) have ventured into both Greenfield and Brownfield investments, spanning across various sectors including manufacturing, mining, construction and energy, among others. According to data from the Ministry of Finance and the Reserve Bank of India, India's approved cumulative investments in the SADC region during April 1996 to March 2015 amounted to US$ 46.5 billion.

The study highlights broad strategies and recommendations which could serve to facilitate and enhance two-way trade and investment between India and SADC member states. The study has also identified key investment areas for Indian investors/ companies in the SADC region.

According to the study, SADC economies are amongst the most resource–rich countries in the world. Areas of critical importance for the region include development of key sectors like infrastructure, agriculture and agro-processing, mining, manufacturing and ICT sectors, among others. The primary reason for low levels of development in the region stems from limited economic capacity to invest. Given this, select sectors which hold potential for Indian investments in the region have been identified in the study, which include natural resources, agriculture sector, manufacturing sector and infrastructure, among others.

For further information, please contact Mr. David Sinate, Chief General Manager, Research & Analysis Group, Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005 Telephone: 91-22-2217 2701, Fax: 91-22-2218 0743 E-mail: dsinate@eximbankindia.in

EXIM BANK EXTENDS BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT [NEIA] AGGREGATING USD 403.01 MN TO THE GOVERNMENT OF SRI LANKA FOR PROJECTS IN WATER SECTOR
Press Conference

Export-Import Bank of India (Exim Bank) on March 08, 2016 signed three [3] Buyer’s Credit Agreements, under National Export Insurance Account (BC-NEIA) aggregating USD 403.01 mn with National Water Supply and Drainage Board (NWSDB), Sri Lanka in Colombo, for financing projects in water sector. The Agreements were signed in the presence of Hon’ble Minister of City Planning and Water Supply of Sri Lanka, Mr. Rauf Hakeem and High Commissioner of India in Colombo, Mr. Y.K. Sinha by Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank and Eng. Kuddoos Alahudeen Ansar, Chairman and Mr. Mohamed Shafeek Rajabdeen, Vice Chairman, National Water Supply and Drainage Board, Sri Lanka. Mr. Yaduvendra Mathur thanked the Indian High Commission in Colombo in facilitating the conclusion of the Buyers’ Credit Agreements. Speaking on the occasion, Hon’ble Minister Mr. Rauf Hakeem expressed satisfaction at the conclusion of these agreements and thanked the Government of India for financing the three water supply projects, adding that the projects would supply potable water to nearly one million people.

The above assistance to Sri Lanka is covered under the National Export Insurance Account, set up by the Government of India (GOI) and operated by ECGC Ltd. The NEIA trust (a public trust set up by the Government) provides covers to banks for Buyer’s Credit transactions which facilitates foreign buyer to pay for project exports from India.

Exim Bank extended five (5) GOI-supported Lines of Credit (LOCs) to the Government of Sri Lanka (GOSL), for railway rehabilitation in the southern and the northern railway corridors aggregating at USD 1,066.16 mn. Exim Bank has also extended Buyer’s Credit under National Export Insurance Account (BC-NEIA) aggregating USD 185 mn for Water Treatment Plant and other projects.

Exim Bank has, till date, sanctioned USD 2.06 bn for 22 projects valued USD 2.49 bn. Further, Exim Bank has also given in-principle commitments for supporting several projects, at the behest of leading Indian project exporters, in order to enable these Indian companies to submit bids / negotiate contracts with overseas project authorities. Besides promoting India’s exports, Exim Bank's BC-NEIA programme enables demonstration of Indian expertise and project execution capabilities in emerging markets. BC-NEIA is a unique financing mechanism that provides a safe mode of nonrecourse financing option to Indian exporters and serves as an effective market entry tool to traditional as well as new markets in developing countries, which need deferred credit on medium or long term basis.

For further information, please contact Ms. Harsha Bangari, General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: 022-22172301 / 022-22181489, Fax: 022- 22188268. E-mail : harsha@eximbankindia.in / peg@eximbankindia.in
EXIM BANK EXTENDS A LINE OF CREDIT OF USD 2 BILLION TO THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH
Press Conference
Mr. Yaduvendra Mathur, IAS, Chairman and Managing Director, on behalf of Exim Bank, concluding the Line of Credit Agreement for USD 2 billion for financing various social and infrastructure development projects in Bangladesh, with Mr. Mohammad Mejbahuddin, Senior Secretary, Economic Relations Division, Ministry of Finance, on behalf of the Government of the People’s Republic of Bangladesh, in Dhaka.


Export-Import Bank of India (Exim Bank) has, on behalf of the Government of India, extended a Line of Credit (LOC) of USD 2 billion to the Government of the People’s Republic of Bangladesh, for financing various social and infrastructure development projects in Bangladesh [such as power, railways, road transportation, information and communication technology, shipping, health and technical education sectors]. The LOC Agreement to this effect was signed in Dhaka, Bangladesh on March 09, 2016, by Mr. Yaduvendra Mathur, IAS, Chairman & Managing Director, on behalf of Export-Import Bank of India and Mr. Mohammad Mejbahuddin, Senior Secretary, Economic Relations Division, Ministry of Finance, on behalf of the Government of the People’s Republic of Bangladesh, in the presence of Mr. Harsh Vardhan Shringla, High Commissioner of India in Dhaka.

The LOC of USD 2 billion is the largest ever GOI-supported LOC extended by Exim Bank to any country. With the signing of the above LOC Agreement for USD 2 billion, EXIM Bank, till date, has extended two LOCs to the Government of the People’s Republic of Bangladesh, on behalf of Government of India, taking the total value of LOCs to USD 2.862 billion. Projects covered under the first LOC of USD 862 million include the procurement of buses; locomotives; passenger coaches and other rolling stock; dredger and other vessels; laboratory equipment; construction of 2nd Bhairab and 2nd Titas Bridge; Khulna-Mongla port rail line; 3rd and 4th Dual Gauge track between Dhaka-Tongi section and doubling of dual gauge track between Tongi-Joydebpur; rehabilitation of the Kulaura-Shahbajpur section of Bangladesh Railway; replacement and modernization of signalling system of three stations between Ashuganj and Akhaura section of Bangladesh Railway. In addition to the LOCs, Exim Bank is in the process of extending a Buyer’s Credit of USD 1.60 billion to Bangladesh India Friendship Power Company (Pvt) Limited (BIFPCL), which is a 50:50 JV of NTPC Ltd and Bangladesh Power Development Board, for financing the 1320 MW Maitree Super Thermal Power Project in Bangladesh.

With the signing of this LOC Agreement, Exim Bank has now in place 202 Lines of Credit covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over USD 14.28 billion, available for financing exports from India. Under the LOCs, EXIM Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. 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 Mr. Mukul Sarkar, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: (022) 22172610/22182296, Fax:(022) 22188076. E-mail: eximasia@eximbankindia.in

Interactive Session for Indian Exporters on GoI’s new IDEAS guidelines in Chennai
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Interactive Session for Indian Exporters on the Government of India’s new Indian Development and Economic Assistance Scheme (IDEAS) Guidelines on Lines of Credit (LOCs) to Overseas Governments at The Raintree, Teynampet, Chennai, on February 01, 2016. From left: (i) Shri Nirmal Kumar Biswas, Deputy General Manager and Regional Head, Chennai Regional Office, Exim Bank, (ii) Mr R. Prabhakaran, CII, (iii) Shri Arun Sobti, Under Secretary [IDEAS], Department of Economic Affairs, Ministry of Finance, Government of India (iv) Shri Ajit Gupte, Joint Secretary (Development Partnership Administration Division), Ministry of External Affairs, Government of India, (v) Shri David Rasquinha, Deputy Managing Director, Exim Bank, (vi) Shri Chozha Nachiar Rajasekar, FICCI and (vii) Shri Jayaraman Krishnan, MCCI.

Export-Import Bank of India (Exim Bank) in association with the Government of India (GOI - Ministries of Finance and External Affairs) and leading industry associations (Confederation of Indian Industry, Federation of Indian Chambers of Commerce & Industry and Madras Chamber of Commerce & Industry), organised an “Interactive Session for Indian Exporters on the GOI’s new Indian Development and Economic Assistance Scheme (IDEAS) Guidelines for Lines of Credit (LOCs) to Overseas Governments” on February 01, 2016 in Chennai, with the objective to disseminate the changes in the operational and procedural aspects, highlight the improvements and also discuss select case studies of projects supported under LOCs.

Exim Bank extends LOCs at the behest of the GOI, under the IDEAS, for supporting export of projects, equipment, goods and services from India, for (i) meeting India’s economic, political and strategic objectives, and (ii) creating a positive and sustainable socio-economic impact in the LOC-recipient country. Exim Bank has so far extended 200 LOCs in 62 countries with credit commitments aggregating USD 12.48 billion and 26 LOCs aggregating USD 4.41 billion in pipeline. Exim Bank’s flagship programmes such as Lines of Credit and Buyers’ Credit are designed to offer funding options to the overseas buyers in order to enable Indian project exporters to access new markets in developing countries and increase exports of goods and services from India, and create jobs.

The interactive session was addressed by Shri David Rasquinha, Deputy Managing Director, Exim Bank and included the presentation by Shri Ajit Gupte, Joint Secretary (Development Partnership Administration), Ministry of External Affairs, Government of India.

Speaking on the occasion, Shri Rasquinha gave a background of the IDEAS and noted that LOCs extended under the Scheme have contributed in increasing India’s exports and opened up new untapped markets for Indian companies, thereby enhancing the visibility of Indian technical capabilities overseas and the reputation as provider of high quality goods and services. Shri Rasquinha further mentioned that GOI has on December 07, 2015 released the new guidelines for LOCs, which empowers Exim Bank to play a greater role, which is aimed at creating more robust and transparent systems and procedures. Shri Ajit Gupte made presentation about the IDEAS, and its impact in building long term partnerships and goodwill for India with LOC recipient countries, reinforcing India’s economic interests globally.

The salient features of the new Guidelines include mandatory preparation of a Detailed Project Report preceding the project execution, appointment of an independent Project Management Consultant through competitive bidding process, prequalification of competent Indian companies and vetting of tender documents by Exim Bank, submission of bid evaluation report and draft contract by the LOC recipient country to Exim Bank and strengthening of the project monitoring mechanism under the LOCs.

The interactive session was attended by around 100 participants, who engaged in detailed interactions with the panellists on the procedural aspects of the new Guidelines. Exim Bank proposes to conduct a series of such interactive sessions with Indian exporters in major cities across India to disseminate the changes in the operational and procedural aspects of the new LOC Guidelines.

For further information, please contact Mr. Nadeem Panjetan, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: 022-22172310 / 2216 2073, Fax: 022-22182460. E-mail: eximloc@eximbankindia.in

External Affairs Minister interacts with Top Management of Exim Bank
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Hon'ble Union Minister for External Affairs, Mrs. Sushma Swaraj visited the Export-Import Bank of India (Exim Bank) on Saturday, January 30, 2016. She was welcomed by Exim Bank's Chairman and Managing Director Mr. Yaduvendra Mathur and Deputy Managing Directors, Mr. David Rasquinha and Mr. Debasish Mallick.

Mrs. Swaraj was briefed about the recent initiatives of the Bank for export promotion and facilitation through the Bank's range of products and services like the Overseas Investment Finance Programme, Project Exports Finance, Buyers' Credit under the National Export Insurance Account (NEIA), Lines of Credit (LOC) and advisory services.

While interacting with the Top Management of the Bank, Mrs. Swaraj appreciated Exim Bank's efforts in promoting the country's international trade. She noted the effective use of the Government of India's Lines of Credit, extended by Exim Bank which have helped many Indian exporters in entering newer and non-traditional markets.

Exim Bank officials reported to the Hon’ble External Affairs Minister that stakeholders have conveyed appreciation of the revised LOC Guidelines notified by Government in December 2015. The revised Guidelines have streamlined the LOCs process making the entire "project conception to completion cycle" transparent and competitive so that only the best projects, goods and services from India are exported under the LOCs. The Hon’ble Minister was also apprised of the Exim Bank’s issuance of Green Bonds in 2015.

The 5-year Reg S Green Bond issue of US$ 500 mn in March 2015 was significant as it had attracted subscription of around 3.2 times the issue size led by strong demand, across 140 accounts. It was the first USD-denominated Green bond offering out of India as well as the first benchmark-sized Green bond out of Asia in 2015 and the third ever Green bond issuance out of Asia

Mrs. Swaraj also noted Exim Bank's initiatives under GoI’s ‘Act East’ policy in assessing business opportunities for India in Cambodia, Lao PDR, Myanmar and Vietnam (CLMV’ countries) and to establish a Project Development and Facilitation Framework for the region.

Export-Import Bank of India (Exim Bank) is India’s premier financial institution engaged in financing, facilitating and promoting India’s international trade and investment. The Bank was set up the Export-Import Bank of India Act, 1981 and commenced operations in March 1982. Exim Bank is fully owned by the Government of India.

For further information, please contact Ms. Deepali Agrawal, General Manager, Corporate Communications Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005. Telephone 22172829, E-mail: deepali@eximbankindia.in

Interactive Session for Indian Exporters on the Government of India’s new Indian Development and Economic Assistance Scheme (IDEAS) Guidelines on Lines of Credit (LOCs) to Overseas Governments
Press Conference
Interactive Session for Indian Exporters on the Government of India’s new Indian Development and Economic Assistance Scheme (IDEAS) Guidelines on Lines of Credit (LOCs) to Overseas Governments at The Gateway Hotel, EM Bypass Road, Kolkata, on January 16, 2016. From left: (i) Shri Ramesh Babu, Deputy General Manager and Regional Head, Kolkata Regional Office, Exim Bank, (ii) Mrs. Geeta Poojary, Chief General Manager, Exim Bank, (iii) Shri David Rasquinha, Deputy Managing Director, Exim Bank, (iv) Shri Ajit Gupte, Joint Secretary (Development Partnership Administration Division), Ministry of External Affairs, Government of India, (v) Shri Arun Garodia, Regional Chairman (ER), EEPC and (vi) Ms. Perminder Kaur, Regional Director, ASSOCHAM.

Export-Import Bank of India (Exim Bank) in association with the Government of India (GOI - Ministries of Finance and External Affairs) and leading industry associations (ASSOCHAM and EEPC), organised an “Interactive Session for Indian Exporters on the GOI’s new Indian Development and Economic Assistance Scheme (IDEAS) Guidelines for Lines of Credit (LOCs) to Overseas Governments” on January 16, 2016 in Kolkata, with the objective to disseminate the changes in the operational and procedural aspects, highlight the improvements and also discuss select case studies of projects supported under LOCs.

Exim Bank extends LOCs at the behest of the GOI, under the IDEAS, for supporting export of projects, equipment, goods and services from India, for (i) meeting India’s economic, political and strategic objectives, and (ii) creating a positive and sustainable socio-economic impact in the LOC-recipient country. Exim Bank has so far extended 200 LOCs in 62 countries with credit commitments aggregating USD 12.48 billion and 26 LOCs aggregating USD 4.41 billion in pipeline. Exim Bank’s flagship programmes such as Lines of Credit and Buyers’ Credit are designed to offer funding options to the overseas buyers in order to enable Indian project exporters to access new markets in developing countries and increase exports of goods and services from India, and create jobs.

The interactive session was addressed by Shri David Rasquinha, Deputy Managing Director, Exim Bank and included presentations by Shri Ajit Gupte, Joint Secretary (Development Partnership Administration), Ministry of External Affairs; and Smt. Geeta Poojary, Chief General Manager, Exim Bank.

Speaking on the occasion, Shri Rasquinha gave a background of the IDEAS and noted that LOCs extended under the Scheme have contributed in increasing India’s exports and opened up new untapped markets for Indian companies, thereby enhancing the visibility of Indian technical capabilities overseas and the reputation as provider of high quality goods and services. Shri Rasquinha further mentioned that GOI has on December 07, 2015 released the new guidelines for LOCs, which empowers Exim Bank to play a greater role, which is aimed at creating more robust and transparent systems and procedures. Shri Ajit Gupte made presentation about the IDEAS, and its impact in building long term partnerships and goodwill for India with LOC recipient countries, reinforcing India’s economic interests globally. Smt. Geeta Poojary made a presentation of the projects executed under the LOCs and highlighted their benefits and socio economic impact on the borrowing countries.

The salient features of the new Guidelines include mandatory preparation of a Detailed Project Report preceding the project execution, appointment of an independent Project Management Consultant through competitive bidding process, prequalification of competent Indian companies and vetting of tender documents by Exim Bank, submission of bid evaluation report and draft contract by the LOC recipient country to Exim Bank and strengthening of the project monitoring mechanism under the LOCs.

The interactive session was attended by around 50 participants from over 20 Indian companies, who engaged in detailed interactions with the panellists on the procedural aspects of the new Guidelines. Exim Bank proposes to conduct a series of such interactive sessions with Indian exporters in major cities across India to disseminate the changes in the operational and procedural aspects of the new LOC Guidelines.

For further information, please contact Mr. Nadeem Panjetan, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: 022-22172310 / 2216 2073, Fax: 022-22182460. E-mail: eximloc@eximbankindia.in
Exim Bank Signs and MoU with Government of Andhra Pradesh to facilitate State’s Exports

Exim Bank of India and the Government of Andhra Pradesh have entered into a Memorandum of Understanding (MoU) for promotion of exports from Andhra Pradesh.  The MoU was signed by the Chairman and Managing Director of the Bank, Mr. Yaduvendra Mathur, and Mr. Shamsher Singh Rawat, Secretary and Commissioner for Industrial Promotion, Government of Andhra Pradesh.

Exim Bank seeks to support the exporters having operations in Andhra Pradesh in achieving higher exports by facilitation of market linkages through its market advisory services, which will assist in identifying suitable partners. Besides, the Bank would help develop skills through capacity building workshops, help the exporters’ participation in select trade fairs and exhibitions, and through research activities.

Exim Bank would also use its strong institutional linkages that it has developed over the years with institutions in advanced markets like USA, Singapore, Japan, Australia, EU, etc, and facilitate technology transfer to the technology-seeking enterprises in Andhra Pradesh. 

With its presence through a Regional Office in Hyderabad, the Bank is desirous of further extending funding facilities to exporters from the State so as to provide them opportunity to access the global market. 

For further information, please contact Mr. S. Prahalathan, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21; World Trade Centre Complex; Cuffe Parade, Mumbai – 400005, Telephone: 91-22-2217 2704, E-mail: prahalthan@eximbankindia.in
Interactive Session for Indian Exporters on the Government of India’s new Indian Development and Economic Assistance Scheme (IDEAS) Guidelines on Lines of Credit (LOCs) to Overseas Governments
Press Conference
Interactive Session for Indian Exporters on the Government of India’s new Indian Development and Economic Assistance Scheme (IDEAS) Guidelines on Lines of Credit (LOCs) to Overseas Governments at Hotel Taj Vivanta, Trinity Hall, M.G. Road, Bangalore, on January 12, 2016. From left: (i) Shri Sandeep Kumar, Deputy General Manger and Regional Head, Bangalore Regional Office, Exim Bank, (ii) Mrs. Geeta Poojary, Chief General Manager, Exim Bank, (iii) Shri Deepak Pathak, Director, Development Partnership Administration Division, Ministry of External Affairs, Government of India, (iv) Shri David Rasquinha, Deputy Managing Director, Exim Bank and (v) Shri Asad Wasi, Director, ASSOCHAM and (vi) Shri P. Radhakrishnan, Director, FICCI, Karnataka State Council.

Export-Import Bank of India (Exim Bank) in association with the Government of India (GOI –Ministry of Finance and Ministry of External Affairs) and leading industry associations (ASSOCHAM, CII and FICCI), organised an “Interactive Session for Indian Exporters on the GOI’s new Indian Development and Economic Assistance Scheme (IDEAS) Guidelines for Lines of Credit (LOCs) to Overseas Governments” on January 12, 2016 at Bangalore, with the objective to disseminate the changes in the operational and procedural aspects, highlight the improvements and also discuss select case studies of projects supported under LOCs.

Exim Bank extends LOCs at the behest of the GOI, under the IDEAS, for supporting export of projects, equipment, goods and services from India, for (i) meeting India’s economic, political and strategic objectives, and (ii) creating a positive and sustainable socio-economic impact in the LOC-recipient country. Exim Bank has so far extended 200 LOCs in 62 countries with credit commitments aggregating USD 12.48 billion and 26 LOCs aggregating USD 4.41 billion in pipeline. Exim Bank’s flagship programmes such as Lines of Credit and Buyers’ Credit are designed to offer funding options to the overseas buyers in order to enable Indian project exporters to access new markets in developing countries and increase exports of goods and services from India, and create jobs.

The interactive session was addressed by Shri David Rasquinha, Deputy Managing Director, Exim Bank and included presentations by Shri Deepak Pathak, Director, Development Partnership Administration Division, Ministry of External Affairs, Government of India; and Smt. Geeta Poojary, Chief General Manager, Exim Bank.

Speaking on the occasion, Shri Rasquinha gave a background of the IDEAS and noted that LOCs extended under the Scheme have contributed in increasing India’s exports and opened up new untapped markets for Indian companies, thereby enhancing the visibility of Indian technical capabilities overseas and the reputation as provider of high quality goods and services. Shri Rasquinha further mentioned that GOI has on December 07, 2015 released the new guidelines for LOCs, which empowers Exim Bank to play a greater role, which is aimed at creating more robust and transparent systems and procedures. Shri Deepak Pathak made presentations on GOI’s new IDEAS, and its impact in building long term partnerships and goodwill for India with LOC recipient countries, reinforcing India’s economic interests globally. Smt. Geeta Poojary made a presentation of the projects executed under the LOCs and highlighted their benefits and socio economic impact on the borrowing countries.

The salient features of the new Guidelines include mandatory preparation of a “Detailed Project Report” preceding the project execution, appointment of an independent “Project Management Consultant” through competitive bidding process, prequalification of competent Indian companies and vetting of tender documents by Exim Bank, submission of bid evaluation report and draft contract by the LOC recipient country to Exim Bank and strengthening of the project monitoring mechanism under the LOCs.

The interactive session was attended by around 100 participants from over 60 Indian companies, who had detailed interactions with the panellists on the procedural aspects of the new Guidelines. Exim Bank proposes to conduct a series of such interactive sessions with Indian exporters in major cities across India to disseminate the changes in the operational and procedural aspects of the new LOC Guidelines.

For further information, please contact Mr. Nadeem Panjetan, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: 022-22172310 / 2216 2073, Fax: 022-22182460. E-mail: eximloc@eximbankindia.in
EXIM BANK OF INDIA RAISES US$ 500 MN FOR 5.5 YEAR TENOR AT A COUPON OF 3.125% PER ANNUM

The Export-Import Bank of India, successfully launched a 5.5 year Reg S Bond issue of US$ 500 mn on January 13, 2016. The issue attracted a total order book in excess of USD 1.25 bn. thereby achieving 2.5x oversubscription of the issue size from over 110 investors. The funds thus raised will be used by the Bank to support Indian project exports and overseas investment by way of long term credit.

The 5.5 year US$ 500 mn Eurodollar bond issue was priced at 165 basis points over US Treasuries (UST) at a fixed coupon of 3.125% p.a. providing minimal NIP against a very conservative market backdrop with volatility in equity markets, declining crude prices and simmering geopolitical tensions. This tightly priced benchmark size transaction paves the way for other issuers from India. Citigroup, JP Morgan and Standard Chartered Bank acted as Joint Lead Managers and book runners for the offering. Exim Bank of India has been rated as ‘BBB-’ by Standard and Poor’s and ‘Baa3’ by Moody’s, same as the rating of Government of India.

Speaking on the occasion, Mr. Yaduvendra Mathur, Chairman and Managing Director of Exim Bank, said, “The size of the order book and the quality of the investor names showcases the market’s confidence in India as well as the Exim Bank, particularly in a challenging market. We have worked assiduously to maintain communication bridges with overseas investors and to sell the India story”.

The Notes were distributed to high quality fixed income accounts such as asset management companies, public and private banks, pension funds, insurance companies and central banks as well as sovereign wealth funds. Over 47% of the issue was distributed to Asian investors, 46% to European and Middle East investors and remainder primarily to offshore US investors. Mr. David Rasquinha, Deputy Managing Director of Exim Bank, commented, “The transaction was priced with minimal new issue premium amidst very tentative markets, where most of the highly rated, repeat issuers from Asia have paid higher single digit new issue premium for their issuances from start of the year. Exim Bank had been closely monitoring the market for an opportune window since the beginning of the year and the swift intra-day execution allowed us to take advantage of supportive market backdrop amid recent volatility and challenging market conditions”.

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

For further information, please contact Mr. Samuel Joseph, Chief General Manager, Treasury & Accounts Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005. Telephone 22172644, Fax: 22182497; E-mail: Exim Bank’s Study highlights Potential for Enhancing India’s Engagements with Cambodia, Lao PDR, Myanmar, Vietnam (CLMV)
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Release of Exim Bank's publication on “Act East: Enhancing India’s Engagements with Cambodia, Lao PDR, Myanmar, Vietnam (CLMV)” at the hands of Ms Nirmala Sitharaman, Hon’ble Minister of State for Commerce & Industry (Independent Charge), Government of India; Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII) (first from left); Mr Somchith Inthamith, Vice Minister of Industry and Commerce, Lao PDR (second from left); Mr Sun Chanthol, Senior Minister, Ministry of Commerce, Kingdom of Cambodia (third from left); Mr Debasish Mallick, Deputy Managing Director, Export-Import Bank of India (fourth from left); Mr Yaduvendra Mathur, Chairman and Managing Director, Export-Import Bank of India (sixth from left); Dr Pwint San, Deputy Minister, Ministry of Commerce, Myanmar (seventh from left); Mr Nguyen Cam Tu, Deputy Minister, Ministry of Industry and Trade, Vietnam (eighth from left); Mr Ravi Capoor, Joint Secretary, Department of Commerce, Ministry of Commerce & Industry, Government of India (ninth from left); Ms Shobhana Kamineni, Vice-President, CII and Executive Vice Chairperson, Apollo Hospitals Enterprise Ltd. (tenth from left) at the 3rd India-CLMV Business Conclave, held at the Mamallapuram, Tamil Nadu, on January 12, 2016.

Export-Import Bank of India (Exim Bank)’s study on “Act East: Enhancing India’s Engagements with Cambodia, Lao PDR, Myanmar, Vietnam (CLMV)” was released at the hands of Ms Nirmala Sitharaman, Hon’ble Minister of State for Commerce & Industry (Independent Charge), Government of India, at the 3rd India-CLMV Business Conclave, held at Mamallapuram, Tamil Nadu, on January 12, 2016.

The study dwells on the strategic importance of CLMV countries for India. It states that in addition to the geographical advantage of being located near fast-growing economies, CLMV countries have the advantage of having access to wide ranges of markets through economic partnership agreements with various countries.

Exim Bank’s latest study highlights immense opportunities for investments presented by CLMV countries, and noted that Indian investments in the CLMV region have been relatively low, as compared to investments from non-ASEAN partners, viz. China, Japan, South Korea and the United Kingdom.

India’s adoption of ‘Look East’ Policy (now ‘Act East’) in 1992 was an initiative towards developing extensive economic and strategic relations with ASEAN nations (including CLMV countries). India has since progressed from a dialogue partner to the present status of a strategic partner with ASEAN.

With India’s policy initiatives in place, Exim Bank’s study identifies select sectors in each of the four CLMV countries, for Indian investors to harness the region’s untapped potential, thus, making it mutually rewarding for both India and the region. Emerging opportunities that could be explored by Indian companies in the region besides trade include investments in potential sectors such as agriculture and allied activities, manufacturing, healthcare, mining, development of information technology, among others, through joint ventures with local or foreign partners or wholly owned subsidiaries.

The study highlights infrastructure development as an important area of critical importance for the CLMV region. Infrastructure coverage of the CLMV region is amongst the lowest in the ASEAN region, which is mainly due to limited economic capacity of the countries to invest in infrastructure. Development of infrastructure essentially encompasses rail, road or airport connectivity, logistics, water supply, power, among others. Further, the study suggests that development of essential trade related infrastructure for enhancing connectivity with India such as ports, maritime routes, roads, warehouses, exclusive economic zones, industrial clusters/ corridors, among others, could be explored.

For further information, please contact Mr. David Sinate Chief General Manager Research & Analysis Group Export Import Bank of India Centre One Building, Floor 21 World Trade Centre Complex Cuffe Parade, Mumbai - 400005 Telephone: 91-22-2217 2701 Fax: 91-22-2218 0743 E-mail: dsinate@eximbankindia.in
Exim Bank Study: West Bengal has the Potential to Emerge as Export Hub for the Eastern India
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Exim Bank’s Research Study titled, “Exports from West Bengal: Potential & Strategy” released by Ms. Mamata Banerjee, Hon’ble Chief Minister of West Bengal, in the presence of Dr. Amit Mitra, Hon’ble Minister for Finance, Commerce and Industry, Government of West Bengal, and Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank of India

Taking cognizance of the number of international agreements (connecting Eastern part of India), with which India is a part of it, and leveraging such agreements, the State of West Bengal could further position itself as an Export Hub for India in the Eastern Region, says a Study by Exim Bank.. The Study titled ‘Export from West Bengal: Potential & Strategy’ was released at the hands of Ms. Mamata Banerjee, Hon’ble Chief Minister of the Government of West Bengal, at the Bengal Global Business Summit on January 9, 2016.

This Strategy Paper elucidates and identifies industries which are traditionally strong in the State and which could be further strengthened, while addressing the challenges faced by these industries. These include tea, leather, food processing, IT, hospitals, amongst others. Creating a hi-tech based electronic industry has also been prescribed given its spillovers in terms of positive job creation and an appetite for such products both in India and overseas.

It is also important to take note of the fact that the global trade environment is changing with the culmination of a number of mega trade agreements, which is likely to change the manufacturing landscape, and hence the production processes in the State also need to get aligned with the altering global value chain.

West Bengal, as it strives towards providing a robust export framework, need to not only make existing industries more competitive, but also need to realize its potential to attract new international and national investments in the manufacturing sector, the Study outlined. The State may consider focusing on strengthening the existing ecosystem of growth and development, world class infrastructure facilities, that would help create additional employment for urban and rural youth, besides adding value to products that are produced in the State, the Study added.

During the Summit, Exim Bank of India and the Government of West Bengal have also entered into a Memorandum of Understanding (MoU) on January 9, 2016. The MoU was signed by the Chairman and Managing Director of the Bank, Mr. Yaduvendra Mathur, and Mr. Dr. S. Kishore, Principal Secretary, Commerce and Industries, Government of West Bengal.

Exim Bank seeks to support the exporters having operations in West Bengal in achieving higher exports by facilitation of market linkages through its market advisory services, which will assist in identifying suitable partners. Besides, the Bank would help develop skills through capacity building workshops, help the exporters’ participation in select trade fairs and exhibitions, and through research activities.

Exim Bank would also use its strong institutional linkages that it has developed over the years with institutions in advanced markets like USA, Singapore, Japan, Australia, EU, etc, and facilitate technology transfer to the technology-seeking enterprises in West Bengal.

With its presence through a Regional Office in Kolkata, the Bank is desirous of further extending funding facilities to exporters from the State so as to provide them opportunity to access the global market.

For further information, please contact: Mr. S Prahalathan, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21; World Trade Centre Complex; Cuffe Parade, Mumbai – 400005, Telephone: 91-22-2217 2704, E-mail: prahalthan@eximbankindia.in
Interactive Session for Indian Exporters on the Government of India’s new Indian Development and Economic Assistance Scheme (IDEAS) Guidelines for Lines of Credit (LOCs) to Overseas Governments
Press Conference
Shri Yaduvendra Mathur, IAS, Chairman & Managing Director, Exim Bank (extreme left) delivering the keynote address, at the ‘Interactive Session for Indian Exporters on the GOI’s new Indian Development and Economic Assistance Scheme (IDEAS) Guidelines for Lines of Credit (LOCs) to Overseas Governments’ on December 28, 2015 in New Delhi. Seated left to right, Mrs. Geeta Poojary, Chief General Manager, Exim Bank; Shri David Rasquinha, Deputy Managing Director, Exim Bank; Shri Ajit Gupte, Joint Secretary (DPA 1), MEA; Shri S. Selvakumar, Joint Secretary (ABC), DEA-MOF; and representatives from ASSOCHAM, CII and FICCI

Export-Import Bank of India (Exim Bank) in association with the Government of India (GOI - Ministries of Finance and External Affairs) and leading industry associations (ASSOCHAM, CII and FICCI), organised an “Interactive Session for Indian Exporters on the GOI’s new Indian Development and Economic Assistance Scheme (IDEAS) Guidelines for Lines of Credit (LOCs) to Overseas Governments” on December 28, 2015 in New Delhi, with the objective to disseminate the changes in the operational and procedural aspects, highlight the improvements and also discuss select case studies of projects supported under LOCs.

Exim Bank extends LOCs at the behest of the GOI, under the IDEAS, for supporting export of projects, equipment, goods and services from India, for (i) meeting India’s economic, political and strategic objectives, and (ii) creating a positive and sustainable socio-economic impact in the LOC-recipient country. Exim Bank has so far extended 200 LOCs in 62 countries with credit commitments aggregating USD 12.48 billion and 26 LOCs aggregating USD 4.41 billion in pipeline. Exim Bank’s flagship programmes such as Lines of Credit and Buyers’ Credit are designed to offer funding options to the overseas buyers in order to enable Indian project exporters to access new markets in developing countries and increase exports of goods and services from India, and create jobs.

The interactive session was addressed by Shri Yaduvendra Mathur, IAS, Chairman & Managing Director, Exim Bank and included presentations by Shri S. Selvakumar, Joint Secretary (ABC), Department of Economic Affairs, Ministry of Finance; Shri Ajit Gupte, Joint Secretary (Development Partnership Administration), Ministry of External Affairs; and Shri David Rasquinha, Deputy Managing Director, Exim Bank.

Speaking on the occasion, Shri Mathur gave a background of the IDEAS and noted that LOCs extended under the Scheme have contributed in increasing India’s exports and opened up new untapped markets for Indian companies, thereby enhancing the visibility of Indian technical capabilities overseas and the reputation as provider of high quality goods and services. Shri Mathur further mentioned that GOI has on December 07, 2015 released the new guidelines for LOCs, which empowers Exim Bank to play a greater role, which is aimed at creating more robust and transparent systems and procedures. Shri S. Selvakumar and Shri Ajit Gupte made presentations about the IDEAS, and its impact in building long term partnerships and goodwill for India with LOC recipient countries, reinforcing India’s economic interests globally. Shri David Rasquinha made a presentation of the projects executed under the LOCs and highlighted their benefits and socio economic impact on the borrowing countries.

The salient features of the new Guidelines include mandatory preparation of a Detailed Project Report preceding the project execution, appointment of an independent Project management Consultant through competitive bidding process, prequalification of competent Indian companies and vetting of tender documents by Exim Bank, submission of bid evaluation report and draft contract by the LOC recipient country to Exim Bank and strengthening of the project monitoring mechanism under the LOCs.

The interactive session was attended by around 200 participants from over 100 Indian companies, who engaged in detailed interactions with the panellists on the procedural aspects of the new Guidelines. Exim Bank proposes to conduct a series of such interactive sessions with Indian exporters in major cities across India to disseminate the changes in the operational and procedural aspects of the new LOC Guidelines.

For further information, please contact
Mr. Nadeem Panjetan,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 022-22172310 / 2216 2073,
Fax: 022-22182460.
E-mail: eximloc@eximbankindia.in
EXIM Bank’s Study Highlights India’s Trade and Investment Potential with Turkey
Press Conference

EXIM Bank's latest research publication on "Turkey: A study of India's trade and investemnt potential" being released on November 2, 2015. At the hands of H.E. Mr. Erdal Sabro Ergen, consul General of Turkey in Mumbai in the presence of Mr, Yaduvendra Mathur, Chairman and Managing Director, EXIM Bank.

Export-Import Bank of India (EXIM Bank)'s publication on "Turkey: A Study of India’s Trade and Investment" was released at the hands of H.E Mr. Erdal Sabro Ergen, Consul General of Turkey in the presence of Mr. Yaduvendra Mathur, Chairman & Managing Director, EXIM Bank at the 92nd National Day of the Republic of Turkey Celebration hosted by the Office of Consulate General of Turkey at Hotel Taj Mahal Palace and Towers, Mumbai.

The study draws attention to the fact that India's India’s economic and commercial co-operationwith Turkey has deepened over the years and constitutes an important dimension of the bilateral relationship. India’s bilateral trade with Turkey has increased significantly by more than five-fold in the last decade, with a total trade of US$ 7.5 billion in 2014. While India’s exports to Turkey amounted to US$ 6.9 billion in 2014, accounting for 2.8 percent of Turkey’s global imports, India’s imports from Turkey have also risen, from US$ 219.9 million in 2005 to US$ 586.7 million in 2014, depicting close to a three-fold increase. As a result, India’s trade surplus with Turkey has risen significantly over the last few years.

The study identifies major potential imports of Turkey up to 6-digit HS commodity code, which could be exported from India, keeping in view India’s global export capability. The potential items for India's exports to Turkey identified broadly include, inter alia, mineral fuels and distillation products; machinery and instruments; electrical and electronic equipment; iron and steel; vehicles other than railway, tramway; plastics and articles; pearls and precious stones; pharmaceutical products; rubber and articles; cereals.

The study also dwells upon investment opportunities in key sectors in Turkey, and delineates broad strategies to enhance and foster India's commercial relations with Turkey. Identified sectors include agriculture and food processing; alternative/renewable energy; healthcare; transport and logistics; and tourism.

Exim Bank Extends Buyer’s Credit Under National Export Insurance Account [NEIA] )Of USD 69.75 mn To The Government Of Senegal
Press Conference
Export-Import Bank of India [Exim Bank] has extended a Buyer’s Credit [BC] under National Export Insurance Account [NEIA] of USD 69.75 mn to the Government of Senegal for financing export of vehicles from India to Senegal. The BC-NEIA Agreement to this effect was signed in New Delhi, on January 06, 2016, by Mr. Debasish Mallick, Deputy Managing Director, on behalf of Exim Bank and     H.E. Mr. El Hadji Ibou Boye, Ambassador of Senegal in India, on behalf of the Government of Senegal.  

BC-NEIA is a unique financing mechanism that provides a safe mode of nonrecourse financing option to Indian exporters and serves as an effective market entry tool to traditional as well as new markets in developing countries, which need deferred credit on medium or long term basis.

Exim Bank has till date sanctioned USD 2.05 bn for 20 projects valued USD 2.25 bn. Further, Exim Bank has also given in-principle commitments for supporting several projects, at the behest of leading Indian project exporters, in order to enable these Indian companies to submit bids / negotiate contracts with overseas project authorities.  Besides promoting India’s exports, Exim Bank's BC-NEIA programme enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact
Ms. Harsha Bangari,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 022-22172301 / 022-22181489,
Fax: 022- 22188268
E-mail : harsha@eximbankindia.in / peg@eximbankindia.in
Export-Import Bank of India and Export-Import Bank of Malaysia Berhad sign MoU to enhance cooperation in financing
Press Conference

Mr. Yaduvendra Mathur, Chairman & Managing Director, Export-Import Bank of India and Ms. Norzilah Mohammed, Acting Chief Executive Officer, Export- Import Bank of Malaysia Berhad at the MOU signing ceremony on Tuesday, December 1, 2015 at Tokyo, Japan.

A Memorandum of Understanding (MoU) was signed today between Export-Import Bank of India and Export-Import Bank of Malaysia Berhad, to strengthen cooperation in financing, guaranteeing and other financial mechanism to support projects of interest to both the Banks. The MoU was signed by Mr. Yaduvendra Mathur, Chairman & Managing Director, Export-Import Bank of India, and Ms. Norzilah Mohammed, Acting Chief Executive Officer, Export-Import Bank of Malaysia Berhad, in Tokyo, on the sidelines of the 21st Annual Meeting of the Asian EXIM Banks Forum (AEBF).
 
While both these institutions are cooperating with each other under the umbrella of Asian EXIM Banks Forum, through this MoU, both these institutions intend to identify areas of cooperation in providing funding support for Indian companies setting up operations in Malaysia, and Malaysian companies setting up operations in India. Under the MoU, both the Banks shall also endeavor to finance infrastructure and other projects in third countries where Malaysian and Indian enterprises are involved, and with a view to promoting economic cooperation and industrial development, as per their respective mandates. Possibilities of financing in local currencies of eligible projects including project finance, equipment financing, export and import financing, overseas investment financing etc. in accordance with laws, regulations and regulatory requirements of India and Malaysia, will also be explored, under this MoU. The MoU further enhances the scope of information and knowledge sharing between the two Banks.

EXIM Bank of India organises training programme for women weavers in Uttarakhand
Press Conference

Post the devastating floods at the temple town in Kedarnath in June 2013, Export-Import Bank of India (EXIM Bank) organized a training programme with a view of providing sustainable livelihoods and women empowerment to the affected families in the region of Dewali-Bhanigram village in Rudraprayag district, Uttarakhand.

Mandakini Women Weavers Association, which was promoted by Panchachuli Women Weavers Association, brings together over 300 women from seven of the worst affected villages into groups to teach them spinning, knitting, embroidery and weaving under four common facility centers. A total of 30 rural women with potential, otherwise having no other access to alternative sources of income participated and are getting trained in an intensive program by master trainers from the region for a period of six months to enhance their skills. The training involves spinning, weaving, knitting and embroidery to develop hand woven and knitted products like Shawl, Stoles & Scarves made from rare wools such as tibetan and mongolian cashmere, lambswool, eri silk and local fibres and materials. The objective of the training programme is to develop required skills among weavers with an effort to create necessary awareness on advanced weaving techniques which will provide support leading to promotion of domestic as well as international business of high quality hand-crafted products. The program will culminate by the year end.

Ms. Deepali Agrawal, General Manager, EXIM Bank, informed the participants that the Bank has been working towards capability creation of artisans across India, helping them to reach the global markets. The Bank has been assisting several artisans across India in value addition, design sensitation and product development in its attempt to nurture and globalize the rich art and craft of the country. Ms. Sunita Bhatt, President, Mandakini Women Weavers Association, due to the training these beneficiaries were able to move to commercial production and these beneficiaries will now work as permanent employees under Mandakini Pvt Ltd, which is under registration process. Dr. H.K. Bagwari, Director, Mandakini Women Weavers Association, stated that the Workshop is providing much needed impetus to the women weavers which helps them in designing new products and provides regular income for disaster affected families. He further informed, with the new products being developed during the training, Mandakini is now ready to attend exhibitions and sell its products commercially.

EXIM Bank of India through its Marketing Advisory Services plays a promotional role to create and enhance export capabilities and international competitiveness of Indian companies. EXIM Bank assists in identification of opportunities overseas and seeks to help Indian exporting forms in their globalization efforts by proactively assisting in locating overseas distributors / buyers / partners for their products and services. The Bank extends support and promotes grassroots enterprises by providing specific interventions such as assistance in skill development, product development and export readiness, as well.

Strategy On Service Sector Seminar Bangalore
Press Conference
Shri David Rasquinha, Deputy Managing Director, Exim Bank, Dr. H.A.C. Prasad, Senior Economic Advisor, Ministry of Finance and Shri Tallam R Dwarkanath President FKCCI at an Interactive Meeting on “Strategy for Services Sector” at Hotel Taj Vivanta, M.G Road, Bangalore on November 20, 2015

An interactive meeting on “Strategy for Services Sectors” was organized at Hotel Taj Vivanta, M.G. Road Bengaluru by Export-Import Bank of India (Exim Bank) in association with the Ministry of Finance, Government of India and Federation of Karnataka Chamber of Commerce and industry (FKCCI). The objective of the meeting was to interact with key players in different services sectors with a view to generating suggestions and inputs for formulating a medium term strategy for India’s services sector and exports. The meeting was presided by Dr. H.A.C. Prasad, Senior Economic Advisor, Ministry of Finance alongwith Shri David Rasquinha, Deputy Managing Director, Exim Bank and Shri Tallam R Dwarkanath President,FKCCI.

Shri David Rasquinha, Deputy Managing Director, Exim Bank, in his welcome address, deliberated on the comparative advantage of India in the global economy in the services sector.   It was highlighted that while software exports have continued to underpin the buoyancy in India’s services exports, trends non-software services exports viz. architectural, engineering, technical services, business management and consultancy services etc. have shown positive trends.  India has significant potential in offering services of management consultancy, R&D services, legal services, accounting and auditing services, healthcare services etc. 

Shri Tallam R Dwarkanath, President, FKCCI, in his remarks iterated the importance of Services Industry which forms the backbone Karnataka region. He highlighted emergence of Service Sector as the largest and fastest growing sectors in the world economy and its contribution to the global output and employment.  

Dr. H.A.C. Prasad highlighted the global macroeconomic indicators, slowdown in emerging markets and a weaker recovery in advanced economies.  Global activity is projected to gather some pace in 2016.  In advanced economies, the modest recovery that started in 2014 is projected to strengthen further.

Dr. H.A.C Prasad also highlighted the currency devaluation initiatives undertaken by China followed by other economies i.e. Brazil, Malaysia, Mexico, South Africa, and Thailand which affected India’s competitiveness during March to Oct. 2015 [determined by Real Effective exchange rate (REER)].  He stressed upon the focus on exchange rate and inflationary measures to make Indian’s economy competitive.  The share of services in world income declined from 68.8 per cent in 2001 to 66 per cent in 2013, while its share in employment increased from 39.1 per cent to 45.1 per cent.

It was also observed that Services Export and Import growths have moved to negative territory in Q1 of 2015 for India, World and many important services trading countries as per WTO data.  In 2009, following the International financial crisis, world services export growth had turned negative at (–) 10.9 percent.  It was also negative for all major service exporters in 2009.  In both Q1 and Q2 of 2015 it was negative at (-) 5.1 % and (-) 8.1 % respectively for World. It was also negative for Germany (-12.9% and -13.6 %), Hong Kong (-0.3% and 0.1 %), India (-1.9% and 1.3 %), Singapore (-5.5 %and -2.4 %) and  UK (-4.5% and -6.5 %). In countries like Thailand it is positive (15.1% and 21.8 % ) due to base effect.

Dr. H.A.C. Prasad highlighted the reforms undertaken by the Government viz. Electronic Travel Authorization (ETA), an initiative to boost to tourism, Electronic Tourist Visa (eTV) has been further extended to 36 more countries and 7 more Indian airports. The Govt. has undertaken rapid expansion of port capacity and development of inland and coastal navigation under Sagarmala Project improving Port Connectivity and Coastal Berths.  The govt. is focusing on hardware and software combination to move up the value chain and launched Digital India initiatives, FDI related Reforms and liberalization touching upon 15 major Sectors of the Economy.

For further information, please contact

Mr. S. Prahalathan,
Chief General Manager,
Export-Import Bank of India, Centre One, Floor 21,
World Trade Centre, Cuffe Parade,
Mumbai 400 005
Telephone : 2216 0364 / 2217 2704,
Fax : 2218 0743;
E-Mail : prahalathan@eximbankindia.in
EXIM Bank of India Signs an MOC with GoCoop
Press Conference

Mr. Debasish Mallick, Deputy Managing Director, EXIM Bank (right) and Mr. Siva Devireddy, Founder and Managing Director, GoCoop during the signing of the Memorandum of Cooperation

Export-Import Bank of India (EXIM Bank) today signed a Memorandum of Cooperation (MOC) with GoCoop Solutions and Services Pvt. Ltd (GoCoop). GoCoop.com, India’s first social marketplace for easy and transparent sourcing of craft products, is an eCommerce platform that enables co-operatives, community-based artisans and weavers to list and sell their produce online. The technology platform developed by GoCoop and its marketing services provide co-ops in India with access to national and international markets, fair and efficient business dealings, and the means to raise the standard of living of millions of low-income producers.

Under the MOC, both EXIM Bank and GoCoop will work on export market development for Craft products and share their knowledge and connect each other to promising social enterprises for further support, including financial and advisory.

The MOC was signed by Mr. Debasish Mallick, Deputy Managing Director, EXIM Bank and Mr. Siva Devireddy, Founder and Managing Director, GoCoop at EXIM Bank’s Head Office in Mumbai on November 05, 2015. Speaking on the occasion, Mr. Debasish Mallick 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. Mr. Mallick pointed out that the underlying objective is to augment sustainable employment opportunities and exports from the disadvantaged sections of rural India by widening their market beyond the domestic shores. EXIM Bank has supported various grassroots enterprises across different parts of the country. Mr. Mallick emphasized that this partnership with GoCoop was a part of EXIM Bank's outreach strategy to target a wider spectrum of grassroots organizations and would supplement the Bank's efforts towards boosting exports of handloom and handicraft products from India.

Expressing his happiness in working with EXIM Bank, Mr. Siva Devireddy, Founder and Managing Director of GoCoop, said “Handloom and Handicraft sector has a big export market which continues to grow. GoCoop’s objective is to provide great service to our international buyers and make import of craft products a much more easy and transparent online experience while the benefits of exports are shared with the actual weaver and artisans. GoCoop is privileged to partner with EXIM Bank and will work closely in capacity building and global market development initiatives for weaver and artisan co-operatives and other grass root enterprises.” He 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.

EXIM Bank extends a Line of Credit of USD 87 million to the Government of The Republic of Zimbabawe
Press Conference

Mr. Yaduvendra Mathur, Chairman & Managing Director, EXIM Bank (right) concluding Line of Credit Agreement for USD 87 million with H.E. Mr. Patrick Anthony Chinamasa [M.P.], Minister of Finance and Economic Development, Government of Republic of Zimbabwe in the presence of Mr. Piyush Goyal, Hon’ble Minister for Power, Coal, New & Renewable Energy, Government of India on Tuesday, October 27, 2015.

Export-Import Bank of India (EXIM Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 87 million to the Government of the Republic of Zimbabwe, for renovation/up-gradation of Bulawayo Thermal Power Plant. The LOC Agreement to this effect was signed in New Delhi on Tuesday, October 27, 2015, by H.E. Mr. Patrick Anthony Chinamasa [M.P.], Minister of Finance and Economic Development, on behalf of the Government of Republic of Zimbabwe and Mr. Yaduvendra Mathur, IAS, Chairman & Managing Director, on behalf of Export-Import Bank of India. 

With the signing of the above LOC Agreement for USD 87 million, EXIM Bank, till date, has extended two LOCs to the Republic of Zimbabwe, at the behest of the Government of India, taking the total value of LOCs to USD 115.60 million. The first LOC of USD 28.60 million was extended in June 2013 for up-gradation of Deka Pumping Station and River Water Intake System in Zimbabwe.

With the signing of this LOC Agreement, EXIM Bank has now in place 201 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over USD 12.28 billion, available for financing exports from India. Under the LOCs, EXIM Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. 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. 

Focus Africa: Enhancing India's Trade and Investment Relations with Africa
Press Conference

Export-Import Bank of India (EXIM Bank) organised a seminar titled “Focus Africa” on October 27, 2015, on the sidelines of the third edition of the India-Africa Forum Summit (IAFS) being held during October 26-29, 2015, in New Delhi. The Valedictory Session of the Seminar was addressed by Mr. Anil Swarup, Secretary, Ministry of Coal, Government of India; Mr. Upendra Tripathy, Secretary, Ministry of New & Renewable Energy, Government of India; Mr. P. A. Chinamasa, Hon’ble Minister of Finance and Economic Development, Government of Zimbabwe; and Mr. Piyush Goyal, Hon’ble Minister for Power, Coal, New & Renewable Energy, Government of India and moderated by Mr. Yaduvendra Mathur, Chairman Managing Director, EXIM Bank of India. The Seminar saw the participation of senior level delegates from institutions and the Governments of around 54 African countries, including the ECOWAS Bank for Investment and Development, PTA Bank, BOAD, DBSA and Afrexim Bank, and senior representatives from the African and Indian business community.

Mr. Anil Swarup, Secretary, Ministry of Coal, Government of India highlighted that India has made rapid strides in the coal sector over the years with India recording the highest coal production growth of 8.3% in 23 years, which has led to over ` 3.35 Lakh Crore (approximately USD 51.5 billion) of potential revenues to the coal bearing states through transparent coal e-auctions & allotments. He highlighted that backed by its achievements, India has set for itself a target of doubling coal production to 1 billion tonnes per year by 2020 and thereby increasing power generation by 50% by 2020. Towards this end, besides focusing on developing non-conventional sources of energy, the Government also envisages trebling exploration activities for enhancing coal production. He also noted that the Government also lays emphasis on minimising the adverse impact of coal mining on the environment through concerted efforts. He opined that India would be keen to partner with Africa to explore business opportunities in the coal sector by way of exploration, mining, development of coal sector projects and mines in African countries by Indian companies.

Mr. Upendra Tripathy, Secretary, Ministry of New & Renewable Energy, Government of India stressed upon the importance that renewable sources of energy such as solar, hydro and wind are gaining as a medium of power generation in order to address the burgeoning demand for power in India. He also highlighted recent initiatives of the Government of India such as the 25 years purchase power agreement and the “Re-invest 2015 and 2016”, which attracts global investment in the renewable energy sector in India. He emphasized the need for innovative financing mechanisms to reduce cost of renewable energy and possible closer collaboration among countries bestowed with abundance solar energy resources.

Mr. P A Chinamasa, Hon’ble Minister of Finance and Economic Development, Government of Zimbabwe in his address highlighted that while the country is endowed with abundant natural and mineral resources, the potential needs to be fully realized yet. He noted that infrastructure development, value addition in mining and beneficiation, education and healthcare are priority sectors for economic development and invited Indian entrepreneurs to invest in areas of its strength- viz. healthcare, pharmaceuticals, SMEs, IT, power, renewable energy, coal, agricultural equipment, irrigation etc. While acknowledging the immense contribution that LOCs from India have had on the countries in Africa, he stressed the need for continued support to productive sectors such as manufacture, tourism, agriculture, and mining in Africa.

Mr. Piyush Goyal, Hon’ble Minister for Power, Coal, New & Renewable Energy, Government of India remarked that India values its partnership with countries in Africa and that India would continue to collaborate with countries in Africa in achieving their developmental endeavours, through sharing of technology, expertise, skill sets and capacity building endeavours. He also touched upon the Government’s recent endeavours to ensure access to affordable energy to all and its initiative of seamless connectivity through the Digital India Initiative.

Speaking on the occasion, Mr. Yaduvendra Mathur, CMD, EXIM Bank, stated that the role of Government of India has been pivotal in creating an enabling environment for Indian entrepreneurs and investors in Africa. He also mentioned that there is a growing interest among Indian entrepreneurs to invest in African countries in diverse sectors including mining, driven by the opportunities and potential for high growth in these markets. He highlighted that there is substantial scope for further cooperation in various sectors.

African nations should leverage Duty Free Tariff Preferences Offered by India – Commerce and Industry Minister
Press Conference

Business and Financial Institutions deliberated on the potential for business cooperation between India and Africa at a Seminar on ‘Focus Africa’ organised by the Export-Import Bank of India. Delivering the special address, Mrs. Nirmala Sitharaman, Hon’ble Minister for Commerce and Industry, Government of India highlighted that India has offered the Duty Free Tariff Preference (DFTP) scheme for LDCs which provides duty free market access on over 95% of tariff lines. Not many countries have offered such overarching reduction in tariffs for LDCs, including those in Africa, the Minister said. Hon’ble Minister advised the financial institutions and think-tanks in Africa and India to popularise the advantages of DFTP, among Indian and African business. Indian business could look at Africa for their investments and in-turn look at the India for their market using the DFTP.

The Minister added that the Government of India has been encouraging services cooperation with the African nations. Africa has potential for development of tourism, healthcare, hospitality and ICT sectors. The Government of India supported Pan-Africa e-Network has contributed significantly to the Africa’s skill development and healthcare deliver, Mrs. Sitharaman said. The Government is looking at the feasibility of providing cost-effective credit facilities to build capacities in other developing nations, particularly in Africa, the Minister said.

Earlier speaking on the occasion, Mr. Anil Jain, Managing Director, Jain Irrigations stated that the opportunities are significant in developing agri-value chain in Africa linking up with India. Mr. Jain also highlighted that institutions like EXIM Bank should enhance its support to African nations in agriculture development of African nations. Mr. Tulsi Tanti, Chairman, Suzlon Group stated that Africa is not only rich in mineral and oil resources, but also a continent with high renewable energy sources. India is willing share its technologies and skills with African nations in solar, wind and biomass development, Mr. Tanti said.

Dr. Bassary Toure, Vice Presidet, West African Development Bank (BOAD) delineated on how the Indian tractors imported under the lines of credit extended by the EXIM Bank increase agriculture acerage, productivity as also employment. Dr. Philip Kamau, Senior Director, Finance, Afreximbank stated that India should do investments in Africa, so that the African nations join the global value chain. Dr. Philip highlighted that India’s developmental model is most appropriate for Africa, and India should help transfer skill-sets in implementing developmental objectives.

Focus Africa: Enhancing India's Trade and Investment Relations with Africa
Press Conference

Export-Import Bank of India's Recent Publication titled “Enhancing India’s Trade Relations with Africa: A Brief Analysis” being released at the hands of Mr. Arun Jaitley, Hon’ble Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Government of India, during EXIM Bank’s Seminar on “Focus Africa” in New Delhi, on October 27, 2015, on the sidelines of the third edition of the India-Africa Forum Summit (October 26-29, 2015). Also seen in the picture are Mr. Yaduvendra Mathur, IAS, Chairman and Managing Director, Export-Import Bank of India (Extreme Left); Mr. Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India (Second from Left); and Mr. Bashir M. IFO, President, ECOWAS Bank for Investment and Development (Extreme Right).

 

Export-Import Bank of India (EXIM Bank) organised a seminar titled “Focus Africa” on October 27, 2015, on the sidelines of the third edition of the India-Africa Forum Summit (IAFS) being held during October 26-29, 2015, in New Delhi. The Seminar which was inaugurated by Mr. Arun Jaitley, Hon’ble Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Government of India saw the participation of senior level delegates from institutions and the Governments of around 54 African countries, including the ECOWAS Bank for Investment and Development, PTA Bank, BOAD, DBSA and Afrexim Bank, and senior representatives from the African and Indian business community.

Emphasising on the strong Indian commitment on strengthening India-Africa relations, Mr. Arun Jaitley, Hon’ble Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Government of India, stated that this was the first time the IAFS has invited and involved 54 countries of Africa, and commended EXIM Bank for taking the initiative of organising the Seminar on Focus Africa. He further added that India, which has undertaken several measures to overcome the developmental challenges it faced over the years, is keen to share its developmental experiences and capabilities with partners in Africa. The Hon’ble Minister noted that while Indian investments were primarily in the infrastructure sector, construction, telecommunications and power, opportunities also existed in capacity building, agriculture and farming, and services sectors. He also highlighted the initiatives of the Government of India in promoting closer cooperation with Africa and the recent initiative of setting up a Project Development Company in Africa by EXIM Bank of India in association with ILFS, and State Bank of India together with the African Development Bank.

Mr. Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, in his opening remarks stated that India with Credit Lines of more than US$ 7 billion in Africa is trying to strengthen and build up economic and political relationships between India and African countries. Mr. Bashir M. IFO, President, ECOWAS Bank for Investment and Development, highlighted the huge infrastructure deficit faced by Africa. He opined that innovative ways of financing were needed for financing this gap in infrastructure investment.
Speaking on the occasion, Mr. Yaduvendra Mathur, CMD, EXIM Bank, stated that the role of Government of India has been pivotal in creating an enabling environment for Indian entrepreneurs and investors in Africa. He also mentioned that there is a growing interest among Indian entrepreneurs to invest in African countries driven by the opportunities and potential for high growth in these markets. He highlighted that there is substantial scope for further cooperation in various sectors.

During the Seminar, EXIM Bank's recent publication titled "Enhancing India's Trade Relations with Africa: A Brief Analysis" was released at the hands of Mr. Arun Jaitley, Hon’ble Union Minister for Finance, Corporate Affairs and Information & Broadcasting, GOI. The study highlights that the recent years have witnessed tremendous increase and deepening of economic and cultural exchanges and cooperation between India and Africa. This can be gauged from the robust trends in India-Africa trade that witnessed a nine-fold rise to reach a new height, from US$ 8.2 billion in 2004 to US$ 75 billion in 2014.

The study while analysing the robust trend in bilateral trade between India and Africa has also highlighted the rising trend in India’s trade deficit with Africa. EXIM Bank’s Study delineates strategies to further enhance India's trade with the African region, while addressing the rising trade deficit with Africa.

A strategy to address the rising trade deficit would by focussing on India's export potential to major countries in Africa with which India maintains the largest trade deficit, viz. Nigeria, Angola, Botswana, Gabon, Equatorial Guinea, Morocco, Cameroon, Guinea, South Africa and Côte d'Ivoire. The study has identified select commodities at the 6-digit level and 2-digit level in which India has potential for exports to 54 countries in Africa. Major commodities which have been identified, in which India could focus to enhance its trade with Africa, among others, include machinery and equipments, electronic equipments, transport vehicles, petroleum oils, and articles of iron or steel.

Given India’s expertise in several manufactured products, and technology which is affordable and adaptable, African countries would also stand to gain with increased imports of such items from India. Moreover, matching India’s capability in high value-added production and manufacturing with an increasing import demand in Africa for such products and technology, could prove to be a win-win situation for both India and Africa. This would also help in further strengthening bilateral ties, and resulting in a mutually rewarding long-term partnership.

EXIM Bank co-promotes a Project Development Company in Africa
Press Conference

On the occasion of 3rd India-Africa Summit in New Delhi, Deputy Managing Director of EXIM Bank of India, Mr. David Rasquinha, announced setting up the Kukuza Project Development Company (KPDC) in Africa to facilitate Indian participation in infrastructure projects in Africa, on Monday, October 26, 2015 at New Delhi. The other shareholders in the company are the IL&FS (Infrastructure Leasing & Financial Services Ltd) Group, African Development Bank and the State Bank of India (SBI).

Speaking on this occasion, Mr. David Rasquinha said that the investment in the Kukuza Project Development Company, in association with IL&FS, AfDB and SBI will synergise the strengths of every partner, who will complement each other in building Indian project exports while simultaneously aiding the furtherance of economic and political ties between India and Africa. The investment is in keeping with the developmental role envisaged to be played by the Bank and will be an innovative contribution to economic development of a strategically important region, while simultaneously building up Indian project export capabilities.

The KPDC is expected to provide specialist project development expertise to take the infrastructure project from the concept stage to the commissioning stage in the African Continent. It will provide the entire gamut of project development expertise to such projects such as project identification, pre-feasibility / feasibility studies, preparation of detailed project reports, environmental and social impact assessment, etc. It shall utilise the domain expertise of each partner during the project development process to establish a bankable and sustainable implementation format based on an in-depth understanding of the concerns of all the stake holders - public authority, users community, developers/investors and lenders. 

EXIM Bank, as a stakeholder in the KPDC and having Board-level representation, would address the interests of Indian project exporters and focus on the KPDC’s endeavours in a manner consistent with the interests of the Government of India. The company will be operational from first quarter of the next calendar year.