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Annual Report 2007-08
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Exim Bank Signs Euro 150 Million Framework Loan Agreement With European Investment Bank
Export-Import Bank of India, India's premier export finance institution, has signed an agreement for a long term loan of Euro 150 million equivalent with tenor upto 15 years with European Investment Bank (EIB) in Luxembourg on December 2, 2008. The loan agreement was signed by Mr T. C. Venkat Subramanian, Chairman & Managing Director, Exim Bank and Mr Carlos da Silva Costa, Vice President, EIB. This is the first time in the past 15 years that EIB has extended a credit line to an Indian entity. The EIB is the European Union's major long-term lending institution with annual loan approvals exceeding USD 50 billion. EIB is owned by the Member States of the European Union and carries the highest possible credit rating (AAA) on the money markets.
The purpose of the EIB loan to Exim Bank of India is for supporting projects that contribute to climate change mitigation and to EU presence in India through FDI, transfer of technology or know-how from Europe. The borrowings under this facility will enable the Bank to on-lend for import of equipment for projects including renewable energy projects (eg. wind, solar, biomass etc.), energy efficiency enhancement (eg. Fuel switching, plant modernisation etc.) as well as projects that would reduce greenhouse gases emission, clean environment, afforestation.
Exim Bank has been raising foreign currency resources from the international market, which constitute approximately 40 per cent of the Bank's borrowings as on September 30, 2008. Exim Bank's objective is to finance and promote India's International Trade and Investment. The Bank offers to Indian companies a comprehensive range of finance, information and advisory services, supported by analysis and research, with a view to enhancing their international competitiveness. The Bank enjoys investment grade rating on par with the Indian sovereign from four international agencies viz. Baa3 from Moody's, BBB- from Standard and Poor's and Fitch and BBB+ from Japan Credit Rating Agency (JCRA).
Bank seeks to leverage its strong financials and sovereign rating to raise foreign currency resources from international debt market through a variety of instruments and a diversified investor base, thereby enabling it to extend financial assistance to Indian exporting companies at competitive rates.
For further information, please contact
Mr. R. W. Khanna,
Chief General Manager,
Corporate Finance Group,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22172641,
Fax::(022) 22182497.
E-mail:cfg@eximbankindia.in
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