|Green Bond Projects - Auditor's Certificate|
Export-Import Bank of India, India's premier export finance institution, successfully launched a 5-year Reg S Green Bond issue of USD 500 million on March 24, 2015 under the Bank's USD 10 billion Euro Medium-Term Note Programme. The issue attracted subscription of around 3.2 times the issue size led by strong demand, across 140 accounts.
The above transaction is significant as it marks the first USD-denominated Green bond offering out of India as well as the first benchmark-sized Green bond out of Asia in 2015 and the third ever Green bond issuance out of Asia. The issuance has allowed the Bank to expand its investor base and to support an important market as investors seek more socially responsible investment options. The Bank has used the net proceeds from the sale of the notes to fund Eligible Green Projects related to Transportation in Bangladesh and Sri Lanka.
The Green Bonds reinforce our commitment to the environment and have helped us connect with socially responsible investors that care about the Green investments that we facilitate. Exim Bank has been a pioneer in opening new markets for other Indian issuers. In the past, Exim India was the first to issue bonds in the Uridashi, Australian Dollar, Singapore Dollar and Samurai bond markets, which was followed by other Indian issuers. This is another attempt to open an increasing important market segment to other Indian issuers and we see more entities from India following the suit to tap the Green bond markets.
The Bank's Statutory Auditors (appointed by the Government of India for the financial year 2015-16) vide their communication dated March 15, 2016 have certified the disbursements to the existing Eligible Green Projects.