Press Releases

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  • Press Releases

    12-Sep-2017

    Exim Bank of India Announces the Winner of the BRICS Economic Research Award 2017

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  • Press Releases

    23-Aug-2017

    Exim Bank announces call for entries for IERA Award 2017

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  • Press Releases

    21-Aug-2017

    Exim Bank EXTends FIRST Buyer’s Credit of USD 8.64 mn under National Export Insurance Account [NEIA] in latin america region to the Government of REPUBLIC OF SURINAME

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  • Press Releases

    16-Aug-2017

    Mr. David Rasquinha appointed as Managing Director of Exim Bank

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  • Press Releases

    07-Aug-2017

    Exim Bank Of India Raises US$ 400 MN 5 Year Tenor Floating Rate Formosa Bond At 3M$L+100 BPS

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  • Press Releases

    02-Aug-2017

    Exim Bank Announces the Winner of IERA Award 2016

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  • Press Releases

    21-Jul-2017

    Members of G-NEXID assembled to attend the 12th Annual General Assembly Meeting in Geneva on July 10, 2017

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  • Press Releases

    20-Jul-2017

    Exim Bank’s GOI-supported eighth line of credit [LOC] of USD 17.5 million extended to the Government of the Cooperative Republic of Guyana

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  • Press Releases

    04-Jul-2017

    Exim Bank, on behalf of the government of India, extends a line of credit [LOC] of USD 2.50 million to the government of the republic of Madagascar

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  • Press Releases

    04-Jul-2017

    Exim Bank announces its performance for FY 2016-17

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  • Press Releases

    23-Jun-2017

    Blood Donation Camp held at Export-Import Bank of India in collaboration with Tata Memorial Hospital

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  • Press Releases

    21-Jun-2017

    Export-Import Bank of India celebrates International Day of Yoga

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  • Press Releases

    15-Jun-2017

    Export-Import Bank of India and The Export-Import Bank of Korea sign MoU to utilise the Export Credits of US Dollars Nine Billion for supporting priority sectors

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  • Press Releases

    06-Jun-2017

    Exim bank, on behalf of the Government of India, extends a line of credit [lOC] of USD 318 million to the Government of the democratic socialist republic of Srilanka

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  • Press Releases

    27-May-2017

    Exim Bank extends LOC of USD 500 million to the SBM [Mauritius] Infrastructure Development Company Ltd

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  • Press Releases

    24-May-2017

    Exim bank extends a line of credit of USD 81 million to the Government of the republic of Rwanda

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  • Press Releases

    22-May-2017

    India is an Ideal Partner for African Nations in Achieving AfDB’s High-5 Agenda

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  • Press Releases

    22-May-2017

    Buyer's Credit Under Government of India's (GOI's) National Export Insurance Account (BC-NEIA) "Credit Confirmation Statements"

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  • Press Releases

    22-May-2017

    Exim Bank Extended a Line of Credit of USD 71.40 Million to The Government of The Republic of Cote D’ivoire

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  • Press Releases

    02-May-2017

    Launch of Duty Calculator tool on the EXIM Mitra portal

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  • Press Releases

    11-Apr-2017

    EXIM Bank Extends a term loan of USD 1.60 Billion to the Bangladesh India Friendship Power Company Pvt. Ltd.. (BIFPCL)

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  • Press Releases

    31-Mar-2017

    India’s Experiences Very Relevant for Africa’s Development: President, African Development Bank Group

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  • Press Releases

    27-Mar-2017

    Prof. Barry Eichengreen delivers Exim Bank’s 32nd Commencement Day Annual Lecture

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  • Press Releases

    16-Mar-2017

    Exim Bank’s Study Highlights Prospects and Opportunities for India’s Investments in Select East African Countries

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  • Press Releases

    27-Feb-2017

    Exim Bank’s Study Highlights Broad Strategies for Enhancing India’s Engagements with CLMV Countries in the Context of ASEAN

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  • Press Releases

    23-Feb-2017

    Exim Bank's GOI-Supported seventh line of credit [LOC] of USD 4 Million extended to the Government of Cooperative Republic of Guyana

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  • Press Releases

    20-Feb-2017

    Exim Bank CMD Shri Yaduvendra Mathur demits office on completion of tenure

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  • Press Releases

    13-Feb-2017

    Exim Bank supports artisans at Kala Ghoda Arts Festival in Mumbai

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  • Press Releases

    08-Feb-2017

    Exim Bank extends Buyer’s Credit under National Export Insurance Account [NEIA] of USD 93.50 mn to the Government of Republic of Cameroon

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  • Press Releases

    07-Feb-2017

    Exim Bank organizes Product Development Workshop in Bhopal for rural artists

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  • Press Releases

    17-Jan-2017

    EXIM BANK EXTENDED LINE OF CREDIT OF USD 100.00 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF KENYA

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  • Press Releases

    06-Jan-2017

    EXIM Bank launches 'EXIM Mitra'

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  • Press Releases

    03-Jan-2017

    EXIM Bank extends buyer’s credit under National Export Insurance Account (NEIA) of USD 87.46 mn to the Government of Republic of Cote d’Ivoire

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  • Press Releases

    09-Dec-2016

    Exim Bank of India organises Training Programme for Women Weavers in Tamil Nadu

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  • Press Releases

    08-Dec-2016

    Exim Bank wins the Asset Triple A Country Award 2016 for Best Investment Grade Bond

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  • Press Releases

    06-Dec-2016

    Exim Bank’s Study ‘Inter-linkages between Exports and Employment in India’ released

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  • Press Releases

    29-Nov-2016

    Exim Bank’s Study Highlights Potential for Enhancing India’s Trade Relations with Latin America and the Caribbean (LAC) Region

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  • Press Releases

    28-Nov-2016

    EXIM Bank Extended a line of credit of USD 24.54 million to the Government of The Republic of Ghana

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  • Press Releases

    24-Nov-2016

    Exim Bank extends buyer’s credit under National Export Insurance Account [NEIA] of USD 398.33 mn to the Government of Republic of Ghana

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  • Press Releases

    17-Oct-2016

    BRICS Financial Forum Discuss the Roadmap for “Building Responsive, Inclusive and Collective Solutions” in the Financial Sector

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  • Press Releases

    06-Apr-2015

    Exim Bank Supports Design Development Workshop For Handicraft Women Artisans in Dehradun, Uttarakhand

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  • Press Releases

    30-Jun-2014

    Exim Bank Organises Product Development Workshop For Pochampally Weavers

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  • Press Releases

    31-Mar-2014

    Exim Bank signs MOU with ITC to promote India-Africa trade

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  • Press Releases

    14-Mar-2014

    Exim Bank Extends Line Of Credit Of Usd 89.90 Million To The Government Of The Republic Of Congo

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  • Press Releases

    14-Mar-2014

    Exim Bank Extends Line Of Credit Of Usd 25 Million To The Government Of Niger

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  • Press Releases

    12-Mar-2014

    Exim Bank Extends Usd 46.00 Million Line Of Credit To The Government Of Mauritius

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  • Press Releases

    25-Feb-2014

    Exim Bank Extends Two Lines Of Credit Aggregating Usd 4.39 Million To Burundi

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  • Press Releases

    14-Feb-2014

    Prof. Kishore Mahbubani delivers Exim Bank’s Commencement Day Annual Lecture 2014

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  • Press Releases

    13-Feb-2014

    Exim Bank Extends Usd 26.50 Million Loc To Honduras For Development Of Agriculture And Irrigation Infrastructure In The Jamastran Valley In Honduras

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  • Press Releases

    26-Dec-2013

    Exim Bank Extends Two Locs Of Usd 198.96 Million And Usd 155 Million To Myanma Foreign Trade Bank (Mftb), Myanmar For Financing 18 Irrigation Projects (16 Ongoing And 2 Rehabilitation) And Procurement Of Rolling Stock Equipment And Upgradation Of Three Major Railway Workshops In Myanmar

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  • Press Releases

    09-Dec-2013

    Exim Bank Extends A Usd Usd 41.96 Million Line Of Credit To The Government Of Senegal For Setting Up A Modern Abattoir, Meat Processing Cold Storage, Rendering And Tannery Plant And Market Place In Senegal

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  • Press Releases

    04-Dec-2013

    Exim Bank Cmd, Shri T. C. A. Ranganathan, Retires Shri Anurag Jain Assumes Charge As Cmd, Exim Bank

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  • Press Releases

    01-Nov-2013

    Exim Bank Inks Pact For Export Targeted Modern Irrigated Agricultural Project In The Republic Of Rwanda

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  • Press Releases

    22-Oct-2013

    Exim Bank’s Study Highlights India’s Trade and Investment Potential in the CLMV Region

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  • Press Releases

    20-Sep-2013

    Exim Bank of India opens its Representative Office in Yangon, Myanmar

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  • Press Releases

    30-Jun-2013

    Exim Bank signs MOC with ACASH and NHDC for promoting Indian handlooms and handicraft products.

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  • Press Releases

    30-Jun-2013

    Exim Bank Inks Pact For Power Transmission And Distribution Project In The Republic Of Liberia

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  • Press Releases

    20-May-2013

    Exim Bank Extends Usd 42.61 Million Loc To Benin For Up-Gradation Of Water Supply Schemes In 69 Villages In Benin

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  • Press Releases

    15-May-2013

    Exim Bank extends USD 34.54 million Line of Credit to the Government of Niger for Solar Electrification of 30 Villages and setting up of 5 MW Solar Photo Voltaic System

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  • Press Releases

    15-May-2013

    Exim Bank extends USD 30.94 Million LOC to Lao PDR for construction of storage dams and development of irrigation systems

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  • Press Releases

    09-Mar-2013

    Exim Bank of India’s Study Highlights India’s Trade Potential with the SADC Region

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  • Press Releases

    22-Nov-2016

    EXIM Bank Expands its frontiers of development partnership

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  • Press Releases

    15-Nov-2016

    Vigilance Awareness Week 2016 observed by Export-Import Bank of India

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  • Press Releases

    09-Nov-2016

    EXIM Bank’s GOI-Supported Sixth Line of credit [LOC] of USD 10 million extended to the Government of co-operative Republic of Guyana

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  • Press Releases

    27-Oct-2016

    BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT (BC-NEIA) REVISION OF INTEREST RATE AND GUARANTEE FEE

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  • Press Releases

    28-Sep-2016

    Exim Bank of India strengthening South-South Cooperation

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  • Press Releases

    02-Sep-2016

    EXIM BANK EXTENDS BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT [NEIA] OF USD 199.99 MN TO THE GOVERNMENT OF THE REPUBLIC OF CÔTE D’IVOIRE FOR SUPPLY OF VEHICLES FROM INDIA TO CÔTE D’IVOIRE

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  • Press Releases

    01-Sep-2016

    Indian Pharmaceutical Industry: Challenges and Prospects

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  • Press Releases

    11-Aug-2016

    EXIM BANK EXTENDS A LINE OF CREDIT OF USD 78 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF SIERRA LEONE

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  • Press Releases

    01-Aug-2016

    EXIM BANK EXTENDS BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT [NEIA] OF USD 199.99 MN TO THE GOVERNMENT OF THE REPUBLIC OF CÔTE D’IVOIRE FOR SUPPLY OF VEHICLES FROM INDIA TO CÔTE D’IVOIRE

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  • Press Releases

    01-Aug-2016

    EXIM BANK OF INDIA RAISES US$ 1 BILLION FOR 10 YEAR TENOR AT A COUPON OF 3.375% P.A.

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  • Press Releases

    21-Jul-2016

    Exim Bank Signs and MoU with Government of Andhra Pradesh to facilitate State’s Exports

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  • Press Releases

    19-Jul-2016

    EXIM BANK EXTENDED A LINE OF CREDIT OF USD 26 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF SENEGAL

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  • Press Releases

    19-Jul-2016

    EXIM BANK EXTENDED A LINE OF CREDIT OF USD 92.18 MILLION TO THE GOVERNMENT OF THE UNITED REPUBLIC OF TANZANIA

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  • Press Releases

    18-Jul-2016

    EXIM BANK EXTENDED LINE OF CREDIT OF USD 29.95 MILLION AND USD 15.00 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF KENYA

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  • Press Releases

    08-Jul-2016

    EXIM BANK EXTENDS BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT [NEIA] OF USD 200.00 MN TO THE GOVERNMENT OF REPUBLIC OF SENEGAL

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  • Press Releases

    05-Jul-2016

    EXIM BANK EXTENDS BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT [NEIA] OF USD 200.00 MN TO THE GOVERNMENT OF REPUBLIC OF SENEGAL

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  • Press Releases

    14-Jun-2016

    Exim Bank of India opens its Representative Office in Abidjan, Côte d’Ivoire

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  • Press Releases

    07-Jun-2016

    “International Solar Alliance: Nurturing Possibilities”: EXIM Bank Study Released at the Pan India Solar Rooftop Workshop

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  • Press Releases

    27-May-2016

    Export Import Bank of India signs Cooperation Agreement with State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”

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  • Press Releases

    25-May-2016

    Exim Bank Prescribes Sharing of Indian Developmental Experiences in the Healthcare Sector with Africa

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  • Press Releases

    20-May-2016

    Exim Bank posts robust business growth in 2015-16

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  • Press Releases

    17-May-2016

    EXIM BANK STUDY: REFORMS IN THE DEFENCE SECTOR SET TO ENHANCE EXPORT ORIENTATION

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  • Press Releases

    28-Apr-2016

    Exim Bank extends a Line Of Credit of USD 1 billion to the Government of Mongolia

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  • Press Releases

    05-Apr-2016

    EXIM BANK OF INDIA AND THE ISLAMIC CORPORATION FOR THE DEVELOPMENT OF THE PRIVATE SECTOR (ICD) SIGNS MOU TO ENHANCE BILATERAL TRADE AND INVESTMENT

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  • Press Releases

    21-Mar-2016

    Dr. Donald Kaberuka delivers Exim Bank’s 31st Commencement Day Annual Lecture: 2016

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  • Press Releases

    17-Mar-2016

    EXIM BANK EXTENDS A LINE OF CREDIT OF USD 50 MILLION TO THE GOVERNMENT OF THE CO-OPERATIVE REPUBLIC OF GUYANA

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  • Press Releases

    15-Mar-2016

    Exim Bank’s Study Highlights Potential for Enhancing India’s Engagements with Southern African Development Community (SADC)

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  • Press Releases

    10-Mar-2016

    EXIM BANK EXTENDS A LINE OF CREDIT OF USD 2 BILLION TO THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH

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  • Press Releases

    09-Mar-2016

    EXIM BANK EXTENDS A LINE OF CREDIT OF USD 50 MILLION TO THE GOVERNMENT OF THE CO-OPERATIVE REPUBLIC OF GUYANA

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  • Press Releases

    08-Mar-2016

    Interactive Session for Indian Exporters on GoI’s new IDEAS guidelines in Chennai

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  • Press Releases

    30-Jan-2016

    External Affairs Minister interacts with Top Management of Exim Bank

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  • Press Releases

    21-Jan-2016

    Exim Bank Signs and MoU with Government of Andhra Pradesh to facilitate State’s Exports

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  • Press Releases

    18-Jan-2016

    EXIM BANK OF INDIA RAISES US$ 500 MN FOR 5.5 YEAR TENOR AT A COUPON OF 3.125% PER ANNUM

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  • Press Releases

    16-Jan-2016

    IDEAS Seminar in Kolkata

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  • Press Releases

    13-Jan-2016

    EXIM BANK OF INDIA RAISES US$ 500 MN FOR 5.5 YEAR TENOR AT A COUPON OF 3.125% PER ANNUM

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  • Press Releases

    12-Jan-2016

    IDEAS Seminar in Bangalore

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  • Press Releases

    09-Jan-2016

    Exim Bank Study: West Bengal has the Potential to Emerge as Export Hub for the Eastern India

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  • Press Releases

    01-Dec-2015

    Export-Import Bank of India and Export-Import Bank of Malaysia Berhad sign MoU to enhance cooperation in financing

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  • Press Releases

    01-Dec-2015

    Prof. Pranab Bardhan Delivers Exim Bank's Commencement Day Lecture

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  • Press Releases

    01-Dec-2015

    Export-Import Bank of India and Export-Import Bank of Malaysia Berhad sign MoU to enhance cooperation in financing

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  • Press Releases

    27-Nov-2015

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

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  • Press Releases

    27-Nov-2015

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

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  • Press Releases

    20-Nov-2015

    Strategy On Service Sector Seminar Bangalore

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  • Press Releases

    06-Nov-2015

    EXIM Bank of India Signs an MOC with GoCoop

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  • Press Releases

    28-Oct-2015

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

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  • Press Releases

    28-Oct-2015

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

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  • Press Releases

    27-Oct-2015

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

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  • Press Releases

    27-Oct-2015

    EXIM BANK EXTENDS A LINE OF CREDIT OF USD 87 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF ZIMBABWE

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  • Press Releases

    08-Oct-2015

    Exim Bank’s Study Highlights India’s Trade Relations with Select countries in Latin America and the Caribbean Region

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  • Press Releases

    01-Oct-2015

    Exim Bank’s Push for a Quantum Jump in India’s Project Exports

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  • Press Releases

    30-Sep-2015

    Exim Bank announces 27th edition of its International Economic Research Award

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  • Press Releases

    24-Sep-2015

    EXIM Bank celebrated Hindi fortnight

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  • Press Releases

    22-Sep-2015

    EXIM Bank extends a Line of Credit of USD24 million to the government of The Republic of Cote d'Ivore

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  • Press Releases

    22-Sep-2015

    EXIM BANK EXTENDS A LINE OF CREDIT OF USD 24 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF CÔTE D’IVOIRE

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  • Press Releases

    15-Sep-2015

    EXIM BANK ORGANISES DESIGN INTERVENTION WORKSHOP ON BLOCK PRINTING

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  • Press Releases

    09-Sep-2015

    EXIM Bank extends a Line of Credit of USD35 million to the government of The Republic of Guinea

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  • Press Releases

    27-Jul-2015

    Exim Bank Announces the Winner of IERA 2014

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  • Press Releases

    24-Jul-2015

    Exim Bank co-promotes a Project Development Company in Africa

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  • Press Releases

    17-Jul-2015

    Exim Bank bagged two Prizes under RBI's Rajbhasha Shield Competition

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  • Press Releases

    10-Jul-2015

    Exim Bank of India along with other member Development Banks of BRICS Nations signed an agreement expressing their intent to cooperate with the New Development Bank

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  • Press Releases

    09-Jul-2015

    Exim Bank of India has signed an MOU with the Brazilian Development Bank

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  • Press Releases

    09-Jul-2015

    Exim Bank of India along with other member Development Banks of BRICS Nations sign cooperation agreement for NDB

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  • Press Releases

    09-Jul-2015

    Exim Bank announces 27th edition of its International Economic Research Award

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  • Press Releases

    28-Jun-2015

    FLAG-OFF CEREMONY SUPPLY OF ASHOK LEYLAND VEHICLES TO ZIMBABWE

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  • Press Releases

    26-Jun-2015

    Stakeholders Roundtable on Project Exports

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  • Press Releases

    26-Jun-2015

    Stakeholders Roundtable on Project Exports

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  • Press Releases

    19-Jun-2015

    EXIM Bank extended Line of Credit of USD 268.35 million to the government of The United Republic of Tanzania

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  • Press Releases

    08-Jun-2015

    Exim Bank of India’s Lines of Credit: Boosting India’s International Trade

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  • Press Releases

    08-Jun-2015

    Exim Bank of India’s Lines of Credit: Boosting India’s International Trade

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  • Press Releases

    29-May-2015

    Exim Bank backs Jalandhar’s leather industry to go international

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  • Press Releases

    28-May-2015

    EXIM BANK EXTENDS TWO LINES OF CREDIT OF USD 34.50 MILLION AND USD 109.942 MILLION TO THE GOVERNMENT OF THE DEMOCRATIC REPUBLIC OF CONGO

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  • Press Releases

    27-May-2015

    Exim Bank’s Study highlights Potential for Enhancing India's Trade Relations with ECOWAS

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  • Press Releases

    27-May-2015

    Exim Bank organised Africa – India Partnership Day in Abidjan, Cote d’Ivoire

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  • Press Releases

    17-Apr-2015

    R&D Collaboration important for a Stronger BRICS: Exim Bank Study

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  • Press Releases

    08-Apr-2015

    Exim Bank Signs MOC with AIACA

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  • Press Releases

    31-Mar-2015

    Exim Bank pays ₹433 crore to Government as Balance of Net Profit

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  • Press Releases

    25-Mar-2015

    Exim Bank of India raises US$ 500 million 5 year tenor Reg S Green Bond at a coupon of 2.75% p.a.

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  • Press Releases

    24-Mar-2015

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

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  • Press Releases

    23-Mar-2015

    Dr. John Lipsky delivers Exim Bank’s Commencement Day Annual Lecture 2015

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  • Press Releases

    19-Mar-2015

    Exim Bank concluded Design Development Workshop For Artisans Engaged In Production of Phulkari Products in Patiala, Punjab

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  • Press Releases

    05-Mar-2015

    Exim Bank’s Push for a Quantum Jump in India’s Project Exports

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  • Press Releases

    02-Mar-2015

    Exim Bank completes one-month long Workshop for Handicraft Artisans in West Bengal

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  • Press Releases

    26-Feb-2015

    Exim Bank extends Line of Credit of USD 55 million to the Government of the Republic of Congo

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  • Press Releases

    06-Feb-2015

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

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  • Press Releases

    04-Feb-2015

    EXIM BANK OF INDIA RAISES US$ 500 MN FOR 5.5 YEAR TENOR AT A COUPON OF 2.75% P.A.

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  • Press Releases

    30-Jan-2015

    Exim Bank Seminar Motivates Indian Companies to Look at Opportunities in Central and East Europe, and CIS Regions

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  • Press Releases

    10-Dec-2014

    Exim Bank's Study Highlights Potential for Enhancing India's Bilateral Ties with CLMV Countries

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  • Press Releases

    26-Nov-2014

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

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  • Press Releases

    25-Nov-2014

    EXIM BANK’S GOI-SUPPORTED LINE OF CREDIT [LOC] OF USD 1 BILLION EXTENDED TO THE GOVERNMENT OF NEPAL

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  • Press Releases

    25-Nov-2014

    Exim Bank of India taps the Japanese Samurai Bond Market – Lowest ever coupon for a 10-year JBIC part guaranteed bond

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  • Press Releases

    17-Nov-2014

    Seminar on “Economic Development and Inclusive Growth” Held as a curtain raiser to the 20th Annual Asian Exim Banks Forum (AEBF) in Jodhpur on November 17, 2014

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  • Press Releases

    17-Nov-2014

    Seminar On "Economic Development And Inclusive Growth" Held As A Curtain Raiser To The 20th Annual Asian Exim Banks Forum (Aebf) In Jodhpur On November 17, 2014

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  • Press Releases

    29-Oct-2014

    EXIM BANK’S GOI- SUPPORTED TWO LINES OF CREDIT [LOCs] OF USD 22.50 MILLION EACH EXTENDED TO THE GOVERNMENT OF THE GAMBIA.

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  • Press Releases

    08-Oct-2014

    EXIM BANK’S GOI- SUPPORTED LINES OF CREDIT [LOCs] OF USD 2.71 MILLION AND USD 5.05 MILLION EXTENDED TO BANCO EXTERIOR DE CUBA.

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  • Press Releases

    08-Oct-2014

    Exim Bank’s GoI- Supported Lines Of Credit [LOCs] Of USD 2.71 Million And Usd 5.05 Million Extended To Banco Exterior De Cuba.

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  • Press Releases

    30-Sep-2014

    Exim Bank Announces the Winner of IERA (International Economic Research Annual) Award 2013

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  • Press Releases

    23-Sep-2014

    Roundtable with SelectUSA: Investment opportunities in the US

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  • Press Releases

    17-Sep-2014

    Exim Bank extends USD 62.95 million LOC to the Republic of Senegal for rice self-sufficiency programme in the Republic Of Senegal

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  • Press Releases

    15-Sep-2014

    Exim Bank extends USD 100 million LOC to Vietnam for financing purchase of equipment/supplies in Vietnam

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  • Press Releases

    11-Sep-2014

    Exim Bank’s Study highlights Potential for Enhancing Intra-SAARC Trade

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  • Press Releases

    11-Sep-2014

    Need conducive policy framework and institutional support systems to support domestic shipbuilding: Exim Bank Study

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  • Press Releases

    01-Sep-2014

    Exim Bank of India collaborates with JBIC to promote infrastructure development

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  • Press Releases

    30-Jul-2014

    Exim Bank of India collaborates with SelectUSA to promote Indian Investments into USA

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  • Press Releases

    24-Jul-2014

    Outward Direct Investments (ODI) in Manufacturing Declines: Exim Bank study

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  • Press Releases

    24-Jul-2014

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

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  • Press Releases

    22-Jul-2014

    David Rasquinha and Debasish Mallick appointed as DMDs of Exim Bank

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  • Press Releases

    15-Jul-2014

    Exim Bank signs an agreement for cooperation on innovation financing with other member development banks of BRICS nations

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  • Press Releases

    01-Jul-2014

    EXIM BANK EXTENDS LINE OF CREDIT OF USD 82 MILLION TO DEMOCRATIC REPUBLIC OF CONGO

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  • Press Releases

    30-Jun-2014

    Exim Bank extends USD 18 Million Line of Credit to the Government Of Mauritius

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  • Press Releases

    27-Jun-2014

    Exim Bank and Indian Council of Cultural Relations sign MoU for establishment of an India Studies Chair in Lagos Business School, Nigeria

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  • Press Releases

    20-Jun-2014

    Exim Bank extends two Lines of Credit aggregating USD 82 million to Togo

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  • Press Releases

    22-May-2014

    EXIM BANK EXTENDS LINE OF CREDIT OF USD 100 MILLION TO THE GOVERNMENT OF THE FEDERAL REPUBLIC OF NIGERIA

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  • Press Releases

    22-May-2014

    Exim Bank’s Study highlights India’s trade and investment Potential in the East Africa Region

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  • Press Releases

    22-May-2014

    Exim Bank organised Africa – India Partnership Day in Kigali, Rwanda

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  • Press Releases

    30-Apr-2014

    Exim Bank posts strong business growth in 2013-14

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  • Press Releases

    15-Apr-2014

    Growth in hi-tech exports will boost the manufacturing sector: Exim Bank study

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  • Press Releases

    15-Mar-2014

    Yaduvendra Mathur takes over as CMD of Exim Bank

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  • Press Releases

    02-Jan-2014

    Exim Bank Inks Pact For Rehabilitation And Upgradation Of The Broadcasting Facilities In The Republic Of Gabon

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  • Press Releases

    11-Dec-2013

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

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  • Press Releases

    01-Dec-2013

    Exim Bank Pitches Unique Long-Term Product For Indian Pharma Firms

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  • Press Releases

    09-Sep-2013

    Exim Bank Of India Opens Its Representative Office In Yangon, Myanmar

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  • Press Releases

    04-Sep-2013

    Exim Bank signs MOC with Women on Wings, a Dutch organization, for Augmenting Women Employment and Exports from Social Enterprises in India.

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  • Press Releases

    01-Aug-2013

    Exim Bank To Finance New Ethio-Djibouti Railway Line [The Asaita-Tadjourah Portion] Project In Ethiopia

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  • Press Releases

    31-Jul-2013

    Government Of India, Through Exim Bank, Extends Usd 125 Million Loc To Sudan For Mashkour Sugar Project In Sudan

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  • Press Releases

    24-Jul-2013

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

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  • Press Releases

    24-Jul-2013

    Exim Bank Announces The Winner Of Iedra (International Economic Development Research Annual) Award 2012

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  • Press Releases

    08-Jul-2013

    Exim Bank Extends Three Lines Of Credit Aggregating Usd 216.44 Million To Mozambique

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  • Press Releases

    26-Jun-2013

    Exim Bank Extends Usd 28.60 Million Loc To Zimbabwe For Up-Gradation Of Deka Pumping Station And River Water Intake System In Zimbabwe

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  • Press Releases

    19-Jun-2013

    NA

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  • Press Releases

    14-Jun-2013

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

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  • Press Releases

    12-Jun-2013

    Exim Bank Extends Usd 19.50 Million Loc To Vietnam For Financing Two Projects In Vietnam

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  • Press Releases

    01-Jun-2013

    Exim Bank organised India-Africa Partnership Day in Marrakech

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  • Press Releases

    01-Jun-2013

    EXIM Bank receives special ‘Plaque of Merit’ from ADFIAP for its Programme for Financing Creative Industries

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  • Press Releases

    16-May-2013

    Exim Bank pays ` 263 crore to Government as Balance of Net Profit

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  • Press Releases

    15-May-2013

    Labour market regulations need to be flexible to attract big investments, technology absorption: Exim Bank Study

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  • Press Releases

    15-May-2013

    Exim Bank inks MoU with NCDPD to help handicraft manufacturers

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  • Press Releases

    01-May-2013

    Exim Bank’s study highlights India’s trade potential with select countries in Africa

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  • Press Releases

    01-Apr-2013

    Exim Bank posts strong business growth despite challenging environment in 2012-13

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  • Press Releases

    01-Mar-2013

    Exim Bank signs Memorandum of Co-operation with UKTI

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  • Press Releases

    01-Feb-2013

    Exim Bank arranges Euro 150 million Framework Loan from the European Investment Bank

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  • Press Releases

    01-Jan-2013

    Exim Bank signs two agreements with other BRICS development banks

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Exim Bank of India Announces the Winner of the BRICS Economic Research Award 2017

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Presentation of Exim Bank of India’s BRICS Economic Research Award 2017 by Mr. Hu Huaibang, Chairman, China Development Bank, to the Award winner, Dr. Raquel Almeida Ramos in the presence of Heads of the member development banks from BRICS, during the 7th Annual BRICS Financial Forum hosted by China Development Bank in Beijing, China on September 01, 2017.  

Beijing: September 01, 2017: Dr. Raquel Almeida Ramos was declared the winner of Export-Import Bank of India’s (Exim Bank’s) BRICS Economic Research Award 2017 for her doctoral thesis titled “Financialization and its Implications on the Determination of Exchange Rates of Emerging Market Economies”, during the 7th Annual BRICS Financial Forum hosted by the China Development Bank (CDB), on September 01, 2017, in Beijing, China. The Award comprises prize money of Indian Rupees 1.5 million (approximately USD 23,000), a medal and a citation.  The Award was presented to the winner by Mr. Hu Huaibang, Chairman, China Development Bank (CDB), in the presence of the Heads of the member development banks from BRICS viz. Mr. Paulo Rabello de Castro, President, Brazilian National Bank for Economic and Social Development (BNDES); Mr. Nikolay Tsekhomskiy, First Deputy Chairman, ; Bank for Development and Foreign Economic Affairs of Russia, Vnesheconombank (VEB); Mr. David Rasuqinha, Managing Director of Export-Import Bank of India; and Mr. Jabu Moleketi,Chairman, Development Bank of Southern Africa (DBSA). The Exim Bank’s occasional paper based on Dr. Ramos' Award winning thesis was also released on the occasion.

The Winning Thesis

Dr. Raquel Almeida Ramos received her doctoral degree in 2016 from the Université Paris 13, Sorbonne Paris Cité, France and Universidade Estadual de Campinas, Brazil. She is currently working as a Research Fellow at the Centre d’Économie de Paris Nord, Université Paris 13, Sorbonne Paris Cité, France.

The BRICS Economic Research Award

In the context of India’s Chairmanship of the BRICS Forum during 2016, and under Exim Bank’s Presidency of the BRICS Interbank Cooperation Mechanism, Exim Bank instituted the BRICS Economic Research Award in March 2016. The objective of the Award is to stimulate and encourage advanced doctoral research on economics related topics of contemporary relevance to the member nations of BRICS.  

The BRICS Economic Research Award represents Exim Bank’s on-going efforts at promoting research in the area of international economics, trade & development and related financing. The Award accepted as entries, doctoral thesis written by nationals of any of the five member nations of BRICS, who have been awarded a doctorate or accepted for award of a doctorate from any University or academic institution globally. The details of the Award were disseminated globally through advertisements in print and electronic media.

For further details please contact: Mr. David Sinate, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: +91-22- 2217 2708; Fax: 022- 2218 0743; E-mail: dsinate@eximbankindia.in 

Exim Bank announces call for entries for IERA Award 2017

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Export-Import Bank of India (Exim Bank) of India has opened entries for the 2017 edition of its International Economics Research Annual Award (IERA Award). Exim Bank IERA Award represents the Bank’s ongoing efforts at promoting research and analysis in the area of international economics, trade & development and related financing. The Award consists of prize money of Indian Rupees Three Hundred and Fifty Thousand ( 3.5 Lakh) and a Citation.  The Award was instituted in 1989.

Research work by Indian nationals in international economics, trade, development and related financing (either awarded a doctorate or accepted for award of doctorate) from an university or equivalent academic institution in India or abroad is a pre-requisite for eligibility of the Award. Issues of relevance to India / Exim Bank such as those pertaining to foreign trade, foreign direct investments, joint ventures, international competitiveness, policies impacting trade and investment, monetary and fiscal interventions would be of particular interest. Exim Bank will accept, as entry, those thesis for which doctorate has been obtained/ accepted for award of doctorate between January 1, 2013 and August 31, 2017.

To know more about the past winners and to apply for the IERA 2017, please visit: http://www.eximbankindia.in/awards.

For further details please contact: Mr. David Sinate, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: 022- 2217 2708; Fax: 022- 2218 0743; E-mail: dsinate@eximbankindia.in;

Exim Bank EXTends FIRST Buyer’s Credit of USD 8.64 mn under National Export Insurance Account [NEIA] in latin america region to the Government of REPUBLIC OF SURINAME

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Mr. Sailesh Prasad, Resident Representative, Washington DC Representative Office, Export-Import Bank of India exchanging Buyer’s Credit Agreement under NEIA of USD 8.64 mn with H.E. Mr. Gillmore Hoefdraad, the Minister of Finance, Government of the Republic of Suriname in the presence of H.E. Mr. Satendar Kumar, Ambassador of India to Suriname.

Export-Import Bank of India [Exim Bank] has extended its first Buyer’s Credit under National Export Insurance Account [BC-NEIA] of USD 8.64 mn in Latin America Region to the Government of Republic of Suriname for financing the contract for supply of three [3] pumps with allied accessories and services for Wageningen Pumping Station in Suriname to be executed by Kirloskar Brothers Ltd., India. The BC-NEIA Agreement to this effect was signed in Paramaribo, Suriname, on August 18, 2017, by H.E. Mr. Gillmore Hoefdraad, the Minister of Finance, Government of the Republic of Suriname and Mr. Sailesh Prasad, Resident Representative, Washington DC Representative Office, on behalf of Exim Bank, in the presence of H.E. Mr. Satendar Kumar, Ambassador of India to Suriname.

The first BC-NEIA in the Latin America region would not only help increasing exports from India to LAC region but also provide opportunities for Indian exporters to explore the region further. It is a unique financing mechanism that provides a safe mode of non-recourse 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 2.84 bn for 22 projects valued USD 3.07 bn under the programme. 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. 

Exim Bank, till date, has also extended 5 (five) Lines of Credit to the Government of Republic of Suriname, on behalf of the Government of India aggregating to USD 47.05 million. Projects covered under the LOCs extended to the Government of Suriname include inter-alia setting up of a transmission line, water supply project and supply of various equipment.

For further information, please contact Ms. Harsha Bangari, Chief 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 
Website: www.eximbankindia.in

Mr. David Rasquinha appointed as Managing Director of Exim Bank

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Mr. David Rasquinha has taken over as the Managing Director of Export-Import Bank of India (Exim Bank). Prior to this appointment, Mr. Rasquinha was the Deputy Managing Director of the Bank, holding additional charge of Managing Director.

A first class graduate in Economics from Mumbai University and a post graduate in Business Management from XLRI Jamshedpur, Mr. Rasquinha joined Exim Bank in 1985 and since then has had a wide ranging exposure to the broad field of export credit, having worked in the diverse groups of the Bank, inter alia, Treasury, Multilateral Agency Funded Projects, Planning & Research, Risk Management, Lines of Credit, Trade Finance, Project Exports, Human Resources, Information Technology and Corporate Communications. 

Mr. Rasquinha was a key member of an Exim Bank team that conducted a feasibility study for setting up an export credit agency for the Gulf Co-operation Council countries. He has also served as a member on Working Groups set up by the Reserve Bank of India on issues of relevance to software exports and export credit. From 1999-2004, he was posted as Resident Representative at the Bank’s office in Washington DC where he focused on building up Indian companies procurement-led participation in World Bank assisted projects, as also setting in place export lines of credit to banks and regionals in Latin America/Caribbean. As the first Chief Risk Officer of the Bank in 2005, he set in place systems and procedures for risk management including a comprehensive Credit Risk Model with the assistance of CRISIL.

He has benefited from a number of specialised training programmes both in India and abroad. Mr. Rasquinha has lectured on various aspects of export financing at the National Institute of Bank Management, the Reserve Bank of India's Bankers Training College, the Jawaharlal Nehru Institute for Development Banking, as well as various bank training colleges, academic institutions and industry bodies in India and the U.S.A. He is a Member of the National Jury for the CII – Exim Bank Award for Business Excellence, a Total Quality Management Award based on the TQM model of the European Foundation for Quality Management.  

An excellent communicator, Mr. Rasquinha has had articles published in Indian and overseas newspapers.

Exim Bank Of India Raises US$ 400 MN 5 Year Tenor Floating Rate Formosa Bond At 3M$L+100 BPS

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Export-Import Bank of India, India’s premier export finance institution, successfully launched a 5 year Reg S floating rate Formosa bond issue of benchmark size on August 07, 2017. The funds raised will be used by the Bank to support Indian project exports, overseas investment by way of long term credit and the lines of credit portfolio.

Initially marketed the deal at 3M$L + 115 bps p.a., the Bank was able to achieve the final pricing of 3M$L+100 bps, for the inaugural 5 year US$ 400 mn Reg S floating rate Formosa bond, making the issuance as the largest Formosa issuance out of India and the first Formosa transaction by an Indian Financial Institution. The issuance was priced well inside the existing fixed rate Notes on fair value basis.

The Taiwan market has been accessed by international banks (including the Korea Exim Bank) due to its pool of capital. Till about a year or two ago, Taiwanese investors focused mainly on high investment grade issuers (above A). In the last 1-2 years, Taiwanese investors have been looking at Indian paper (especially quasi sovereign like Exim Bank), since the risk is perceived to be less that the rating levels but the resultant yield is slightly better than A rated issuances. Investment in Exim paper offers India exposure, quasi-sovereign status, high degree of safety and acceptable yield. The Bank had met Investor’s in Taipei on two occasions in the past and it could sense a strong demand for Indian credits.

The above transaction also marks the first 5 year Floating Rate Note (FRN) public issuance by an Indian Issuer. It provides Exim Bank an opportunity to expand its investor base as the bonds are dual listed (Singapore and Taipei exchanges). This marks one more case where Exim Bank has opened a market to enable other issuers to follow (e.g. Green Bonds, where the Bank was the first ever issuer out of India). This refers both to the Formosa market as well as the 5-year FRN format

The issue attracted good demand across 50 accounts with significant participation from high quality institutional investors. The offering saw majority participation from Banks(54%), funds / insurance companies (38%) and private Banks (8%) . The issue was distributed 87% to Asian investors and balance 13% to EME (Europe and Middle East). Standard Chartered Bank was the sole Lead Manager and J.P. Morgan and MUFG were the structuring agents on the offering. Exim Bank has been rated as ‘Baa3’ by Moody’s and ‘BBB-’ by Fitch, same as the rating of the Government of India.

Mr. David Rasquinha, Managing Director of Exim Bank, commented, “Exim Bank has been a pioneer in opening new markets for capital raising for other Indian issuers. In the past, Exim India was the first to issue bonds in the Uridashi, Australian Dollar, Singapore Dollar and Samurai bond markets including being the first issuer of Green Bonds, which was followed by other Indian issuers. This is another attempt to open an increasingly important market segment and we see more Indian companies following suit to tap the floating rate Formosa bond markets”.

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

Exim Bank Announces the Winner of IERA Award 2016

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Presentation of Exim Bank International Economic Research Annual (IERA) Award 2016 to Dr. Isha Chawla by Dr. Arvind Subramanian, Chief Economic Adviser, Government of India, Ministry of Finance (center), in presence of Mr. David Rasquinha, Managing Director, Export-Import Bank of India (extreme left), and Mr. Yaduvendra Mathur, Additional Secretary, NITI Aayog (extreme right) at the Award Function held in New Delhi on August 02, 2017.

New Delhi: August 02, 2017: Dr. Isha Chawla was declared the winner of Export-Import Bank of India’s (Exim Bank) International Economic Research Annual (IERA) Award 2016 for her doctoral thesis titled “The Internationalisation of Indian Firms through Outbound Foreign Direct Investment: Nature, Determinants and Developmental Consequences”. Exim Bank’s IERA Award 2016 was announced by Mr. David Rasquinha, Managing Director, Exim Bank, at an award function held on August 02, 2017, in New Delhi. The Award comprises prize money of ` 3.5 lakh and a citation.  The function was graced by Dr. Arvind Subramanian, Chief Economic Adviser, Government of India, Ministry of Finance.  Exim Bank’s occasional paper based on Dr. Isha Chawla’s Award winning thesis was also released on the occasion.

On this occasion Dr. Subramanian congratulated EXIM Bank for its continuous efforts to promote economics research in India. Mr. Rasquinha, highlighted that the IERA Award, instituted in 1989, currently in its 28th year, is given to Indian nationals for their outstanding doctoral dissertations in the area of international economics, trade, development and related financing from Indian or foreign universities. Commenting on the Award winning thesis, Mr. Rasquinha noted that the research study throws light on increasing internationalisation of Indian firms through Outbound Foreign Direct Investment (OFDI) its impact on the productivity levels of domestic firms in India. 

The Winning Thesis

Dr. Isha Chawla received her doctoral degree in 2015 from the Delhi School of Economics, New Delhi. The thesis was written under the supervision of Dr. Aditya Bhattacharjea (Delhi School of Economics) and Dr. Biswhanath Golder (Institute of Economic Growth). She is currently working as an Associate Professor, in the Department of Economics, Lakshmibai College, University of Delhi.

Exim Bank’s IERA Award

Exim Bank IERA Award represents the Bank’s ongoing efforts at promoting research and analysis in the area of international economics, trade & development and related financing. The Bank has opened entries for the 2017 edition of the Award.

To know more about the past winners and to apply for the IERA 2017, please visit: http://www.eximbankindia.in/iera-award

For further details please contact: Mr. David Sinate, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: 022- 2217 2708; Fax: 022- 2218 0743; E-mail: dsinate@eximbankindia.in;

Members of G-NEXID assembled to attend the 12th Annual General Assembly Meeting in Geneva on July 10, 2017

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The G-NEXID was formed, under the auspices of the United Nations Conference on Trade and Development (UNCTAD) in 2006 with its Secretariat in Geneva, Switzerland. The five founder members of this Network are Export-Import Bank of India, Export-Import Bank of Malaysia, African Export-Import Bank, Andean Development Corporation and Export-Import Bank of Slovakia. Driven by the objective to boost bilateral trade and investment among export-import banks and development-finance institutions of the South, G-NEXID was set up. 

The 12th Annual General Assembly, the Steering Committee Meeting of the Global Network of Export-Import Banks and development-finance institutions (G-NEXID) took place on Monday, July 10, 2017 in Geneva, Switzerland, preceding the WTO Aid for Trade Program.

The Network unanimously endorsed the candidature of Mr. Abubakar Abba Bello, Managing Director, Nigerian Export-Import Bank (NEXIM) as the Honorary President of the Network. The Honorary President indicated that under his Presidency he will fully support the implementation of agreed objectives of the Network, particularly the 5-Year Strategy which envisages to create a more robust South-South cooperation.

After the meeting, a workshop was held which included presentations on the new initiatives and activities of the members. The event offered the opportunity to present to the global trade and investment community the contributions of members and partners towards promotion of South-South trade, investment and cooperation. Representatives from International Trade Centre, UNCTAD, Berne Union and FCI also spoke on the occasion.

Financial institutions present during the Annual General Assembly in Geneva included Afriexim Bank, Egypt; Development Bank of the Central African States, Congo; BNDES, Brazil; Development Bank of Latin America, Venezuela;  Development Bank of Zambia; ECOWAS Bank for Investment and Development (EBID), Togo; Indonesia Exim Bank; Nigeria Exim Bank; apart from Export-Import Bank of India.

Exim Bank’s GOI-supported eighth line of credit [LOC] of USD 17.5 million extended to the Government of the Cooperative Republic of Guyana

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Export-Import Bank of India [Exim Bank] has, on behalf of Government of India, extended a Line of Credit [LOC] of USD 17.5 million to the Government of the Cooperative Republic of Guyana [Government of Guyana] for the purpose of up-gradation of three hospitals in Guyana. The LOC Agreement to this effect was signed in Georgetown on Wednesday, July 19, 2017, by Mr. Winston Jordan, Hon’ble Minister of Finance, on behalf of the Government of Guyana and Mr. Sailesh Prasad, Resident Representative of Exim Bank’s Washington D.C. office, on behalf of Exim Bank, in the presence of H.E. Mr. V. Mahalingam, High Commissioner of India in Guyana, Ms. Volda Lawrence, Hon’ble Minister of Health, Govt. of Guyana, Mr. Jaipaul Sharma, Hon’ble Junior Minister of Finance, Govt. of Guyana, and Dr. David Goldwin Pollard, High Commissioner of Guyana in India.

With the signing of the above LOC Agreement for USD 17.5 million, Exim Bank, till date, has extended eight Lines of Credit to the Government of Guyana, on behalf of the Government of India, taking the total value of LOCs extended to USD 109.88 million. Projects covered under the LOCs extended to the Government of Guyana include the construction of a Cricket stadium, supply and installation of traffic signaling systems, fixed and movable irrigation pumps, hospital, road linkage project, supply of a passenger-cargo ferry vessel and supply of high capacity drainage pumps. Guyana, located in the Caribbean coast of South America, is surrounded by Suriname to the east, Brazil to the south, Venezuela to the west, and Atlantic Ocean to the north. India’s exports to Guyana contracted by 14.4% to USD 34.5 million in 2016-17 from USD 40.4 million in 2015-16, primarily owing to fall in exports of machinery & instruments and transport equipment. India’s imports from Guyana also contracted from USD 21.9 million in 2015-16 to USD 20.1 million in 2016-17 due to decrease in import of wood and articles of wood which is India’s key import from Guyana, constituting 97% of India’s total imports from Guyana during 2016-17. Pharmaceuticals were India’s major export items, accounting for 30.9% of India’s total exports to Guyana in 2016-17. It was followed by iron and steel (13.2%), apparel and clothing accessories, knitted or crocheted (4.6%), machinery and instruments (4.6%), articles of iron and steel (4.3%).

With the signing of this LOC Agreement, Exim Bank has now in place 222 Lines of Credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 16.83 billion, available for financing exports from India. 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. Tarun Sharma, General Manager & Regional Head, Export-Import Bank of India, Ground Floor, Statesman House, 148 Barakhamba Road, New Delhi-110001. Telephone: [011] 23474800, Fax: [011] 23321719. E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

Exim Bank, on behalf of the government of India, extends a line of credit [LOC] of USD 2.50 million to the government of the republic of Madagascar

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Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 2.50 million to the Government of the Republic of Madagascar for completion of unfinished fertilizer plant project covered under an earlier LOC of USD 25 million. The LOC Agreement to this effect was signed in Antananarivo, Madagascar on Thursday, June 29, 2017, in the presence of H.E. Mr. Rivo Rakotovao, Minister in charge of Agriculture, Government of the Republic of Madagascar and Mr. Subir Dutta, Indian Ambassador in Madagascar, by Mr. Tarun Sharma, General Manager, on behalf of Exim Bank and H.E. Mr. Rakotoarimanana François Marie Maurice Gervais, Minister of Finance and Budget, on behalf of the Government of the Republic of Madagascar.

With the signing of the above LOC Agreement for USD 2.50 million, Exim Bank, till date, has extended two Lines of Credit to the Government of the Republic of Madagascar, on behalf of the Government of India, taking the total value of LOCs extended to USD 27.50 million. Exim Bank had earlier extended an LOC of USD 25 mn to Government of the Republic of Madagascar for financing the fertilizer plant project in Madagascar.

With the signing of this LOC Agreement, Exim Bank has now in place 221 Lines of Credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 16.81 billion, available for financing exports from India. 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, Maker Chambers IV, Floor 8, 222, Nariman Point, Mumbai 400 021. Telephone: +91 22 22861560/ 2286 1561, Fax: +91 22 2282 3394. E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

Exim Bank announces its performance for FY 2016-17

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Export-Import Bank of India (Exim Bank) announced its annual performance for the financial year ended March 31, 2017. The Bank continued to deliver on its mandate of financing, facilitating and promoting the globalization efforts of Indian enterprises. During the year, the Bank extended 15 Lines of Credit (LOC) amounting to USD 2.27 billion, assisting a number of Indian companies involved in sectors such as agriculture and irrigation development, textile, railways and related infrastructure, transmission lines and substation, rehabilitation and improvement of water supply system etc. During the year, LOCs were extended to Ghana, Guyana, Kenya, Malawi, Mauritius, Mongolia, Nepal, Nicaragua, Niger, Senegal, Sierra Leone and Tanzania. As on date, the LOC portfolio aggregates USD 15.87 billion with credit commitments under 215 LOCs spread across 63 countries.

Under its fastest growing finance programme, the Buyer’s Credit under National Export Insurance Account (BC-NEIA), the Bank sanctioned USD 2.84 billion for 22 projects valued at USD 3.07 billion in 2016-17, including a water treatment plant and distribution to reservoirs project in Sri Lanka; supply of vehicles and spares to Zimbabwe, Tanzania and Senegal; Transmission line projects in Cameroon, Ethiopia and Senegal; Construction of railway line project in Ghana; Road projects in Maldives and Zambia; and an Irrigation project in Suriname. The Bank has also given in-principle commitments for an aggregate amount of US$ 5.34 billion supporting 41 projects valued at USD 6.21 billion, under the BC-NEIA at the behest of several leading Indian project exporters.

During the year, 21 Indian corporates were sanctioned funded and non-funded assistance aggregating to ` 38.91 billion for part financing their overseas investments in 12 countries. Till date, Exim Bank has provided finance to 587 ventures set up by 451 companies in 78 countries.

Mr. David Rasquinha, Managing Director (additional charge), Exim Bank, said, “Though the last financial year has been a turbulent year, as the banking sector faced many challenges, Exim Bank has posted a reasonably balanced performance and continued to retain the consistency of making profits since its inception. Exim Bank is a specialized financial institution wholly owned by the Government of India with presence in Indian and overseas countries. Our financial products are designed to cater to the different needs of Indian exporters. By identifying their business goals, and inspiring them to compete internationally, our products help them to expand their boundaries. We aim to help exporters to evaluate international risks and tap opportunities with the right insight. Our in-depth country and sectoral studies provide exporters the necessary tools to tackle international business challenges and tap newer markets.”

To boost the rural economy the Bank during the year, the Bank reached out to the bottom of the pyramid and helped in generating sustainable livelihood for artisans at the grassroots levels involved in handicraft and agri-products from Kashmir, Gujarat, Uttar Pradesh, Maharashtra and Rajasthan. Several supplier agreements were also signed by micro and grassroots enterprises to showcase and sell products at global marketplace. Several product and skill development programmes and training workshops were organized for women artisans, weavers and craftsmen.

Exim Bank in its endeavour to facilitate international trade and to reduce the asymmetry in information availability of trade finance and credit insurance facilities amongst MSME entrepreneurs, launched a portal “Exim Mitra”. The portal provides export-import intelligence and is a helpline to handle queries of India’s exporting community.

The Bank’s loan and non-funded portfolio recorded a growth of 3.55% and 5.85% respectively at ` 1026.41 billion and ` 122.31 billion. Profit before tax amounted to ` 3.13 billion and profit after tax amounted to ` 0.41 billion during FY 2016-17. The net worth of the Bank stood at ` 119.86 billion as on March 31, 2017. During 2016-17, the Bank raised ` 216.04 billion in Rupees and foreign currency at the Rupee equivalent of ` 188.00 billion. The Bank received capital of ` 5.00 billion from the Government of India during the year. The Bank has been taking up the mantle of mitigating the challenge of non-performing assets. The Bank’s NPAs (net of provisions) stood at ` 48.03 billion which is 4.68 per cent of net loans and advances as on March 31, 2017.

Exim Bank’s Research and Analysis Group published 16 research studies on topics of interest of its stakeholders. The Bank is implementing the Government of India’s ‘Act East Policy’ by way of creation of a Project Development Fund (PDF), with an initial corpus of ` 500 crore, for catalyzing Indian investments. The Bank, as the empowered institution under the PDF initiative, has identified potential sectors in the region for undertaking preparation of detailed project reports, based on which special purpose vehicles will be set up in the region for implementing the identified projects. Exim Bank has also partnered UNDP in formulating a programme aimed at promoting the export potential of MSMEs in industrial clusters in North-East region.

Blood Donation Camp held at Export-Import Bank of India in collaboration with Tata Memorial Hospital

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Export-Import Bank of India organised a blood donation camp in collaboration with Tata Memorial Hospital on June 23, 2017 at their Head Office at Mumbai. The event was inaugurated by the Bank’s Managing Director, Mr. David Rasquinha. Several officers voluntarily participated in the noble cause. The blood donation camp was held to raise awareness of the need for safe blood and share the need and importance of blood in life of an individual.

Export-Import Bank of India celebrates International Day of Yoga

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Employees of Export-Import Bank of India came together to celebrate the 3rd International Day of Yoga, at their Head Office in Mumbai. A yoga session for employees, conducted by The Yoga Institute, Mumbai, included warming up exercises, surya namaskar, simple asanas, pranayama and savasana. Health benefits of regularly practicing yoga were also shared with the employees.

Export-Import Bank of India and The Export-Import Bank of Korea sign MoU to utilise the Export Credits of US Dollars Nine Billion for supporting priority sectors

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Mr. David Rasquinha, Managing Director (Additional Charge), Export-Import Bank of India and Mr. Jongku Choi, Chairman & President, The Export-Import Bank of Korea at the MOU signing ceremony on Wednesday, June 14, 2017 at Seoul, The Republic of Korea. The ceremony took place in presence of the Hon’ble Finance Minister of India, Mr. Arun Jaitley and Deputy Prime Minister and Finance Minister of South Korea, Mr. Kim Dong-yeon.

A Memorandum of Understanding (MoU) was signed today between Export-Import Bank of India and The Export-Import Bank of Korea, to utilise the Export Credits of US Dollars Nine Billion for supporting priority sectors, including smart cities, railways, power generation and transmission, and other sectors as may be mutually agreed. The MoU was signed by Mr. David Rasquinha, Managing Director (Additional Charge), Export-Import Bank of India and Mr. Jongku Choi, Chairman & President, The Export-Import Bank of Korea in Seoul on the sidelines of the Fifth India – Korea Finance Ministers’ Meeting.

With the Memorandum of Understanding in place, Export-Import Bank of India and The Export-Import Bank of Korea will endeavour to promote projects in India and support the supply of goods and services from India and Korea as part of projects in third countries.

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, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005. Telephone 22172644, Fax: 22182497; E-mail: samuel_joseph@eximbankindia.in

 

Exim bank, on behalf of the Government of India, extends a line of credit [lOC] of USD 318 million to the Government of the democratic socialist republic of Srilanka

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Mr. David Rasquinha Managing Director, Export-Import Bank of India, exchanging Line of Credit Agreement of USD 318 million in Colombo, for financing the railway projects and supply of rolling stock from India to Sri Lanka with Dr. R.H.S. Samarathunga, Secretary, Ministry of Finance and Mass Media, Govt. of Sri Lanka, in the presence of Mr. Nihal Somaweera, Secretary, Ministry of Transport and Civil Aviation, Govt of Sri Lanka, Mr. Priyantha Rathnayake, Director General, Department of External Resources, Ministry of Policy and Economic Affairs, Govt. of Sri Lanka, Mr.T.M.Rihan, Asst. Director, Department of External Resources, Ministry of Policy and Economic Affairs, Govt of Sri Lanka, Mr. Arindam Bagchi, Deputy High Commissioner of India in Sri Lanka, Mrs Suja Menon, Head of Economic & Commercial Wing, High Commission of India in Sri Lanka.     

Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 318 million to the Government of the Democratic Socialist Republic of Sri Lanka [Government of Sri Lanka] for financing procurement of (i) Rolling Stock for the Sri Lanka Railway [USD 177 million]; (ii) Upgrading of the railway track from Maho - Anuradhapura- Omanthai or any other sector [USD 136 million]; and (iii) Utilization of the balance amount as may be agreed between the Government of Sri Lanka and the Government of India. The LOC Agreement to this effect was signed in Colombo, Sri Lanka on Tuesday, June 6, 2017, in the presence of Mr. Arindam Bagchi, Deputy High Commissioner of India in Sri Lanka and Mr. Nihal Somaweera, Secretary, Ministry of Transport and Civil Aviation, Government of Sri Lanka, by Mr. David Rasquinha, Managing Director, on behalf of Exim Bank and Dr. R. H. S. Samarathunga, Secretary, Ministry of Finance and Mass Media, on behalf of the Government of Sri Lanka.

With the signing of the above LOC Agreement for USD 318 million, Exim Bank, till date, has extended seven Lines of Credit to the Government of Sri Lanka, on behalf of the Government of India, taking the total value of LOCs extended to USD 1534.16 million. Projects covered under the LOCs extended to the Government of Sri Lanka include the export of petroleum products, supply of equipment, upgradation and laying of railway tracks, supply and installation of signaling and communication equipment and procurement of railway rolling stocks. 

With the signing of this LOC Agreement, Exim Bank has now in place 219 Lines of Credit, covering 61 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 16.89 billion, available for financing exports from India. 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, Maker Chambers IV, Floor 8, 222, Nariman Point, Mumbai 400 021. Telephone: +91 22 22861560/ 2286 1561, Fax: +91 22 2282 3394. E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

 

Exim Bank extends LOC of USD 500 million to the SBM [Mauritius] Infrastructure Development Company Ltd

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Export-Import Bank of India [Exim Bank] has, on behalf of Government of India, extended a Line of Credit [LOC] of USD 500 million to the SBM [Mauritius] Infrastructure Company Ltd [SBMM] for the purpose of financing its participation through Redeemable Preference Shares in public sector entities to implement infrastructure or other projects in Mauritius. The LOC Agreement to this effect was signed in New Delhi, on Saturday, May 27, 2017, in the presence of H.E. Mr. Pravind Jugnauth, Hon’ble Prime Minister of the Republic of Mauritius, Mr. Nayen Koomar Ballah, Cabinet Secretary,Government of the Republic of Mauritius, Mr. Dharam Dev Manraj, Financial Secretary, Ministry of Finance and Economic Development, Government of the Republic of Mauritius and H.E. Mr. Jagdishwar Goburdhun, High Commissioner of Mauritius to India, by Mr. Lakshmana Lutchmenarraidoo, Director and Mr. Deeagarajen Manogaren Soondram, Director  on behalf of the SBMM, and Mr. David Rasquinha, Managing Director, on behalf of Exim Bank.

The above LOC for USD 500 million is Exim Bank’s first LOC to the SBMM, Mauritius. The Bank has earlier extended four Lines of Credit to the Government of Mauritius, on behalf of the Government of India aggregating USD 164.80 million,  taking the total value of LOCs extended Mauritius to USD 664.80 million. Projects covered under the LOCs extended to Mauritius include the supply of specialised equipment and vehicles including offshore patrol vessel and waterjet fast attack craft. India’s main exports to Mauritius consist of mineral fuel  waxes, petroleum products, articles of apparel and clothing accessories and cereals. On the other hand, India’s imports from Mauritius consists of iron and steel, optical, photographic cinematographic, medical or surgical instruments, aluminum and articles.

With the signing of this LOC Agreement, Exim Bank has now in place 219 Lines of Credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 16.60 billion, available for financing exports from India. 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,
Maker Chambers IV, Floor 8, 222,
Nariman Point, Mumbai 400 021.
Telephone: +91 22 22861560/ 2286 1561
Fax: +91 22 2282 3394.
E-mail: eximloc@eximbankindia.in
Website: www.eximbankindia.in

Exim bank extends a line of credit of USD 81 million to the Government of the republic of Rwanda

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Mr. David Rasquinha, Managing Director (Addl. Charge), Export-Import Bank of India exchanging the Line of Credit Agreement for USD 81 million for Establishment of 10 Vocational Training Centres and 4 Business Incubation Centres, in Rwanda with H.E. Mr. Gatete Claver , Minister of Finance and Economic Planning, on behalf of the Government of Republic of Rwanda, in presence of Shri Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, Shri Arun Kumar, Secretary, Ministry of Mines, Government  of India and Mr. Pierre Guislain, Vice President, African Development Bank at Ahmedabad, Gujarat.

Export-Import Bank of India (Exim Bank) has, with the support of the Government of India, extended a Line of Credit (LOC) of USD 81 million to the Government of the Republic of Rwanda, for Establishment of 10 Vocational Training Centres and 4 Business Incubation Centres, in Rwanda. The LOC Agreement to this effect was signed in Ahmedabad, India on Wednesday, May 24, 2017, by Honorable Mr. Gatete Claver, Minister of Finance and Economic Planning, on behalf of the Government of the Republic of Rwanda and Mr. David Rasquinha, Managing Director (Addl. Charge), Export-Import Bank of India, in the presence of Shri Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, Shri Arun Kumar, Secretary, Ministry of Mines, Government  of India and Mr. Pierre Guislain, Vice President, African Development Bank.

With the signing of the above LOC Agreement, Exim Bank, till date, has extended four LOCs to the Government of the Republic of Rwanda, with the support of the Government of India, taking the total value of LOCs to USD 281.05 million. The LOCs have supported Power Project and the Export Targeted Modern Irrigation Project in Rwanda.

For further information, please contact Mr. Nadeem Panjetan, Chief General Manager, Export-Import Bank of India, Maker Chamber IV, 8th Floor, 222, Nariman Point, Mumbai 400 021. Telephone: +91 22 2286 1561 / 2286 4011, Fax: +91 22 2282 3394. E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

India is an Ideal Partner for African Nations in Achieving AfDB’s High-5 Agenda

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Exim Bank of India’s Working Papers on the Central Theme of “India – Forging Mutual Partnership for Africa’s Development”, focusing on AfDB’s Hi-Five Agenda, were released by Mr. Shaktikanta Das, Secretary, Economic Affairs, Ministry of Finance, Government of India.

India is an ideal partner for the African nations in achieving AfDB’s High-5 Agenda, said Mr. Shaktikanta Das, Secretary (EA), Ministry of Finance at a seminar jointly organised by Exim Bank of India and FICCI, supported by the Government of India and the AfDB. Emphasizing the role of Exim Bank, he highlighted that the Bank has extended 153 lines of credits extended to 44 African countries, amounting to US$ 7 bn.

Emphasizing on the strong Indian commitment on strengthening India-Africa relations, Mr. David Rasquinha, Managing Director, Exim Bank of India highlighted that Exim Bank and the Government of India are willing to share India’s development experiences in these crucial areas of Africa.

Mr. Pierre Guislain, Vice President African Development Bank Group deliberated on the needs of Africa in those High-5 areas, and how India’s experiences could be shared and replicated in the African continent through India’s development cooperation.

Mr. Arun Kumar, Secretary, Ministry of Mines shared his perspectives on how India could share its experiences in the mining sector which offers win-win partnership.

On this occasion, Exim Bank of India’s five Working Papers on the Central Theme of “India – Forging Mutual Partnership for Africa’s Development”, focusing on AfDB’s Hi-Five Agenda of ‘Light up and Power Africa’, ‘Feed Africa’, ‘Integrate Africa’, ‘Industrialize Africa’, and ‘Improve the Quality of Life for the People of Africa, were released by Mr. Shaktikanta Das, Secretary, Economic Affairs, Ministry of Finance, Government of India, highlighting India’s developmental experiences in those areas, and its role in achieving the desired outcomes through development cooperation.

Success stories under the India’s Lines of Credit programme on these High5 areas have also been showcased by Indian companies who have implemented the projects. Panelists from Africa shared their perspectives on how India could help African growth progress through development cooperation.
 
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 companies participated in the event and shared Indian expertise, knowledge, skill and technology for overall development in the African continent.

Exim 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, has been organizing Africa-India Partnership Day as part of the events associated with the Annual Meetings of the AfDB. This is the fifth edition under the joint initiatives of all these institutions to be featuring as a part of the Annual meetings being hosted in India.

Buyer's Credit Under Government of India's (GOI's) National Export Insurance Account (BC-NEIA) "Credit Confirmation Statements"

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On the side-lines of the 52nd African Development Bank (AfDB)’s Annual Meetings held at Gandhinagar, India, during May 22-24, 2017, Export-Import Bank of India signed “Credit Confirmation Statements” aggregating USD 1.22 billion for providing financial assistance for six projects under the Buyer’s Credit under National Export Insurance Account (BC-NEIA) to [a] Ghana for design and construction of Railway Linkages between Tema and Akosombo valued at USD 398.33 mn; [b] Cameroon for Construction of 225 kV Nkongsamba - Bafoussam and Yaounde – Abong Mbang Transmission Line along with associated sub-stations valued at USD 93.50 mn; [c] Senegal for construction of 225kV transmission line for Tambacounda - Kolda - Ziguinchor link and Extensions and Rehabilitation of Networks in the Regions valued at USD 200 mn; [d] Zambia for design and construction of Lusaka city decongestion project valued at USD 245.74 mn; and [e] Côte d’Ivoire for supply of 500 buses, 62 fleet maintenance support vehicles, spare parts valued at USD 87.46 mn and supply of 3,599 vehicles valued at USD 199.99 mn. The aggregate assistance exceeding USD 1.22 bn in the aforesaid infrastructure projects being executed by Indian companies are expected to have a significant positive impact to the development process of these countries.

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
Chief 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
Website: www.eximbankindia.in

Exim Bank Extended a Line of Credit of USD 71.40 Million to The Government of The Republic of Cote D’ivoire

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Mr. David Rasquinha, Managing Director (Addl. Charge), Export-Import Bank of India signing the Line of Credit Agreement for USD 71.40 million for upgradation of four military hospitals in Abidjan, Korhogo, Bouake and Daloa regions in Côte d’Ivoire with H.E. Mme Niale KABA, Minister of Planning & Development, on behalf of the Government of Republic of Cote d’Ivoire, in Ahmedabad, Gujarat, India.

Exim Bank Extended a Line of Credit of Usd 71.40 Million to The Government of The Republic of Cote D’ivoire

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended an additional Line of Credit [LOC] of USD 71.40 million to the Government of the Republic of Cote d’Ivoire, for upgradation of four military hospitals in Abidjan, Korhogo, Bouake and Daloa regions in Côte d’Ivoire. The LOC Agreement to this effect was signed on Monday May 22, 2017, by Mr. David Rasquinha, Managing Director (Addl. Charge) on behalf of Exim Bank and H.E. Mme Niale KABA, Minister of Planning & Development, on behalf of the Government of Republic of Cote d’Ivoire.

With the signing of the above LOC Agreement, Exim Bank, till date has extended six Lines of Credit to the Republic of Cote d’Ivoire, at the behest of the Government of India, taking the total value of LOCs extended to the Republic of Cote d’Ivoire to USD 207.70 million. The LOCs have supported export of items like agricultural machinery and equipments, agricultural processing plants, buses and spare parts, equipments and services for projects in areas such as rural electrification / transmission lines, construction of power sub-stations, fisheries development, setting up of Biotechnology and Information Technology park, setting up of DNA Laboratories, computer assembly plant and upgradation of hospitals.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 215 Lines of Credit, covering over 63 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 15.92 billion, available for financing exports from India. 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,
Maker Chamber IV, 8th Floor,
222, Nariman Point, Mumbai 400 021.
Telephone: +91 22 2286 1561/ 2286 4011,
Fax: +91 22 2282 3394.
E-mail: eximloc@eximbankindia.in,
Website: www.eximbankindia.in

Launch of Duty Calculator tool on the EXIM Mitra portal

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The Export-Import Bank of India (Exim Bank), in its attempt to fulfill twin objectives, namely providing information on financial products available to facilitate exports, and delivering trade related information, has launched the “EXIM Mitra” portal. The portal seeks to provide information on Trade Finance and Export Credit Insurance options besides Export-import intelligence and a helpline in the area of Trade Finance and Export Credit Insurance.

EXIM Mitra provides preliminary help to a large number of exporters and importers who may not have access to an array of crucial trade related information under one single platform. EXIM Mitra acts as a gateway to identify potential global markets and products, understand product standards across the globe, estimate freight cost, introduce exporters and importers to the various credit and insurance facilities available, identify agencies providing handholding, apart from a host of other value added services.

This portal is expected to evolve towards providing more services. Towards this end, the Bank has tied up with M/s Pitney Bowes Inc. to bring to users the ease of calculating duties and taxes besides Country Guides for over 140 countries. The tools facilitate product classification, import duty tax calculation, plus restrictions and compliance management.

The endeavour of Exim Bank is aimed to benefit firms, especially SMEs, to make sound business decisions during their expeditions overseas.

For further information, please contact Ms. Sunita Sindwani, General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005; Telephone: 022-22172601; E-mail: sunita@eximbankindia.in; Websites: www.eximbankindia.in; www.eximmitra.in

EXIM Bank Extends a term loan of USD 1.60 Billion to the Bangladesh India Friendship Power Company Pvt. Ltd.. (BIFPCL)

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Mr. David Rasquinha, Managing Director, Export-Import Bank of India exchanging the Facility Agreement of USD 1.60 billion with Dr. Ahmad Kaikaus, Secretary, Power Division, Ministry of Power, Energy and Mineral Resources, Government of the People’s Republic of Bangladesh and Mr. Ujjwal Kanti Bhattacharya, Managing Director, on behalf of BIFPCL, in New Delhi, India on Monday, April 10, 2017, in presence of the Hon’ble Prime Minister of the People’s Republic of Bangladesh, H. E. Sheikh Hasina.

EXIM BANK EXTENDS A TERM LOAN OF USD 1.60 BILLION TO THE BANGLADESH INDIA FRIENDSHIP POWER COMPANY PVT. LTD. [BIFPCL]

Export-Import Bank of India [Exim Bank] has extended a term loan of USD 1.60 billion to the Bangladesh India Friendship Power Company Pvt. Ltd. [BIFPCL, a 50:50 joint venture between the Bangladesh Power Development Board, Bangladesh and NTPC Ltd., India] for financing the 1320 MW [2*660 MW] ultra-super-critical Maitree Super Thermal Power Project on Turnkey Basis at Rampal, District-Bagerhat, Bangladesh. The Facility Agreement to this effect was exchanged on April 10, 2017, by Mr. David Rasquinha, Managing Director, on behalf of Export-Import Bank of India with Dr. Ahmad Kaikaus, Secretary, Power Division, Ministry of Power, Energy and Mineral Resources, Government of the People’s Republic of Bangladesh and Mr. Ujjwal Kanti Bhattacharya, Managing Director, on behalf of BIFPCL, in presence of the Hon’ble Prime Minister of the People’s Republic of Bangladesh, H. E. Sheikh Hasina, at an Interactive Business Session in New Delhi, held on April 10, 2017.

The contract for the construction of the Project on turnkey basis has been awarded to Bharat Heavy Electricals Ltd. [BHEL], following an International Competitive Bidding process. The Project will use the modem Ultra-Supercritical technology and is adopting stringent environmental norms with highly efficient machinery. State of the art technologies have been selected for this project to make it an environment friendly project. All environment concerns related to the project have been addressed and it is one of the Fast Track Projects identified by the Government of Bangladesh. Once commissioned, the Maitree Super Thermal Power Project is expected to be one of the largest power plants in Bangladesh. The power plant is part of the Government of Bangladesh’s plan for infrastructure development in the country, particularly in the power sector. The proposed ultra-super critical thermal power plant will augment the power generation capacity of Bangladesh and reduce the current power deficit. The project is also expected to generate significant development outcomes at local, national and regional levels, notably: increased employment opportunities, enhanced community development and improved industrial output due to better power availability. 

With the signing of the above facility Agreement for USD 1.60 billion, EXIM Bank’s total credit assistance to Bangladesh stands at USD 4.462 billion till date, which also includes two GOI-supported Lines of Credits [LOCs] of USD 2.862 billion extended by Exim Bank to the Government of the People’s Republic of Bangladesh. The first LOC of USD 862 million was extended in August 2010 for financing export of goods and projects including development of railway infrastructure, dredging, construction of bridges, procurement of buses, locomotives, coaches and the second LOC of USD 2 billion was extended in March 2016 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.

For further information, please contact Mr. Tarun Sharma, General Manager & Regional Head, Export-Import Bank of India, Statesman House, 148 Barakhamba Road, New Delhi-110001. Telephone: (011) 2332 6375/ 2347 4800, Fax:(011) 2332 1719. E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

 

India’s Experiences Very Relevant for Africa’s Development: President, African Development Bank Group

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Mr. David Rasquinha, Managing Director, Exim Bank, exchanging pleasantries with Dr. Akinwumi Adesina, President,  The African Development Bank Group, at New Delhi on March 31, 2017

India’s Experiences Very Relevant for Africa’s Development: President, African Development Bank Group

Dr. Akinwumi Adesina, President, African Development Bank Group advocated for strengthening the cooperation between India and Africa at multiple levels, viz., Government to Government, Business to Business, and at the Institutional levels, like the cooperation framework existing between the AfDB and the Exim Bank of India. Speaking at an Interactive Session with the Indian Business, organized by Exim Bank, Dr. Adesina stated that the AfDB has identified five priority areas, viz., Light-up and Power Africa; Feed Africa; Integrate Africa, Industrialise Africa, and Improve the Quality of Life for the People of Africa, to advance Africa’s transformative agenda over the next 10 years. India has expertise in all these areas to help transform the African continent. 

Welcoming the AfDB delegation, led by the President, Dr. Adesina, Mr. David Rasquinha, Managing Director, Exim Bank of India stated that Exim Bank strongly believes that there are plenty of business opportunities for Indian companies, particularly in the energy and agriculture sectors. Mr. Rasquinha added that USD 3.61 billion has been committed by Exim Bank under the Lines of Credit programme under these two sectors, which is nearly 50% of total credit commitments.

Mr. Ajit Gupte, Joint Secretary (DPA) in the Ministry of External Affairs outlined the significance of Development Assistance provided by the Government of India to African nations, through Exim Bank of India. Mr. Gupte also highlighted some of the successful case studies that have contributed to the development process of the continent. 

Sharing India’s experiences in the PPP model of development, Ms. Sharmila Chavaley, Joint Secretary (Infrastructure) in the Department of Economic Affairs, Ministry of Finance stated that India has already shared the model documents, toolkits, good governance and best practices, with the AfDB, and the Indian PPP model could be easily replicated in all African nations. 

The AfDB Group is a multilateral development institution engaged in promoting the economic development and social progress of its regional member countries of Africa. Exim Bank has close association with the AfDB. The interactive session provided an occasion for the Indian companies to explore business opportunities in projects funded by African Development Bank in the Africa region, especially under the High-Five Agenda.

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 005Telephone : 2217 2704, Fax : 2218 0743;E-Mail : prahalathan@eximbankindia.in

 

 

Prof. Barry Eichengreen delivers Exim Bank’s 32nd Commencement Day Annual Lecture

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Image: Prof. Barry Eichengreen, the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley delivered Exim Bank’s 32nd Commencement Day Annual Lecture in Mumbai on March 27, 2017. Also seen in the picture are Mr. David Rasquinha, Managing Director, Exim Bank of India, Mr. S.S. Mundra, Deputy Governor, Reserve Bank of India who presided over the Lecture and Mr. Debasish Mallick, Deputy Managing Director, Exim Bank of India.

Prof. Barry Eichengreen, the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley delivered Exim Bank’s 32nd Commencement Day Annual Lecture in Mumbai on March 27, 2017. In the past Prof. Eichengreen has also been a Senior Policy Advisor at the International Monetary Fund. He spoke on the topic, “Capital Flows: What Do We Know?”

In his Lecture, Prof. Eichengreen explained the roadmap for capital account management for nations. The capital account in a country's balance of payments covers a variety of financial flows — mainly foreign direct investment (FDI), portfolio flows (including investment in equities), and bank borrowing —which have in common the acquisition of assets in one country by residents of another.

Prof. Eichengreen advocated for a slight revision in the conventional wisdom about capital flows in light of recent experiences. Prof. Eichengreen said, "Recent experience confirms that capital flows are volatile, so the capital account of the balance of payments should be liberalized only gradually, as other measures are meanwhile taken to strengthen domestic financial markets and institutions, and as policies, including policies for the exchange rate, are adapted to the more open capital account.  Regulations affecting FDI should be relaxed first, since FDI remains the least volatile form of capital flow.  But even a limited fall in FDI inflows can cause problems when gross FDI inflows are financing a large current account deficit, as in Turkey.  And FDI outflows from emerging markets, which have become increasingly important in recent years, can constitute a vehicle for capital flight, as in China, which has been forced to reverse earlier measures liberalizing outward FDI in response to this problem." 

Prof. Eichengreen highlighted that capital outflows from emerging markets, FDI and bank-related outflows in particular, have grown not just larger but also more volatile and cautioned emerging markets regarding their treatment towards capital flows. 

Prof. Eichengreen lauded India's efforts in moving gradually and incrementally when liberalizing the capital account in the course of the last 25 years, starting with policy toward FDI inflows, followed by policy toward portfolio equity inflows and then debt inflows, and turning last toward policy toward outflows, gradually raising ceilings and increasing the range of transactions subject to automatic approval. He said that India has been wise to accompany that move with a more flexible exchange rate.

However, Prof. Eichengreen added that India needs to be cautious about short-term debt flows, including external commercial borrowing, whose relative importance has been rising in recent years, albeit from low levels.  India also needs to keep an eye on outward FDI, which is greater than in other emerging markets and where regulation is more permissive for corporates than individuals.  India could also move further the direction of price-based as opposed to quantitative restrictions on capital account transactions, Prof. Eichengreen said.

Prof. Eichengreen also advised the need for further strengthening of the Indian banking system to cope with the volatility caused by large international financial flows.

Mr. S.S. Mundra, Deputy Governor, Reserve Bank of India, presided over the Lecture and delivered his remarks. He said, “India’s policy framework towards capital account management has served us rather well. A gradual approach to capital account liberalisation, has also helped India reduce its external vulnerabilities. For instance, external debt-GDP ratio has declined significantly from 38.7 per cent as at end-March 1992 to 23.7 per cent at end-March 2016.”

Mr. David Rasquinha, Managing Director, Exim Bank of India, expressed that the Bank is in the 35th year of its operations this year and stated that the Commencement Day Lecture series which started in 1986, and now in its 32nd edition has been contributing to the debate and discussions on contemporary trade and development issues impacting global economy.

Mr. Debasish Mallick, Deputy Managing Director, Exim Bank of India said, “Prof. Eichengreen has made pertinent remarks on capital flows management. His scholarly research papers are respected globally and his advice for India comes at a time when the economy is re-looking at entering into an upward growth curve, supported by prudent decision making by India’s policy makers”

 

Exim Bank’s Study Highlights Prospects and Opportunities for India’s Investments in Select East African Countries

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Release of Exim Bank's publication on “India’s Investments in Select East African Countries: Prospects and Opportunities” at the hands of Mr. Adi Godrej, Chairman, CII Africa Committee, and Chairman, Godrej Group, during the CII-EXIM BANK Conclave on India Africa Project Partnership on March 9, 2017.

Exim Bank’s Study Highlights Prospects and Opportunities for India’s Investments in Select East African Countries

New Delhi: Export-Import Bank of India (Exim Bank)’s study on “India’s Investments in Select East African Countries: Prospects and Opportunities” was released at the hands of Mr. Adi Godrej, Chairman, CII Africa Committee, and Chairman, Godrej Group, in the presence of (L to R) Mr. Jidoud Ahmat, Economist, International Monetary Funf (IMF); Mr. Debasish Mallick, Deputy Managing Director, EXIM Bank of India; Mr. Bassary Toure, Vice-President, West African Development Banque (BOAD); Mr. Tadashi Yokoyama, Head, External Representation Office for Asia, African Development Bank; Mr S. Kuppuswamy, Advisor, Shapoorji Pallonji Group; and Mr. Patrick Dlamini, Chief Executive Officer, Development Bank of Southern Africa, during the CII-EXIM BANK Conclave on India Africa Project Partnership on March 9, 2017.

The East African region has the largest number of Regional Economic Communities (RECs) and intergovernmental regional bodies. This Study focuses on select East African countries, given their respective strategic importance, which include Burundi, Ethiopia, Kenya, Rwanda, Tanzania and Uganda.

According to African Development Bank (AfDB), FDI inflows to East Africa have been increasing since 2010. Burundi, Ethiopia, Kenya, Rwanda, Tanzania and Uganda together account for 6.4 per cent of Africa’s inward FDI stock in 2015.

Eastern African countries have historically enjoyed close economic ties with India and much of it is through investment-led trade, in sectors such as textiles and agribusiness. The proximity of East Africa to Indian Ocean provides an added advantage to increasing trade and investment relations with India. The current scale and pace of bilateral investment flows between India and East African region is unprecedented even though it constitutes a very small part in comparison to India’s engagements with other regions.

Cumulatively, during April 1996 to December 2016, India’s direct investments in select East African countries (Burundi, Ethiopia, Kenya, Rwanda, Tanzania and Uganda) through joint ventures (JVs) and wholly owned subsidiaries (WOS), in terms of equity, loan and guarantees issued amounted to US$ 416 million. During 2015-16, FDI outflows to these countries stood at US$ 34.6 million. Out of the total FDI outflows from India to the region during 2015-16, outflows to Ethiopia were the highest, accounting for 49 per cent of the total FDI outflows to the region, followed by Tanzania (32.9 per cent), and Kenya (11 per cent).

East African countries offer wide range of investment opportunities in key sectors such as agriculture, horticulture, manufacturing and tourism, among others. Foreign investors’ interest in this region is expected to gain fresh impetus, helped by rising confidence in the region’s economy. The study highlights opportunities for investment in the East African countries and identified potential sectors for Indian investments in line with the resources available resources in the countries. The study highlights opportunities for investment in the East African countries and identified potential sectors for Indian investments in line with the resources available in these countries.

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’s Study Highlights Broad Strategies for Enhancing India’s Engagements with CLMV Countries in the Context of ASEAN

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(Image: Release of Exim Bank's publication on “India’s Engagements with CLMV: Gateway to ASEAN Markets” was released at a plenary session, during the 4th India – CLMV Business Conclave, in Jaipur, Rajasthan, India on February 27, 2017. )

Export-Import Bank of India (Exim Bank)’s study on “India’s Engagements with CLMV: Gateway to ASEAN Markets” was released at a plenary session, during the 4th India – CLMV Business Conclave, in Jaipur, Rajasthan, India on February 27, 2017.

Within the ASEAN region, the CLMV [Cambodia, Lao People’s Democratic Republic (Lao PDR), Myanmar, and Vietnam] countries have begun attracting greater attention of the global economic community, given their huge potential for future development.

India’s economic interests in the ASEAN region have broadened over the years; this is evident with the repositioning of the ‘Look East Policy’ to ‘Act East Policy’.  Within the ASEAN region, CLMV countries, in particular, are at different levels of economic development. One of the top priorities of ASEAN Community is the integration of CLMV countries with other ASEAN countries by bridging the development gaps. 

To improve the situation and effectively assist the CLMV countries in catching up with the six more developed economies in ASEAN, there is a need for using variety of approaches to promote wider economic development in the region. Attentions toward the CLMV countries need to focus on development projects including promotion of transport, energy, telecommunications, environment, human resource development, tourism, trade, and agriculture, among others. Emphasis need to be given toward promotion of economic growth of the Southeast Asian region as a whole by strengthening the economic linkages between CLMV countries and other ASEAN countries.

The study highlights that while opportunities in the region are plenty, Indian entrepreneurs’ endeavours in these countries have been limited. In this regard, the study highlights broad strategies for enhancing India’s engagements with CLMV countries in the context of ASEAN. Some of these include cooperation in agricultural sector, natural resource development, financial services, ITES, Regional Value Chains (RVCs), improving connectivity, SME sector, and developing linkages with Investment Promotion Agencies/ Chambers of Commerce, 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's GOI-Supported seventh line of credit [LOC] of USD 4 Million extended to the Government of Cooperative Republic of Guyana

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Export-Import Bank of India [Exim Bank] has, on behalf of Government of India, extended a Line of Credit [LOC] of USD 4 million to the Government of Cooperative Republic of Guyana [Government of Guyana] for the purpose of procuring high capacity fixed and mobile drainage pumps and associated structures. The LOC Agreement to this effect was signed in Washington D.C, on Wednesday, February 22, 2017, in the presence of Mr. Riyad Insanally, Ambassador of Guyana in USA, Mr. Tarachand Balgobin, Director, Project Cycle Management Division, Ministry of Finance, Govt. of Guyana  and Ms. Sheranne Isaacs, Head, Multilateral Financial Institutions Department, Ministry of Finance, Govt. of Guyana, by Mr. Winston Jordan, Hon’ble Minister of Finance, on behalf of the Government of Guyana and Mr. Sailesh Prasad, Resident Representative of Exim Bank’s Washington D.C. office, on behalf of Exim Bank.

With the signing of the above LOC Agreement for USD 4 million, Exim Bank, till date, has extended seven Lines of Credit to the Government of Guyana, on behalf of the Government of India, taking the total value of LOCs extended to USD 92.38 million. Projects covered under the LOCs extended to the Government of Guyana include the construction of a Cricket stadium, supply and installation of traffic signaling systems, fixed and movable irrigation pumps, hospital, road linkage project, and supply of a passenger-cargo ferry vessel. Guyana, located in the Caribbean coast of South America, is surrounded by Suriname to the east, Brazil to the south, Venezuela to the west, and Atlantic Ocean to the north. India’s exports to Guyana contracted by 10.4% to USD 21.8 million in 2015-16 from USD 24.4 million in 2014-15, primarily owing to fall in exports of pharmaceutical products and iron and steel. On the other hand, India’s imports from Guyana registered an increase, from USD 10.3 million in 2014-15 to USD 18.5 million in 2015-16 due to increase in import of wood and articles of wood which is India’s key import from Guyana, constituting 99% of India’s total imports from Guyana during 2015-16. Pharmaceuticals were India’s major export items, accounting for 26.2% of India’s total exports to Guyana in 2015-16. It was followed by iron and steel (16%), machinery and instruments (12.9%), articles of iron and steel (3.1%), and transport equipment (2.8%).

With the signing of this LOC Agreement, Exim Bank has now in place 218 Lines of Credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 16.10 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

(image: Mr. Sailesh Prasad, Resident Representative, Washington D.C. Representative Office, Export-Import Bank of India, signing a Line of Credit Agreement of USD 4 million in Washington D.C., for financing the supply of high capacity fixed and mobile drainage pumps and associated structures from India to Guyana with Mr. Winston Jordan, Hon’ble Minister of Finance, Government of Guyana, in the presence of Mr. Riyad Insanally, Ambassador of Guyana in USA, Mr. Tarachand Balgobin, Director, Project Cycle Management Division, Ministry of Finance, Govt. of Guyana  and Ms. Sheranne Isaacs, Head, Multilateral Financial Institutions Department, Ministry of Finance, Govt. of Guyana.)

Exim Bank CMD Shri Yaduvendra Mathur demits office on completion of tenure

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Shri Yaduvendra Mathur, Chairman and Managing Director of the Export-Import Bank of India (Exim Bank), relinquished his office, on completion of his three year term, on February 19, 2017.  Shri Mathur served as the Chief Executive of the Bank since February 2014.  Under the leadership of Shri Mathur, Exim Bank has crossed several significant milestones in business promotion as well as other initiatives as the premier export finance institution of the country. A senior IAS officer of the Rajasthan cadre, Shri Yaduvendra Mathur will shortly assume charge as Additional Secretary in the National Institution for Transforming India (NITI) Aayog, upon completion of his tenure as CMD of Exim Bank.

As an interim measure, Shri David Rasquinha, Deputy Managing Director, Exim Bank, has been entrusted with the additional charge of the post of Managing Director of Exim Bank, for a period of six months or until further orders, whichever is earlier.

Exim Bank supports artisans at Kala Ghoda Arts Festival in Mumbai

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Exim Bank supports artisans at Kala Ghoda Arts Festival in Mumbai

Export-Import Bank of India (Exim Bank) in association with Secure Giving assisted grassroot artisans and craftsmen by sponsoring stall space for displaying their handloom and handicraft products at the Kala Ghoda Arts Festival which was held in Mumbai during February 4-12, 2017. Exim Bank had sponsored a few booths in order to facilitate participation of weavers and craftsmen from different parts of India. The objective of the support was to provide assistance to master craftsmen in finding new market opportunities and get access to a large number of potential buyers.

Kala Ghoda Arts Festival has been happening in Mumbai since 1998 with the objective of preserving the heritage, tradition and art of India. This year in its 17th edition, the Festival drew visitors in large numbers, not just from the city but from all over the country. In the past, Exim bank has supported many craftsmen and weavers to participate in this festival. In its endeavors to retain the rich and traditional art and craft of India, Exim Bank assisted craftsmen and weavers representing craft and art forms from Rajasthan, Andhra Pradesh, Tamil Nadu and Orissa engaged in producing products such as Pattachitra Painting, Leather Puppetry, handloom products, home décor items, apparels etc. Participating in this festival has enabled craftsmen and weavers to reach out to new customers, generate sales and get leads for future orders.

Exim Bank 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 helps Indian exporting firms in their globalization efforts by proactively assisting in locating overseas partners for their products and services. With an objective to preserve and promote traditional and unique arts and craft from Indian Handicraft & Handloom sector, Exim Bank supports various artisans and craftsmen by way of assisting them in participation at various events and exhibitions to display and sell their products.

For further information, please contact Ms. Deepali Agrawal, General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005. Telephone: [022] 22172829, E-mail: mas@eximbankindia.in, Website: www.eximbankindia.in

Exim Bank extends Buyer’s Credit under National Export Insurance Account [NEIA] of USD 93.50 mn to the Government of Republic of Cameroon

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Exim Bank extends Buyer’s Credit under National Export Insurance Account [NEIA] of USD 93.50 mn to the Government of Republic of Cameroon

H.E. Mr. Motaze Louis-Paul, Hon’ble Minister of Economy, Planning and Regional Development, Government of Republic of Cameroon and Mr. Debasish Mallick, Deputy Managing Director, Export-Import Bank of India, signing the Buyer’s Credit Agreement under NEIA of USD 93.50 mn at New Delhi, India.

Export – Import Bank of India has sanctioned BC-NEIA [BC] under National Export Insurance Account [NEIA] of USD 93.50 mn to the Government of Republic of Cameroon for construction of 225 kV Nkongsamba - Bafoussam and Yaounde – Abong Mbang Transmission Line. The BC-NEIA Agreement to this effect was signed in New Delhi, on February 2, 2017, by Mr. Debasish Mallick, Deputy Managing Director, on behalf of Exim Bank and H.E. Mr. Motaze Louis-Paul, Hon’ble Minister of Economy, Planning and Regional Development, on behalf of the Government of Republic of Cameroon.

BC-NEIA is a unique financing mechanism that provides a safe mode of non-recourse 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 2.84 bn for 23 projects valued USD 3.07 bn under the programme. 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.

Exim Bank has also extended two [2] Government of India supported Lines of Credit (LOCs) to the Government of Republic of Cameroon aggregating USD 79.65 mn for Rice and Maize Farm Plantation project and Cassava Plantation project.

For further information, please contact Ms. Harsha Bangari, Chief 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 Website: www.eximbankindia.com

Exim Bank organizes Product Development Workshop in Bhopal for rural artists

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Exim Bank organizes Product Development Workshop in Bhopal for rural artists

Export-Import Bank of India (Exim Bank) recently joined hands with the All India Artisans and Craftworkers Welfare Association and supported the Gond Tribal Art (GTA), a Bhopal-based promoter of folk art, to organize a product development workshop for Gond artists from Madhya Pradesh and Madhubani artists from Bihar at Gandhi Bhavan, Bhopal. The 10-day workshop was organised from January 27, 2017, to February 05, 2017.

The objective of the workshop was to impart new skills to these artists who have been traditionally engaged in making paintings. Considering the demand of Indian art products in foreign markets and evolving consumer preferences, these artists were trained to develop utility products like coasters, lamp shades, cushion covers, tote bags, gift boxes and a few more items of daily use, incorporating their exquisite art forms.

At the valedictory session of the workshop, Ms. Deepali Agrawal, General Manager of Exim Bank, said, “We have been playing a promotional role to create and enhance export capabilities of Indian businesses. Over the years, Exim Bank has organized many product development workshops targeted to increase the saleability of the products manufactured by rural artisans. The Bank has provided handholding support to many grassroots level artisans, generating sustainable livelihood for them and empowering many women artisans. Indian handicrafts are well appreciated and have a good demand in overseas markets, for instance, Madhubani art form is loved by the Japanese.”

Ms. Padmaja Srivastava, Promoter of GTA, remarked, “Gond and Madhubani art forms have tremendous appeal in international markets. The artists trained in the workshop are capable of designing quality products which can improve their income levels and also boost sustainable livelihood.

Ms. Nankhusia Shyam, one of the pioneers of Gond art, stated, “We are grateful for the guidance provided during the workshop in applying our art in utility items. This will surely help us to place our products at various platforms and instill the confidence in the newer generation of artists to continue this traditional art form.”

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 helps Indian exporting firms 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.

For further information, please contact Ms. Deepali Agrawal, General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005. Telephone: [022] 22172829, E-mail: mas@eximbankindia.in, Website: www.eximbankindia.in

EXIM BANK EXTENDED LINE OF CREDIT OF USD 100.00 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF KENYA

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Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 100 million to the Government of the Republic of Kenya for Agricultural Mechanisation in Kenya. The LOC Agreement to this effect was signed in New Delhi, India on Wednesday, January 11, 2017 by Mr. Yaduvendra Mathur, Chairman and Managing Director on behalf of Exim Bank and H.E. Henry K. Rotich, Cabinet Secretary, The National Treasury on behalf of the Government of the Republic of Kenya, in the presence of Prime Minister of India H.E. Mr. Narendra Modi and the President of Kenya, H.E. Mr. Uhuru Kenyatta.

The LOC of USD 100 million is the fourth LOC extended by Exim Bank to Kenya at the behest of the Government of India. The three LOCs aggregating USD 106.55 million have been extended, for financing power transmission line project, for upgrade of Rift Valley Textiles Factory (RIVATEX East Africa Ltd.) and for development of various small and medium enterprises in Kenya. Kenya is bordered by Tanzania to the south and Uganda to the west, South Sudan to the north-west, Ethiopia to the north, Indian Ocean to the south-east and Somalia to the north east south. The main items that India exports to Kenya are Petroleum products, pharmaceutical products, electrical machinery & equipments, plastics & articles and iron & steel. India’s imports from Kenya include edible vegetables & roots, inorganic chemicals, coffee, tea & spices, raw hides & leather, salt, sulphur, cement and wool yarn & woven fabric.

With the signing of this LOC Agreement, Exim Bank has now in place 217 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 16.06 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. 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, Maker Chambers IV, Floor 8, 222, Nariman Point, Mumbai 400 021. Telephone: +91 22 22861560/ 2286 1561, Fax: +91 22 2282 3394. E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

(Image: Mr. Yaduvendra Mathur, Chairman and Managing Director, Export-Import Bank of India exchanging Agreement for the Line of Credit of USD 100 million with H.E. Henry K. Rotich, Cabinet Secretary, The National Treasury, on behalf of the Government of the Republic of Kenya, in New Delhi, India on Wednesday, January 11, 2017, in the presence of Prime Minister of India H.E. Mr. Narendra Modi and the President of Kenya, H.E. Mr. Uhuru Kenyatta.)

EXIM Bank launches 'EXIM Mitra'

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Caption: Major General Shri Anuj Mathur and Shri V.S. Kaumudi, Director General, National Investigative Agency launched the EXIM Mitra Portal, a one stop solution for the export and import community, developed by Export-Import Bank of India. The portal was launched in presence of Mr. Yaduvendra Mathur, Chairman & Managing Director; Mr. David Rasquinha and Mr. Debasish Mallick, Deputy Managing Directors, Export-Import Bank of India.

The Export-Import Bank of India (Exim Bank), in consonance with the ‘Digital India’ campaign of the Hon’ble Prime Minister, Shri Narendra Modi, has launched a digital portal for fulfilling twin objectives, namely providing information on financial products available to facilitate exports, and delivering trade related information. The online platform has been christened as ‘EXIM Mitra’ (www.eximmitra.in), meaning a ‘friend for exporters and importers’.

EXIM Mitra will provide preliminary help to a large number of exporters and importers who may not have access to an array of crucial trade related information under one single platform. EXIM Mitra would act as a gateway to identify potential global markets and products, understand product standards across the globe, estimate freight cost, introduce exporters and importers to the various credit and insurance facilities available, identify agencies providing handholding, apart from a host of other value added services.

The endeavour of Exim Bank is aimed to benefit firms, especially SMEs, to make sound business decisions during their expeditions overseas.

EXIM Mitra was launched on 6th January 2017 in Mumbai, India, in the presence of a host of dignitaries, comprising of top bankers, diplomats from various countries and trade organizations.

For further information, please contact Ms. Sunita Sindwani, General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005; Telephone: 022-22172601; E-mail: sunita@eximbankindia.in; Website: www.eximbankindia.in

 

EXIM Bank extends buyer’s credit under National Export Insurance Account (NEIA) of USD 87.46 mn to the Government of Republic of Cote d’Ivoire

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EXIM BANK EXTENDS BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT [NEIA] OF USD 87.46 MN TO THE GOVERNMENT OF REPUBLIC OF COTE D’IVOIRE

Mr. Pushpesh Tyagi, Resident Representative, Abidjan Representative Office, Export-Import Bank of India exchanging Buyer’s Credit Agreement under NEIA of USD 87.46 mn with H.E. Mr. Adama Kone, Minister to the Prime Minister, In-charge of Economy and Finance, Government of the Republic of Côte d’Ivoire.

Export-Import Bank of India [Exim Bank] has extended a Buyer’s Credit [BC] under National Export Insurance Account [NEIA] of USD 87.46 mn to the Government of Republic of Cote d’Ivoire for supply of 500 buses, 62 fleet maintenance support vehicles, spare parts and related services by Tata Motors Ltd, India. The BC-NEIA Agreement to this effect was signed in Abidjan, Cote d’Ivoire, on December 28, 2016, by H.E. Mr. Adama Kone, Minister to the Prime Minister, In-charge of Economy and Finance, Government of the Republic of Côte d’Ivoire and Mr. Pushpesh Tyagi, Resident Representative in Cote d’ Ivoire, on behalf of Exim Bank.

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 2.84 bn for 22 projects valued USD 3.07 bn under the programme. 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.

Exim Bank has also extended five (5) Government of India supported Lines of Credit (LOCs) to the Government of Republic of Cote d’ Ivoire aggregating USD 136.30 mn for renewal of urban transport system in Abidjan, agricultural projects, Mahatma Gandhi IT and Biotechnology Park, Fisheries Processing Plant, Coconut fiber processing plant, Transmission line between Cote d'Ivoire and Mali and rice production programme.

For further information, please contact Ms. Harsha Bangari, Chief 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 Website: www.eximbankindia.in

Exim Bank of India organises Training Programme for Women Weavers in Tamil Nadu

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Exim Bank of India organises Training Programme for Women Weavers in Tamil Nadu

G.KALLUPATTI, TAMIL NADU: Export-Import Bank of India recently extended support to Aharam Weavers by way of organizing a skill development and capacity building training programme for women weavers.

Aharam Weavers is a fair trade producer owned company having its handloom weaving unit at a village near the foothills of Kodaikanal, Tamil Nadu, engaged in producing organic cotton products of which 90% are exported to the overseas markets.

A group of women were trained by master weavers & tailors from the region. The objective of the training programme was to teach the semi-skilled women weavers to learn new & advanced techniques of weaving and gain knowledge & new innovative ideas of product development using modern techniques. The Exim Bank’s support laid emphasize on training semi-skilled and non-skilled women weavers in several pre-looming & post-looming activities which resulted in making products using the handloom. Several women weavers were trained in handling operations of ordinary handloom & jacquard handloom and few women artisans were also trained in tailoring, finishing of products and quality check.

Exim Bank’s General Manager, Ms. Deepali Agrawal mentioned, “the Bank has taken up the responsibility to preserve Indian traditional art & craft. So far many such skill development workshops pan India have been conducted. The handloom sector too is a form of handicraft and the produce is environmental & skin friendly. This sector also boosts sustainable livelihood and leads to women empowerment.” Ms. Agrawal further added, “India’s handloom products are well appreciated and have a good demand in overseas market.”

Mr. Mohanraj, Project Head, Aharam Weavers, stated, “the knowledge gained about different types of weaving techniques with different counts & quality of yarn resulted in up-gradation of existing skills as well as prototyping of high quality products suitable for the export market. Thanks to Exim Bank, that all the beneficiaries from the programme started earning regular income which contributed to their household expenses resulting in reducing the burdens of their life partners. The beneficiary participants are now being offered continuous employment even after completion of the training.”

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.

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

Exim Bank wins the Asset Triple A Country Award 2016 for Best Investment Grade Bond

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Exim Bank wins the Asset Triple A Country Award 2016 for Best Investment Grade Bond

The Export-Import Bank of India has won the Asset's Triple A Country Award 2016 for Best Investment Grade Bond. The award was given for the Exim Bank’s debut 144A / RegS deal. Exim Bank, on July 28, 2016, successfully launched a 10 year Bond issue of USD 1 bn, its inaugural transaction in the 144A/Reg S format.

Speaking on the occasion, Mr. Yaduvendra Mathur, Chairman and Managing Director of Exim Bank, said, “We are honoured to receive this award which is a significant recognition in our endeavor to set a benchmark for other issuers from India seeking longer tenor funds from the international debt capital market. We would like to thank all our investors who trusted in us and helped in making this the Bank’s largest ever bond issue”.

Mr. David Rasquinha, Deputy Managing Director of Exim Bank, commented, “The award further cements the achievement made through this outstanding deal. This was the first time Exim Bank tapped the deep and wide 144A market and the bond was very well received by investors with a book that was over two times oversubscribed despite tightening 22.5 bps from initial guidance. We finally achieved a price well inside our secondaries for the largest ever bond issue by the Bank, and still managed to attract and keep very high value investors. This testifies to the global interest in the India story.”

Exim Bank’s 10-year Bond issue of USD 1 bn was the largest issuance ever for Export-Import Bank of India and also the largest single tranche issuance out of India in 2016. The issue attracted a total order book in excess of USD 2.50 billion thereby achieving 2.5x over subscription of the issue size from over 157 investors. Initially announced for USD 500 mn, the issue was upsized to USD 1 bn based on strong demand from the investors. The funds thus raised are being used by the Bank to support Indian project exports, overseas investment by way of long term credit and its Lines of Credit portfolio.

It was the largest single tranche issuance out of India in 2016 with lowest yield on a 10 year benchmark deal by an Indian entity since 2000. U.S. institutional investor allocation towards the bond issue was at 61%, which was the highest ever achieved by any Bank or Financial Institution out of India. The Asset’s annual Triple A recognition represents the industry’s most prestigious awards for banking, finance, treasury and the capital markets.

For further information, please contact Ms. Meena Verma, General Manager, Treasury & Accounts Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005; Telephone: 91-22-22172692 E-mail: meena@eximbankindia.in.

Exim Bank’s Study ‘Inter-linkages between Exports and Employment in India’ released

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Exim Bank’s Study ‘Inter-linkages between Exports and Employment in India’ released.

Release of a Study on “Inter-linkages between Exports and Employment in India” conducted by Exim Bank at a Seminar in New Delhi on December 5, 2016 in the presence of Mr. D.K. Singh IAS, Chairman, APEDA, Mr. Pankaj Jain IAS, Joint Secretary, Govt. of India, Ministry of Finance, Mr. T. C. A. Ranganathan, Former Chairman & Managing Director, Exim Bank, Dr. C. Veeramani, Associate Professor, IGIDR, Mr. Yaduvendra Mathur IAS, Chairman and Managing Director, Exim Bank, and Mr. David Rasquinha, Deputy Managing Director, Exim Bank.

A Study on “Inter-linkages between Exports and Employment in India” conducted by Exim Bank has been released at a Seminar based on the theme of the Study in New Delhi on December 5, 2016 in the presence of Mr. D.K. Singh IAS, Chairman, APEDA, Mr. Pankaj Jain IAS, Joint Secretary, Govt. of India, Ministry of Finance and Mr. T. C. A. Ranganathan, Former Chairman & Managing Director, Exim Bank.

The Study highlights that, employment growth has been sluggish despite India’s fast economic growth since the 1990s. Export growth has the potential to generate large scale employment as India has a comparative advantage in labor-intensive products. Utilizing an input-output (IO) model, this study provides estimates of the direct and indirect jobs supported by merchandise and services exports from the early 2000s. The Study makes use of the official Input-Output Tables (IOTs) for the benchmark years 1998-99, 2003-04, 2007-08 as well as the recently published Supply Use Tables (SUTs) for 2011-12 and 2012-13. In light of the crucial role that exports play in the process of employment generation, it becomes imperative to provide consistent time series estimates of the number of jobs supported by India’s exports.

The Study observed that the total number of jobs supported by aggregate Indian exports (merchandise plus services) increased from about 34 million in 1999-00 to 62.6 million in 2012-13, with a growth rate of 3.4% per annum. Throughout the period, export related jobs grew significantly faster than that of country’s total employment: the share of export-supported jobs in total employment increased from little over 9% in 1999-00 to 14.5% in 2012-13. The Study also observes that the contribution of indirect job creation increased significantly in recent years, from 38% in 2007-08 to 50% in 2012-13. Backward linkages, particularly from manufacturing to agriculture and services, have become an important source of export related job creation in the country.

The significant growth of export related manufacturing employment between 2010-11 and 2012-13 has been brought about by sectors such as ‘‘readymade garments & miscellaneous textile products’, gems & jewelry, cotton textiles, communication and electronic equipments, motor vehicles, ‘miscellaneous food products, miscellaneous metal products, leather footwear, among others.

In sum, the study identifies a number of specific sectors where exports can contribute significant employment growth, directly as well as through backward linkages. At the broad sectoral level, manufacturing exports hold the largest potential to generate employment within the sector (direct effect) as well as in agriculture and services through backward linkage effects. Policies specifically targeting export growth from the manufacturing sector can reap rich dividends in terms of creating large scale employment opportunities for various skill categories.

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’s Study Highlights Potential for Enhancing India’s Trade Relations with Latin America and the Caribbean (LAC) Region

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Exim Bank’s Study Highlights Potential for Enhancing India’s Trade Relations with Latin America and the Caribbean (LAC) Region

Release of Exim Bank's publication on “Enhancing India’s Trade Relations with Latin America and the Caribbean (LAC) Region: Focus on Select Countries” at the hands of Gen. V K Singh (Retd.), Hon’ble Minister of State for External Affairs, Government of India (Centre), during the 7th India-Latin America and Caribbean (LAC) Conclave, in Guadalajara, Mexico on November 28, 2016.

Export-Import Bank of India (Exim Bank)’s study on “Enhancing India’s Trade Relations with Latin America and the Caribbean (LAC) Region: Focus on Select Countries” was released at the hands of Gen. V K Singh (Retd.), Hon’ble Minister of State for External Affairs, Government of India, during the 7th India-Latin America and Caribbean (LAC) Conclave, in Guadalajara, Mexico on November 28, 2016. The LAC region accounts for about 5.9 per cent of world trade in 2015. Global trade of LAC has witnessed an upward trend in the last decade. In fact, LAC’s total trade has risen from US$ 1,295.4 billion in 2006 to US$ 1,935.8 billion in 2015. The slack in dollar commodity prices, and the weak nature of the global recovery, however, have taken their toll on trade in the last few years.

During the last ten years, India’s total trade with the LAC countries has witnessed over four-fold increase from US$ 9.0 billion in 2006 to US$ 32.6 billion in 2015. However, India accounts for meager 1.7 per cent of the LAC’s total trade. Further, India’s trade deficit with LAC has also widened from US$ 1.2 billion to US$ 10.7 billion in 2015. Reflecting the increased importance of the LAC region as sources for India’s crude oil imports, minerals fuels (HS-27) are the largest items in India’s import basket from LAC, accounting for as much as 50 per cent of India’s total imports from LAC in 2015.

To further enhance India’s bilateral trade with the LAC region, and at the same time to address the rising trade deficit, the Study focus on identifying India’s export potential to major countries in LAC with which India maintains large and rising trade deficit, viz. Venezuela, Argentina, Chile, Brazil, Ecuador, Dominican Republic, Suriname, and Bolivia; and the continent’s largest global importer, Mexico. While India’s current global capability could be matched with LAC’s import demand, leading to enhanced exports from India, strategy to promote bilateral trade relations could also encompass the case for enhancing domestic production in India to cater to the large demand existing in focus countries in LAC.

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 Extended a line of credit of USD 24.54 million to the Government of The Republic of Ghana

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EXIM BANK EXTENDED A LINE OF CREDIT OF USD 24.54 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF GHANA

Mr. Pushpesh Tyagi, Resident Representative, Cote d’Ivoire, Export-Import Bank of India exchanging the Line of Credit Agreement for USD 24.54 million for Sugarcane Development and Irrigation Project in Ghana with H.E. Mr. Seth E Terkper, Minister of Finance and Economic Planning, Government of Ghana.

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended an additional Line of Credit [LOC] of USD 24.54 million to the Government of the Republic of Ghana, for Sugarcane Development and Irrigation Project. The LOC Agreement to this effect was signed in Accra, Ghana on Tuesday, November 22, 2016, by H.E. Mr. Seth E Terkper, Minister of Finance and Economic Planning, on behalf of the Government of the Republic of Ghana and Mr. Pushpesh Tyagi, Resident Representative, Cote d’Ivoire, on behalf of Exim Bank.

With the signing of the above LOC Agreement, Exim Bank, till date has extended seven Lines of Credit to the Republic of Ghana, at the behest of the Government of India, taking the total value of LOCs extended to the Republic of Ghana to USD 208.26 million. The LOCs have supported export of items like railway corridors, agro processing plant, as also equipments and services for projects such as Rural Electrification, Construction of Presidential Office, Fish Processing Plant and Sugar Plant.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 215 Lines of Credit, covering over 63 countries in Africa, Asia, Latin America, the CIS and Oceania, with credit commitments of over USD 15.93 billion, available for financing exports from India. 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, Maker Chamber IV, 8th Floor, 222 Nariman Point, Mumbai 400 021. Telephone: +91 22 22861561/ 22864011, Fax: +91 22 22823394. E-mail: eximloc@eximbankindia.inin, Website: www.eximbankindia.in

Exim Bank extends buyer’s credit under National Export Insurance Account [NEIA] of USD 398.33 mn to the Government of Republic of Ghana

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EXIM BANK EXTENDS BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT [NEIA] OF USD 398.33 MN TO THE GOVERNMENT OF REPUBLIC OF GHANA

Mr. Pushpesh Tyagi, Resident Representative, Abidjan Representative Office, Export-Import Bank of India exchanging Buyer’s Credit Agreement under NEIA of USD 398.33 mn for Tema to Akosombo Railway Line Construction project in Ghana with H.E. Mr. Seth E Terkper, Minister of Finance and Economic Planning, Government of the Republic of Ghana, Accra.

Export-Import Bank of India [Exim Bank] has extended a Buyer’s Credit [BC] under National Export Insurance Account [NEIA] of USD 398.33 mn to the Government of Republic of Ghana for (a) Design and Construction of 84 km Railway Line between Tema and Akosombo in Ghana and (b) Design and Construction of Railway Heads at Tema and Akosomba. The BC-NEIA Agreement to this effect was signed in Accra, Ghana, on November 22, 2016, by H.E. Mr. Seth E Terkper, Minister of Finance and Economic Planning, on behalf of the Government of Republic of Ghana and Mr. Pushpesh Tyagi, Resident Representative in Cote d’ Ivoire, on behalf of Exim Bank.

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 2.84 bn for 22 projects valued USD 3.07 bn under the programme. 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.

Exim Bank has also extended seven (7) Government of India supported Lines of Credit (LOCs) to the Government of Republic of Ghana aggregating USD 208.26 mn for export of items like railway corridors, agro processing plant, as also, equipment and services for projects such as Rural Electrification, Construction of Presidential Office, Fish Processing Plant and Sugar Plant.

For further information, please contact Ms. Harsha Bangari, Chief 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 Website: www.eximbankindia.in

BRICS Financial Forum Discuss the Roadmap for “Building Responsive, Inclusive and Collective Solutions” in the Financial Sector

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“Integrated, inclusive, and innovative solutions will form the cornerstone for solving host of inter-related development challenges in developing countries”- said Mr. Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, during the Annual BRICS Financial Forum organized by the Export-Import Bank of India (Exim Bank). Speaking on the theme of “Building Responsive, Inclusive and Collective Solutions”, Mr. Das reiterated the need for local currency financing arrangements in BRICS countries. Mr. Das noted that such arrangements would help achieve internationalization of BRICS currencies, while also alleviating the exchange rate risk.

Mr. Das opined that in an era of negative and zero interest rates, and where pension and superannuation funds were increasingly looking for opportunities to invest, the New Development Bank (NDB) has an opportunity to channelize these funds to satisfy the investment appetite in developing countries. Mr. Das also emphasized the need for an all-encompassing plan for the BRICS countries which goes beyond finance, and extends to aspects such as research and knowledge dissemination. In this context, he lauded Exim Bank’s initiatives of proposing the idea of a BRICS Research Institute and instituting the Exim Bank BRICS Economic Research Award. Mr. Das also presented the award to Dr. João Prates Romero of Brazil for his doctoral research study on “Technological Progress and Structural Change: The Roles of Demand and Supply in Economic Growth" during the event.

Speaking on the occasion, Mr. K.V. Kamath, President, the New Development Bank (NDB), highlighted the significant progress that NDB had made over the past year, with considerable focus on green projects. Mr. Kamath noted the significance of local currency financing in the context of developing economies and stressed the need for making a switch from hard currency to local currency, which can reduce the effective cost of lending for the DFIs from the BRICS countries as also the NDB. The issue of deficiencies in the rating methodology of international agencies was also highlighted in the address of Mr. Kamath, noting that the rating for NDB itself may be impacted on account of the unfair low sovereign ratings of the founding partners, in spite of strong fundamentals.

Exim Bank organized the BRICS Financial Forum on October 15, 2016, as part of the events associated with BRICS Summit being held during October 15-16, 2016, in Goa. High-level delegations including Chairmen/ Managing Directors from the Development Finance institutions (DFIs) of BRICS and select BIMSTEC countries participated in the event and shared their insights and deliberated upon mechanisms to forge effective partnerships.

Welcoming the delegates, Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank stated that the role of DFIs will be crucial, and not just in their capacity as agents for financing projects, underpinning the development agenda, but for building innovative and facilitating mechanisms which contribute towards redefining the contours of the current financial architecture. He also stated that several crucial proposals, like Alternative Credit Rating Agency, and an institutional framework for Economic Research, have been discussed under the Inter-Bank Cooperation Mechanism during India’s presidency this year, which would have positive implications for the development finance architecture.

On the occasion, Exim Bank’s Working Papers on “Sustainable Investment Opportunities in Africa: Prospects for BRICS” and “Intra-BRICS Trade: An Indian Perspective” were released at the hands of Mr. Shaktikanta Das, and Mr. Kamath, respectively.

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: 91-22-22172704, Email: prahalathan@eximbankindia.in

Exim Bank Supports Design Development Workshop For Handicraft Women Artisans in Dehradun, Uttarakhand

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Exim Bank, in association with the Purkal Stree Shakti Samiti (PSSS), inaugurates a six-month workshop aimed at training select 25 women master artisans based in villages in and around Purkal, Uttarakhand, in creative and modern designs like; patchwork, appliqué, quilting and embroidery handicraft items. The workshop, being first of its kind in the region, is inaugurated by Shri N. Ravi Shankar, Chief Secretary, Uttarakhand state on April 06, 2015.

PSSS, a non-government fair trade organization, is working with the objective of empowering women of Purkal, a village in Dehradun. Since its inception, it has been working in the field of income-generation and welfare for women from marginalized and underprivileged section of the rural community. PSSS works with close to 50 SHGs (self-help groups) therefore supports 500 women artisans.

In order to help PSSS expand its presence in both domestic as well overseas market, essentially through better designing and packaging, the Bank in partnership with PSSS, supports a 6-month workshop for select 25 women master artisans based in Purkal, Uttarakhand. The proposed workshop will cover two areas, viz. (a) Product development by providing inputs for modern designing of crafts; and (b) giving technical knowledge to women artisans on use of advanced machineries so that the production can be improved both in qualitative as well as quantitative terms. This workshop is expected to enable artisans to design quality products for both domestic and export market. This will, in turn, improve their income levels.

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

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

Exim Bank Organises Product Development Workshop For Pochampally Weavers

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POCHAMPALLY: Export-Import Bank of India (Exim Bank) in association with National Centre for Design and Product Development (NCDPD) recently organized a Product Development program for weavers and technicians in Pochampally, Andhra Pradesh.

Over 50 artisans, including 42 women participants with various skill sets were trained by young and enterprising women designers from NCDPD at the 10-day workshop organised earlier this month. The objective of the workshop was to develop skills, provide support leading to promotion of domestic as well as international business opportunities, and to improve the livelihood and economic status of weavers and technicians. The products with IKAT designs (a traditional technique used by the artisans in the region) got a modern touch during the training programme.

Ms. Deepali Agrawal, Deputy General Manager, Exim Bank, emphasized that the Bank has been working towards capability creation of artisans, helping them to reach the global markets. Mr. K. Devender, Chairman, Pochampally Handloom Park, mentioned that the sharing of ideas by designers would help artisans create innovative products which would have a wider market. Mr. Damoder Seetha, CEO, Pochampally Handloom Park, stated that the Workshop provided much needed impetus to the weavers (mostly women) which helped them in designing new products.

The products developed during the training programme included home furnishings like curtains, table covers, cushion covers, utility related boxes, tissue paper boxes, photo frames, ladies bags etc. Innovative products like belts, necklaces were also designed from waste material. NCDPD designers used common wastes of threads and fabric bits, which are mostly discarded after weaving, in making innovative products. Designers incorporated jute and other natural materials along with existing cotton IKAT designs.


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.

Exim Bank signs MOU with ITC to promote India-Africa trade

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The Export-Import Bank of India (Exim Bank) signed a Memorandum of Understanding (MOU) with the International Trade Centre (ITC) in Geneva on 26 March 2014. The MOU will strengthen collaboration between ITC and Exim Bank to help increase enterprise and sector competitiveness and promote capacity-building in trade intelligence, including market analysis and research. The co-operation will also help foster trade support networks and business linkages between India and other countries, and improve the business environment.

ITC and Exim Bank will also co-operate on the project on Supporting India’s Trade Preferences for Africa (SITA), which will run from this year to 2020. The six-year project is aimed at promoting exports from five East African countries – Ethiopia, Kenya, Rwanda, the United Republic of Tanzania and Uganda – to India through investment and skills transfer from the Indian side. SITA, which is funded by the United Kingdom’s Department for International Development (DFID), will be driven by the Indian private sector and supported by the public sector.

Exim Bank’s Chairman and Managing Director Mr. Yaduvendra Mathur said there is tremendous value in engaging SMEs and supporting Indian investments in East Africa. “There is a huge appetite in leveraging the global value chain for the commodities and services sector for the export market,” said Mr Mathur. “There are already Indian firms with a presence in East Africa and EXIM Bank is ready to support trade development through South-South co-operation,” he said.

“We are pleased to partner with Exim Bank to promote private sector growth, particularly for SMEs in India and Africa through the SITA project which promotes trade across the Indian Ocean,” said ITC Executive Director Ms. Arancha González. “There is huge potential for trade and investment through this public-private partnership,” said Ms. González.

For further information, please contact Mr. David Sinate, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: [022] 22172701, E-mail: dsinate@eximbankindia.in, Website: www.eximbankindia.com

Exim Bank Extends Line Of Credit Of Usd 89.90 Million To The Government Of The Republic Of Congo

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Export-Import Bank of India [Exim Bank] has, at the behest of the Government of India, extended a Line of Credit [LOC] of USD 89.90 million to the Government of Republic of Congo, for development of Transportation System in the Republic of Congo. The LOC Agreement to this effect was signed in New Delhi, India on Sunday, March 9, 2014, by Mr. Yaduvendra Mathur, Chairman & Managing Director on behalf of Exim Bank and H.E. Mr. Félix NGOMA, Ambassador of the Republic of Congo in India, in the presence of the Hon’ble Minister of Commerce and Industry, Government of India, Mr. Anand Sharma and H.E. Dr. Motsoahae Thomas Thabane, Hon’ble Prime Minister of the Kingdom of Lesotho and H.E. Claudine Munari, Minister of Trade, H.E. Alain Akoula, Minister of Economic Zones and H.E. Collinet Makosso, Minister of Youth, Government of Republic of Congo, as also, Officials from the various Ministries of Government of India at the inaugural session: “India-Africa : Enhancing Partnership through New Initiatives”, at the 10th CII-EXIM Bank Conclave on India-Africa Project Partnership, New Delhi. The Republic of Congo is the Focus Country at this year’s Conclave, which was being attended by over 500 delegates from more than 40 African countries,

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

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. Major export items from India to Republic of Congo are meat and preparations, pharmaceutical products, transport equipment, machinery and instruments, iron and steel.

With the signing of this LOC Agreement, Exim Bank has now in place 188 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 10.30 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

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

E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

Exim Bank Extends Line Of Credit Of Usd 25 Million To The Government Of Niger

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

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

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

With the signing of this LOC Agreement, Exim Bank has now in place 189 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 10.33 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

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

E-mail:eximloc@eximbankindia.in,
Website: www.eximbankindia.in

Exim Bank Extends Usd 46.00 Million Line Of Credit To The Government Of Mauritius

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Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 46.00 million to the Government of Mauritius, for financing purchase of specialized equipment and vehicles. The LOC Agreement to this effect was signed in New Delhi, on February 12, 2014, by Mr. David Rasquinha, Executive Director, on behalf of Exim Bank and Mr. Gerard Pascal Bussier, Acting Director, Ministry of Finance and Economic Development, on behalf of the Government of Mauritius.

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

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 187 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.21 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

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

Exim Bank Extends Two Lines Of Credit Aggregating Usd 4.39 Million To Burundi

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Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended two additional Lines of Credit [LOCs] to the Government of Burundi viz. USD 4.22 million for Farm Mechanization in Burundi and USD 0.17 million for preparation of Detailed Project Report [DPR] for an Integrated Food Processing Complex in Burundi. The LOC Agreements to this effect were signed in New Delhi, on Friday, February 14, 2014, by Mrs. Geeta Poojary, General Manager, on behalf of Exim Bank and H.E. Mr. Tabu Abdallah Manirakiza, Minister of Finance and Economic Development Planning, Government of Burundi.

With the signing of the above two LOC Agreements aggregating USD 4.39 million, Exim Bank, till date, has extended three Lines of Credit to Burundi, at the behest of the Government of India, taking the total value of LOCs extended to USD 84.39 million. The first LOC of USD 80 million was extended to the Government of Burundi in May 2011 for financing the Kabu Hydro Electric Project in Burundi. Burundi is a landlocked country in the Great Lakes region of Eastern Africa bordered by Rwanda to the north, Tanzania to the east and south, and the Democratic Republic of the Congo to the west. Although the country is landlocked, much of the southwestern border is adjacent to Lake Tanganyika. Burundi is a member of East African Community (EAC), African Union (AU), Multilateral Investment Guarantee Agency (MIGA), and African Trade Insurance Agency (ATI). The major items that India export from Burundi are pharmaceuticals and fine chemicals, machinery and instruments, transport equipment, manmade yarn fabrics made-ups and paper/wood products. Some of the major items of import from Burundi are leather, oilseeds, organic chemicals and non-electrical machinery.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporter, upfront upon the shipment of goods/ provision of services. With the signing of this LOC Agreement, Exim Bank has now in place 186 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.20 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

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

Prof. Kishore Mahbubani delivers Exim Bank’s Commencement Day Annual Lecture 2014

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Prof. Kishore Mahbubani, Dean and Professor in the Practice of Public Policy at the Lee Kuan Yew School of Public Policy of the National University of Singapore, delivered Exim Bank’s Commencement Day Annual Lecture in Mumbai on February 14, 2014. He spoke on the topic “The Great Convergence Can India Make It?” reflecting upon how the interplay between present geopolitical and economic conditions have led to the “great convergence” and the position and opportunities for India.

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

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

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

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

Exim Bank Extends Usd 26.50 Million Loc To Honduras For Development Of Agriculture And Irrigation Infrastructure In The Jamastran Valley In Honduras

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Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended a Line of Credit [LOC] of USD 26.50 million to the Government of the Republic of Honduras, for financing the Development of Agriculture and Irrigation Infrastructure in the Jamastran Valley in Honduras. The LOC Agreement to this effect was signed on Wednesday January 15, 2014, by Mr. Sriram Subramaniam, Deputy General Manager & Regional Head, on behalf of Exim Bank and H.E. Mr. Wilfredo Cerrato Rodriguez, Minister of Finance, on behalf of the Government of the Republic of Honduras.

This is the second Line of Credit extended to Honduras by Exim Bank at the behest of the Government of India. Exim Bank had earlier extended an LOC of USD 30 mn to Government of the Republic of Honduras for financing the supply of telecommunication, healthcare, transportation and air force components in Honduras.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 184 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.16 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

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

E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

Exim Bank Extends Two Locs Of Usd 198.96 Million And Usd 155 Million To Myanma Foreign Trade Bank (Mftb), Myanmar For Financing 18 Irrigation Projects (16 Ongoing And 2 Rehabilitation) And Procurement Of Rolling Stock Equipment And Upgradation Of Three Major Railway Workshops In Myanmar

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

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

Under the LOCs, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOCs will be used for sourcing of goods and services from India. Exim Bank has now in place 182 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.07 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

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

E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

Exim Bank Extends A Usd Usd 41.96 Million Line Of Credit To The Government Of Senegal For Setting Up A Modern Abattoir, Meat Processing Cold Storage, Rendering And Tannery Plant And Market Place In Senegal

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Export-Import Bank of India [Exim Bank] has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 41.96 million to the Government of Senegal for setting up a Modern Abattoir, Meat processing Cold Storage, Rendering and Tannery Plant and Market Place in Senegal. The LOC Agreement to this effect was signed in New Delhi on Friday, December 6, 2013, by Mr. Anurag Jain, Chairman and Managing Director on behalf of Exim Bank and H.E. Mr. Amadou Moustapha DIOUF, Ambassador of Senegal to India, on behalf of the Government of Senegal in the presence of officials from the Ministry of External Affairs, Government of India.                                        

This is the eleventh LOC extended by Exim Bank to the Government of Senegal. The earlier ten LOCs for value aggregating USD 164.45 million were extended to the Government of Senegal for financing purchase of agricultural machinery & equipment, supply of buses and spares, Irrigation project, Women Poverty Alleviation Programme & acquisition of vehicles, IT training project, acquisition of railway coaches and locomotives, Rural Electrification project & Fishing industry development, Medical equipments, furniture and Procurement of pumping equipment and crane trucks. Two other projects aggregating USD 25.62 million have been financed under the LOC of USD 250 million extended to the ECOWAS Bank for Investment and Development.

Under the LOCs, Exim Bank reimburses 100% of contract value to the Indian exporter, upfront upon the shipment of goods / provision of services. With the signing of this LOC Agreement, Exim Bank has now in place 180 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 9.71 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India's exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact: Mrs. Geeta Poojary, General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: (022) 2216 2073, Fax: (022) 2218 2460. E-mail: eximloc@eximbankindia.in, Website :  www.eximbankindia.in

Exim Bank Cmd, Shri T. C. A. Ranganathan, Retires Shri Anurag Jain Assumes Charge As Cmd, Exim Bank

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

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

For further information, please contact:

Ms. Deepali Agarwal
Deputy General Manager
Export-Import Bank of India
Centre One, Floor 21,
World Trade Centre Complex,
Cuffe Parade, Mumbai 400 005.
Telephone: 022- 2217 2829;
Fax: 022- 2218 2572;

E-mail: ccg@eximbankindia.in

Exim Bank Inks Pact For Export Targeted Modern Irrigated Agricultural Project In The Republic Of Rwanda

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

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

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 179 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.66 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.      

For further information, please contact

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

Exim Bank’s Study Highlights India’s Trade and Investment Potential in the CLMV Region

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

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

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


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

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

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

For further information, please contact

Mr. David Sinate
Chief General Manager
Export-Import Bank of India
Centre One Building, Floor 21
World Trade Centre Complex
Cuffe Parade, Mumbai - 400005
Telephone: 91-22-2218 2511
Fax: 91-22-22180743
E-mail: dsinate@eximbankindia.in

Exim Bank of India opens its Representative Office in Yangon, Myanmar

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Export-Import Bank of India's (Exim Bank's) Representative Office at Yangon was formally inaugurated on September 09, 2013, in the esteemed presence of H.E. U Myint Swe, Hon’ble Chief Minister of Yangon, H.E. Mr. Gautam Mukhopadhaya, Ambassador of India to Myanmar, and Mr. T.C.A Ranganathan, Chairman and Managing Director of Exim Bank. A seminar on Trade and Investment opportunities between India and Myanmar was also organised to mark the occasion, which was attended by Myanmar’s high-level Government functionaries, diplomats, multi-lateral agencies, banks, large number of corporates and the Indian Diaspora.

H.E. Mr. Gautam Mukhopadhaya, Ambassador of India to Myanmar in his opening remarks welcomed Exim Bank's decision to open an office in Yangon, its eighth overseas regional office, and hoped that Exim Bank's presence in Myanmar would serve to further boost and facilitate bilateral trade and investment relations between India and Myanmar and contribute to the developmental endeavours of Myanmar. He urged the trade and industry bodies in the region to benefit from the use of financing and support services offered by Exim Bank. Highlighting the historic connect between India and Myanmar, he emphasised that development cooperation has been the corner stone of bilateral ties, with India extending technical and financial assistance for a number of developmental projects in Myanmar, both in infrastructural and non-infrastructural areas, besides capability creation and entrepreneurship development.

Delivering the Special Address, H.E. U Myint Swe, Hon’ble Chief Minister of Yangon congratulated Exim Bank of India and observed that Exim Bank’s presence in Myanmar and through its expertise in trade and overseas investment finance would significantly contribute to enhancing bilateral trade and investment ties between Myanmar and India in the years to come. He also recommended that Myanmar presents a plethora of opportunities for collaboration for especially partner Asian countries like India.

Mr. U Win Thein Min, Deputy Director, Financial Supervision Department, Central Bank of Myanmar, and Ms. Daw Cho Cho Wynn, Deputy Director General, Directorate of Investment and Company Administration (DICA) also addressed the participants on banking and investment scenario in Myanmar.

Earlier during the function, Exim Bank's Chairman and Managing Director, Mr. T.C.A. Ranganathan, in his welcome address, stated that Exim Bank through its global network of offices and wide range of financial, advisory and capability building activities has strived to play a catalytic role, as a key player, in promoting India’s international trade and investment relations with partner countries, while contributing to the internationalisation endeavours of Indian business. He highlighted that bilateral trade relations between India and Myanmar have witnessed significant rise in recent years, with India accounting for 15 percent of Myanmar’s global exports in 2012, and ranking as its second largest export market. As a partner country for Myanmar’s imports, India accounted for a share of 3 percent of Myanmar’s global imports while ranking as the seventh largest import source.

He emphasised the need for a stronger bilateral cooperation between India and Myanmar in order to harness the true potential that exists for increasing bilateral trade and investment and stated that Exim Bank’s office in Myanmar would endeavour to contribute in this direction.

On this occasion, Exim Bank's research publication titled “Enhancing India-Myanmar Trade and Investment Relations: A Brief Analysis” was released at the hands of H.E. U Myint Swe, Hon’ble Chief Minister of Yangon, in the presence of H.E. Mr. Gautam Mukhopadhaya, Ambassador of India to Myanmar, and Mr. T.C.A. Ranganathan, Chairman and Managing Director, Exim Bank. The study highlights that in spite of India’s geographical proximity to Myanmar and export capability in most leading import items of Myanmar, India’s share in Myanmar’s imports is relatively low, as compared to other partner countries in Asia including China, Thailand, Singapore, Korea, Japan and Malaysia.  The study draws attention to the fact that with a view to balancing the burgeoning trade gap between India and Myanmar, there is need for increased focus on India’s export potential to Myanmar.  This would also serve to enhance India’s ranking as Myanmar’s import source.

Apart from its Head Office in Mumbai, the Bank has regional offices spread across the major cities of India viz. Ahmedabad, Bangalore, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai, New Delhi and Pune. The overseas offices of the Bank are located in Addis Ababa, Dakar, Dubai, Johannesburg, London, Singapore and Washington DC.

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

Or

Mr. Jasmeet Singh Narula, Resident Representative, Export-Import Bank of India, House No. 54/A, Ground Floor, Boyarnyunt Street, Dagon Township, Yangon, Myanmar. Telephone: +95-9423694109; E-mail: jasmeet.n@eximbankindia.in, eximyangon@eximbankindia.in

Exim Bank signs MOC with ACASH and NHDC for promoting Indian handlooms and handicraft products.

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Export-Import Bank of India (Exim Bank), has signed a Memorandum of Cooperation (MOC) with the Association of Corporations and Apex Societies of Handlooms, (ACASH) – a registered society having experience in promoting the handloom sector by providing marketing platform to handloom primary societies, and  National Handloom Development Corporation Limited (NHDC) – a Public Sector Undertaking set up for development of handloom sector by coordinating actions covering procurement and supply of input raw materials, augmenting the marketing efforts of state handloom agencies and initiating developmental activities for upgrading technology in the handloom sector.

Under the MOC, the partners will work on various areas including product and packaging improvement, developing channel partners and enhancing marketing efforts by conducting market surveys and research and  sharing relevant information for  effectively promoting the handloom/ handicraft products from India. The MOC was signed by Mr. David Rasquinha, Executive Director, Exim Bank, Mr.S. Srinivas, Managing Director, NHDC and Mr. Dinesh Singh, Additional Development Commissioner (Handlooms) who is also the secretary to ACASH, in presence of Mr. T.C.A. Ranganathan, Chairman and Managing Director, Exim Bank in Mumbai.

Exim Bank has been striving towards promotion of exports of products from rural grassroots business enterprises, by providing these services including financial support, capacity building, consultancy and export marketing. Exim Bank has supported various grassroots organizations/enterprises across different parts of the country. This partnership with ACASH and NHDC would help Bank to enhancing its outreach and in targeting a wider spectrum of grassroots organizations and would supplement the Bank’s efforts towards boosting exports and alleviating poverty from rural India.

For further information, please contact

Mr. Samuel Joseph
Chief General Manager
Export-Import Bank of India
Centre One Building, Floor 21
World Trade Centre Complex
Cuffe Parade, Mumbai, India – 400005
Ph:   +91 – 22 – 22172461
Fax:  +91 – 22 –22188076

Email: samuel_joseph@eximbankindia.in

Exim Bank Inks Pact For Power Transmission And Distribution Project In The Republic Of Liberia

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

This is the first LOC extended by Exim Bank to Liberia at the behest of the Government of India. The Republic of Liberia is a country in West Africa bordered by Sierra Leone to its west, Guinea to its north and Côte d'Ivoire to its east. Major export items from India to Republic of Liberia are non-basmati rice followed by pharmaceuticals & fine chemicals, primary & semi-finished iron & steel, machinery and instruments, transport equipment, plastic & linoleum products and poultry products.
 
Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 177 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.51 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact

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

E-mail : eximloc@eximbankindia.in
Website: www.eximbankindia.com

Exim Bank Extends Usd 42.61 Million Loc To Benin For Up-Gradation Of Water Supply Schemes In 69 Villages In Benin

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Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 42.61 million to the Government of Benin, for up-gradation of Water Supply Schemes in 69 villages in Benin. The LOC Agreement to this effect was signed in New Delhi, India by Mr. David Rasquinha, Executive Director, on behalf of Exim Bank and H.E. Mr. André Sanra, Ambassador Extraordinary and Plenipotentiary of the Republic of Benin to India, on behalf of the Government of Benin, in the presence of Mr. Deepak Pathak, Director, Development Partnership Administration, Ministry of External Affairs, Government of India.

This is the third LOC extended by Exim Bank to Benin at the behest of the Government of India. The first LOC of USD 15 million was extended for purchase of railway equipment, agricultural equipment and feasibility study for setting up a cyber city in Benin. The second LOC of USD 15 million has been extended for setting up a Tractor assembly plant and farm equipment manufacturing unit in Benin. Benin, located in West Africa, is surrounded by Togo to the west, by Nigeria to the east and by Burkina Faso and Niger to the north. The main items that India exports to Benin are petroleum products, followed by non-basmati rice, manufactures of metals, pharmaceuticals and manmade yarn fabric made-ups. The main items that India imports from Benin are raw cashew nuts, metaliferrous ores and metal scrap, wood and wood products, vegetable oil and petroleum crude.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 175 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.34 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

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

Telephone: (022) 22162073/2217 2310, Fax: (022) 22182460.
E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.com

Exim Bank extends USD 34.54 million Line of Credit to the Government of Niger for Solar Electrification of 30 Villages and setting up of 5 MW Solar Photo Voltaic System

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

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

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 178 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over            USD 9.54 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact

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

Exim Bank extends USD 30.94 Million LOC to Lao PDR for construction of storage dams and development of irrigation systems

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

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

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Lao PDR is in Southeast Asia, bordered by Myanmar and China to the northwest, Vietnam to the east, Cambodia to the south, and Thailand to the west. Exim Bank has now in place 176 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.37 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

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

Telephone: (022) 22162073/2217 2310, Fax: (022) 22182460.
E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.com

Exim Bank of India’s Study Highlights India’s Trade Potential with the SADC Region

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

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

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

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

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

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

For further information, please contact

Mr. David Sinate
Chief General Manager
Export Import Bank of India
Centre One Building, Floor 21
World Trade Centre Complex
Cuffe Parade, Mumbai - 400005
Telephone: 91-22-2217 2701
Fax: 91-22-22180743
E-mail: dsinate@eximbankindia.in

EXIM Bank Expands its frontiers of development partnership

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EXIM BANK EXPANDS ITS FRONTIERS OF DEVELOPMENT PARTNERSHIP

Mr. Yaduvendra Mathur,Chairman & Managing Director, Export-Import Bank of India (Exim Bank) on Saturday, 19th November, 2016 flagged off the consignment of materials and components of Jaipur Foot to the National Disability Institute – Kabul (NDI), for 1000 amputees of Afghanistan.Exim Bank is supporting Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS), the parent body of Jaipur Foot – the most widely used artificial foot / limb in the world – for setting up a permanent Jaipur Foot Centre at the NDI in Kabul, Afghanistan. 

Exim Bank has provided a grant support of US$ 100,000 for the Jaipur Foot Project which includes support towards materials and components for fitting of 1000 artificial limbs in a year. In addition, a sum of US$ 25,000 has also been provided for training three NDI technicians in Jaipur for a period of three to four months. The Project is an insignia of the Bank’s endeavour to be more closely associated with the multi-layered development process of partner countries like Afghanistan by supporting social dimensions like health and education, while concomitantly serving its mandate of promoting India’s trade and investment.

The project formally commenced with the inception of the training program for the NDI technicians, and flagging of the consignment of materials and components for the Jaipur Foot Centre to NDI in Kabul. Speaking on the occasion, Mr. D. R. Mehta, Founder and Chief Patron, BMVSS noted that although the organization has held camps in Afghanistan in the past, this initiative would provide an enduring impact on the differently abled citizens of Afghanistan. Mr. Mehta also noted that the role of Exim Bank has been pivotalin achieving the desired objectives as finance emerged as a major impediment in setting up of a permanent centre, given the financial constraints of the Government of Afghanistan.

Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank noted that these efforts of BMVSS and Exim Bank are aligned with the Indian policy of nurturing development partners for mutual growth. Mr. Mathur also highlighted the unstinted support received from the Ministry of External Affairs, and specifically the Indian Embassy in Afghanistan in facilitating this project. 

Shri Dinkar Asthana, Joint Secretary (DPA-II), Ministry of External Affairs and H.E. Dr. Shaida Mohd. Abdali, the Ambassador of Afghanistan to India, graced the occasion with their presence and complimented Exim Bank and BMVSS for playing a significant role in invigorating India’s relationships with partner countries like Afghanistan.

Exim Bank has played a pivotal role in enhancing bilateral trade and investment relations with Afghanistan by promoting and financing Indian companies in execution of projects. These projects facilitate and support infrastructure development in host countries, thereby contributing to their economic progress. In Afghanistan, the Bank has supported various project export contracts valued at nearly Rs. 900 crore. Supporting organisations like BMVSS that have a global footprint, for socially oriented activities has provided a new dimension to Exim Bank’s participation in the development of India’s overseas partners.

For further information, please contact: Mr. Ashish Kumar or Mr. Dharmendra Sachan, Deputy General Managers, Export-Import Bank of India, Centre One Building, Floor 21; World Trade Centre Complex; Cuffe Parade, Mumbai- 400005, Telephone: 91-22-22172703/2410, Email: ashish@eximbankindia.in / dharmendra@eximbankindia.in

Vigilance Awareness Week 2016 observed by Export-Import Bank of India

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Vigilance Awareness Week 2016 observed by Export-Import Bank of India. As advised by the Central Vigilance Commission, Export-Import Bank of India observed the Vigilance Awareness Week 2016 from October 31, 2016 to November 05, 2016. The Vigilance Pledge was administered to the employees in Exim Bank by Mr. Yaduvendra Mathur, Chairman and Managing Director of Exim Bank. Speaking on the theme for the Vigilance Week, “Public Participation in promoting Integrity and Eradicating Corruption”, the Chairman and Managing Director and the Chief Vigilance Officer of Exim Bank encouraged the employees of Exim Bank to maintain the highest level of integrity and work unstintingly for eradication of corruption in workplaces and every spheres of life. As advised by the Government of India, National Unity Day was also observed in the Bank to commemorate the birth anniversary of Sardar Vallabhbhai Patel. National Unity Day pledge was also taken by the staff members on this occasion.

EXIM Bank’s GOI-Supported Sixth Line of credit [LOC] of USD 10 million extended to the Government of co-operative Republic of Guyana

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EXIM BANK’S GOI-SUPPORTED SIXTH LINE OF CREDIT [LOC] OF USD 10 MILLION EXTENDED TO THE GOVERNMENT OF COOPERATIVE REPUBLIC OF GUYANA

Export-Import Bank of India [Exim Bank] has, on behalf of Government of India, extended a Line of Credit [LOC] of USD 10 million to the Government of Cooperative Republic of Guyana [Government of Guyana] for the purpose of financing the Construction and Supply of Passenger-Cargo Ferry Vessel and Associated Equipment. The LOC Agreement to this effect was signed in Georgetown, Guyana, on Wednesday, November 09, 2016, in the presence of H.E. Mr. V. Mahalingam, High Commissioner of India in Guyana and H.E. Mr. David Patterson, Hon’ble Minister of Public Infrastructure, Government of Guyana, by Mr. Winston Jordan, Hon’ble Minister of Finance, on behalf of the Government of Guyana and Mr. Sailesh Prasad, Resident Representative of Exim Bank’s Washington D.C. office, on behalf of Exim Bank.

With the signing of the above LOC Agreement for USD 10 million, Exim Bank, till date, has extended six Lines of Credit to the Government of Guyana, on behalf of the Government of India, taking the total value of LOCs extended to USD 88.38 million. Projects covered under the LOCs extended to the Government of Guyana include the construction of a Cricket stadium, supply and installation of traffic signaling systems, fixed and movable irrigation pumps, hospital and road linkage projects. Guyana, located in the Caribbean coast of South America, is surrounded by Suriname to the east, Brazil to the south, Venezuela to the west, and Atlantic Ocean to the north. Pharmaceuticals were India’s major export items, accounting for 26.2% of India’s total exports to Guyana in 2015-16. It was followed by iron and steel (16%), machinery and instruments (12.9%), articles of iron and steel (3.1%), and transport equipment (2.8%). Wood and articles of wood were India’s key import from Guyana, constituted 99% of India’s total imports from Guyana during 2015-16.

With the signing of this LOC Agreement, Exim Bank has now in place 213 Lines of Credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 15.87 billion, available for financing exports from India. 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. Tarun Sharma, General Manager & Regional Head, Export-Import Bank of India, Ground Floor, Statesman House, 148 Barakhamba Road, New Delhi-110001. Telephone: [011] 23474800, Fax: [011] 23321719.
E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

 

BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT (BC-NEIA) REVISION OF INTEREST RATE AND GUARANTEE FEE

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SCHEME TO PROMOTE INDIA’S PROJECT EXPORTS

BUYER’S CREDIT UNDER National Export Insurance Account (BC-NEIA) 

Revision of interest Rate AND GuaranteeFEE

Export-Import Bank of India [Exim Bank], in conjunction with ECGC Ltd., operates Buyer’s Credit under Government of India (GOI)’s National Export Insurance Account (BC-NEIA), under which the Bank finances and facilitates project exports from India. 

The interest rate structure for ‘Buyer’s Credit under Government of India (GOI)’s National Export Insurance Account (BC-NEIA) payable by eligible Borrower has been revised downwards by 25 bps across tenors. The revised interest rates (w.e.f 01.10.2016), are as under :

(i)

LIBOR + 1.25% p.a. for tenor < 8 years

(ii)

LIBOR + 1.50% p.a. for tenor of 9 to 12 years

(iii)

LIBOR + 1.75% p.a. for tenor of 13 to 15 years

Further, charges and fees, including a suitable interest differential as may be determined by Exim Bank is payable by the Indian company.

The Guarantee Fees under the BC-NEIA Scheme has also been revised as per the ECGC country classification as follows:

Country Classification by ECGC

Guarantee Fee rate for 100% coverage

Guarantee Fee rate for 150 % coverage

Countries Rated A1, A2

2%

3%

Countries Rated B1 , B2

3%

4.5%

Countries Rated C1, C2 and D

3.5%

5.25%

Exim Bank has till date sanctioned USD 2.84 bn for 22 projects valued USD 3.06 bn under the programme for executing projects in countries including Cameroon, Cote d’Ivoire, Ethiopia, Ghana, Iran, Maldives, Mozambique, Senegal, Sri Lanka, Tanzania, Zambia and Zimbabwe. 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.

 

For further information, please contact Ms. Harsha Bangari, Chief 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 

Website: www.eximbankindia.in

Exim Bank of India strengthening South-South Cooperation

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Export-Import Bank of India organized a Capacity Building Workshop for Global Network of Export-Import Banks and Development Financial Institutions (G-NEXID) in Mumbai during September 26-30, 2016. The G-NEXID was formed in 2006 under the aegis of UNCTAD, and has 25 institutions from across the globe. The Workshop was inaugurated by Mr. Yuri Afanasiev, UN Resident Coordinator and UNDP Resident Representative in India, in the presence of Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank, India. Both agreed and stressed upon the impending role of the developmental financial institutions in the changing global scenario. The objective of hosting the Workshop was to strengthen the South-South cooperation in alignment with the G-NEXID’s mandate, and facilitate cross learning. The Workshop includes interactions with India’s premiere financial institutions across areas like export finance, SMEs, infrastructure, credit insurance, trade finance, apart from engaging with Reserve Bank of India and a noted Indian conglomerate. The five day workshop has participation from BNDES (Brazil), Development Bank of Zambia, ECOWAS Bank for Investment and Development (Togo), Indonesia Eximbank, Nigerian Export-Import Bank, and Saudi Export Promotion Board.

EXIM BANK EXTENDS BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT [NEIA] OF USD 199.99 MN TO THE GOVERNMENT OF THE REPUBLIC OF CÔTE D’IVOIRE FOR SUPPLY OF VEHICLES FROM INDIA TO CÔTE D’IVOIRE

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Mr. Pushpesh Tyagi, Resident Representative, Abidjan Representative Office, Export-Import Bank of India exchanging Buyer’s Credit Agreement under NEIA for USD 199.99 mn for supply of vehicles from India to Côte d’Ivoire with H.E. Mr. Adama Kone, Minister to the Prime Minister, In-charge of Economy and Finance, Government of the Republic of Côte d’Ivoire, Abidjan.

Export-Import Bank of India [Exim Bank] has extended a Buyer’s Credit [BC] under National Export Insurance Account [NEIA] of USD 199.99 mn to the Government of the Republic of Côte d’Ivoire for financing export of vehicles from India to Côte d’Ivoire. The BC-NEIA Agreement to this effect was signed in Abidjan, on August 1, 2016, by Mr. Pushpesh Tyagi, Resident Representative, Abidjan Representative Office, on behalf of Exim Bank and H.E. Mr. Adama Kone, Minister to the Prime Minister, In-charge of Economy and Finance, on behalf of the Government of the Republic of Côte d’Ivoire, in the presence of H.E. Mr. Gaoussou Toure, Minister of Transport, Government of the Republic of Côte d’Ivoire; and H.E. Mr R. Ravindra, Ambassador of India to Cote d’Ivoire.

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 2.47 bn for 19 projects valued USD 2.67 bn under BC-NEIA. 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.

Exim Bank has also extended five (5) GOI-supported Lines of Credit (LOCs) to the Government of Republic of Côte d’Ivoire, aggregating at USD 136.30 mn. The first LOC of USD 26.80 million was extended in August 2005 for financing renewal of urban transport system in Abidjan and for agricultural projects. The second LOC of USD 25.50 million was extended in June 2008 for financing (i) Mahatma Gandhi IT and Biotechnology Park, (ii) Fisheries Processing Plant and (iii) Coconut fibre processing plant. The third LOC of USD 30 million was extended in December 2009 for financing transmission line project between Cote d'Ivoire and Mali. The fourth LOC of USD 30 million was extended in March 2010 for financing rice production programme. The fifth LOC of USD 24 million was extended in September 2015, for financing Electricity Interconnection Project between Côte d’Ivoire and Mali.

Indian Pharmaceutical Industry: Challenges and Prospects

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Mr. Yaduvendra Mathur, Chairman and Managing Director, Export-Import Bank of India presenting the first copy of the Bank’s Occasional Paper on “Indian Pharmaceutical Industry: Challenges and Prospects” to Commerce Secretary, Ms. Rita A. Teotia, at New Delhi on August 31, 2016. Also seen in the photo are Mr. Sudhanshu Pandey, Joint Secretary, DOC (extreme right); Shri Sunil Kumar, Joint Secretary, DOC (extreme left), and Mr. Prahalathan Iyer, Chief General Manager, Exim Bank.

Exim Bank has prepared a comprehensive study entitled “Indian Pharmaceutical Industry: Challenges and Prospects”, the first copy of which was presented to Ms. Rita A. Teaotia, Commerce Secretary, Ministry of Commerce & Industry, Government of India, at New Delhi on August 31, 2016.

The Study has noted that although the Indian pharmaceutical industry has acquired a noteworthy position in the global pharma sector, there are various challenges faced with regard to the changing regulatory environment and slowdown in trade. The Study highlighted that the Trans Pacific Partnership Agreement (TPP) and the Transatlantic Trade and Investment Partnership (TTIP) Agreements are likely to have serious implications for the Indian pharmaceutical industry, and could materially affect the Indian generic industry. Moreover, the Pharmaceutical Inspection Co-operation Scheme (PICS) regulatory environment is envisaged to be a vital challenge for the India pharma industry, particularly the MSME pharma segment, as they would have to invest significantly to upgrade their facilities to be at par with the harmonized GMP framework of the PICS. 

The Study pinpoints other hurdles in the growth of the pharma sector which include shortage of skilled manpower, issues related to Intellectual Property rights in the pharma sphere and credibility of clinical trial data, over dependence on China for bulk drugs and APIs, and the need for intensifying research and development activities of the pharma companies. 

To alleviate the growth constraints, the Study has recommended strategies to enhance the potential of this sector which include among others, addressing the issues related to Good Manufacturing Practices, and data integrity by way of stronger compliance and better risk management capabilities, addressing unethical practices in clinical research, increasing production of essential drug intermediaries and APIs at competitive prices to attain self-sufficiency, and promoting research and development by way of providing incentives. 

According to the Study, Indian pharmaceutical SMEs have bright prospects of growth which must be propelled by making available low cost finance and adequate training and skill development programmes. In this regard, the Study noted that the pharmaceutical SME firms have low to nil participation in IPR activity, and they must be encouraged to undertake new drug discoveries. 

The Study also emphasized that Indian pharmaceutical industry’s concerns arising due to the execution of upcoming trade pacts, such as TPP and TIPP may be addressed through diplomatic channels, and additionally, India should pursue other Free Trade Agreements factoring its concerns for trade barriers.

 

 

EXIM BANK EXTENDS A LINE OF CREDIT OF USD 78 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF SIERRA LEONE

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Export-Import Bank of India (Exim Bank) has, with the support of the Government of India, extended a Line of Credit (LOC) of USD 78 million to the Government of the Republic of Sierra Leone, for financing Transmission line and Substation, in Sierra Leone. The LOC Agreement to this effect was signed in Freetown, Sierra Leone on Thursday, August 11, 2016, by Honorable Mr. Momodu L. Kargbo, Minister of Finance and Economic Development on behalf of the Government of the Republic of Sierra Leone and Mr. Pushpesh Tyagi, Resident Representative, Abidjan Office, Export-Import Bank of India, in the presence of Honorable Mr. Samura M W Kamara, Minister of Foreign Affairs & International Cooperation, Government of the Republic of Sierra Leone; and Honorable Mr. Henry Macauley, Minister of Energy, Government of the Republic of Sierra Leone. 

With the signing of the above LOC Agreement, Exim Bank, till date, has extended five LOCs to the Government of the Republic of Sierra Leone, with the support of the Government of India, taking the total value of LOCs to USD 168 million. The LOCs have supported procurement of tractors and connected implements, infrastructure to supply potable water and irrigation development in Sierra Leone.

With the signing of this LOC Agreement, Exim Bank has now in place 210 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over USD 15 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. Besides promoting India's exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.          

 

EXIM BANK EXTENDS BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT [NEIA] OF USD 199.99 MN TO THE GOVERNMENT OF THE REPUBLIC OF CÔTE D’IVOIRE FOR SUPPLY OF VEHICLES FROM INDIA TO CÔTE D’IVOIRE

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Photo Caption: Mr. Pushpesh Tyagi, Resident Representative, Abidjan Representative Office, Export-Import Bank of India exchanging Buyer’s Credit Agreement under NEIA for USD 199.99 mn for supply of vehicles from India to Côte d’Ivoire with H.E. Mr. Adama Kone, Minister to the Prime Minister, In-charge of Economy and Finance, Government of the Republic of Côte d’Ivoire, Abidjan.

 

Export-Import Bank of India [Exim Bank] has extended a Buyer’s Credit [BC] under National Export Insurance Account [NEIA] of USD 199.99 mn to the Government of the Republic of Côte d’Ivoire for financing export of vehicles from India to Côte d’Ivoire. The BC-NEIA Agreement to this effect was signed in Abidjan, on August 1, 2016, by Mr. Pushpesh Tyagi, Resident Representative, Abidjan Representative Office, on behalf of Exim Bank and H.E. Mr. Adama Kone, Minister to the Prime Minister, In-charge of Economy and Finance, on behalf of the Government of the Republic of Côte d’Ivoire, in the presence of H.E. Mr. Gaoussou Toure, Minister of Transport, Government of the Republic of Côte d’Ivoire; and H.E. Mr R. Ravindra, Ambassador of India to Cote d’Ivoire.

 

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 2.47 bn for 19 projects valued USD 2.67 bn under BC-NEIA. 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.

 

Exim Bank has also extended five (5) GOI-supported Lines of Credit (LOCs) to the Government of Republic of Côte d’Ivoire, aggregating at USD 136.30 mn. The first LOC of USD 26.80 million was extended in August 2005 for financing renewal of urban transport system in Abidjan and for agricultural projects. The second LOC of USD 25.50 million was extended in June 2008 for financing (i) Mahatma Gandhi IT and Biotechnology Park, (ii) Fisheries Processing Plant and (iii) Coconut fibre processing plant. The third LOC of USD 30 million was extended in December 2009 for financing transmission line project between Cote d'Ivoire and Mali. The fourth LOC of USD 30 million was extended in March 2010 for financing rice production programme. The fifth LOC of USD 24 million was extended in September 2015, for financing Electricity Interconnection Project between Côte d’Ivoire and Mali.

 

For further information, please contact Ms. Harsha Bangari, Chief 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 OF INDIA RAISES US$ 1 BILLION FOR 10 YEAR TENOR AT A COUPON OF 3.375% P.A.

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The Export-Import Bank of India, on July 28, 2016, successfully launched a 10 year Bond issue of USD 1 bn, it’s inaugural transaction in the 144A/Reg S format. This was the largest issuance ever for Export-Import Bank of India and also the largest single tranche issuance out of India in 2016. The issue attracted a total order book in excess of USD 2.50 billion thereby achieving 2.5x over subscription of the issue size from over 157 investors. Initially announced for USD 500 mn, the issue was upsized to USD 1 bn based on strong demand from the investors. The funds thus raised will be used by the Bank to support Indian project exports, overseas investment by way of long term credit and it’s lines of credit portfolio.

Having initially marketed the deal at 210 basis points over U.S. Treasuries, the Bank was able to achieve a final pricing of 187.5 basis points over U.S. Treasuries, to yield 3.383% on a coupon of 3.375% resulting in negative new issue premium against a very strong market backdrop. Yield achieved on the Notes is the lowest on a USD 500 mn deal by an Indian Entity since 2000. In terms of geographic distribution, the Notes were distributed 61% in USA, 20% in Asia and 19% in the Europe. U.S. institutional investor allocation of 61% was the highest ever for any Bank/FI out of India. Bank of America Merrill Lynch, Barclays, 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 Baa3 (Positive)’ by Moody’s  and ‘BBB- (Stable)’ by Standard and Poor’s, same as the rating of Government of India.

 

In terms of distribution, the notes were distributed to high quality fixed income accounts with around 76% distributed to fund and asset managers, 11% to insurance and pension funds 5% to sovereign wealth funds 5% to banks and 3% to private banks.

 

Speaking on the occasion, Mr. Yaduvendra Mathur, Chairman and Managing Director of Exim Bank, said, “The Bank is the closest proxy to Sovereign in the international markets and the 10 year issuance was based on investors’ feedback, so that benchmark 10 year curve out of India could be established. The issuance will help in better price discovery for other issuers from India seeking longer tenor funds from the international debt capital market”.

 

Mr. David Rasquinha, Deputy Managing Director of Exim Bank, commented, “This is the first time the Bank has tapped the deep and wide 144A market and the bond was very well received by investors with a book that was over two times oversubscribed despite tightening 22.5 bps from initial guidance. We finally achieved a price well inside our secondaries for the largest ever bond issue by the Bank, and still managed to attract and keep very high value investors.”

 

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

 

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

 

Exim Bank Signs and MoU with Government of Andhra Pradesh to facilitate State’s Exports

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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

EXIM BANK EXTENDED A LINE OF CREDIT OF USD 26 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF SENEGAL

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Mr. Yaduvendra Mathur, Chairman and Managing Director, Export-Import Bank of India signing the Line of Credit Agreement for USD 26 million for acquisition of buses in the Republic of Senegal with H.E. Mr. El Hadji Ibou Boye, Ambassador of the Republic of Senegal in India, on behalf of the Government of Republic of Senegal, in New Delhi.

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended an additional Line of Credit [LOC] of USD 26 million to the Government of the Republic of Senegal, for acquisition of buses in the Republic of Senegal. The LOC Agreement to this effect was signed on Friday July 15, 2016, by Mr. Yaduvendra Mathur, Chairman and Managing Director on behalf of Exim Bank and H.E. Mr. El Hadji Ibou Boye, Ambassador of the Republic of Senegal in India, on behalf of the Government of Republic of Senegal.

With the signing of the above LOC Agreement, Exim Bank, till date has extended thirteen Lines of Credit to the Republic of Senegal, at the behest of the Government of India, taking the total value of LOCs extended to the Republic of Senegal to USD 295.36 million. The LOCs have supported export of items like agricultural machinery and equipment, buses and vans, medical equipments as also equipments and services for projects in areas such as rural electrification, meat processing, fisheries development, IT training and Irrigation.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 208 Lines of Credit, covering over 63 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 14.98 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

 

 

EXIM BANK EXTENDED A LINE OF CREDIT OF USD 92.18 MILLION TO THE GOVERNMENT OF THE UNITED REPUBLIC OF TANZANIA

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Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended Line of Credit (LOC) to the Government of the United Republic of Tanzania, of USD 92.18 million for financing the rehabilitation and improvement of water supply system in Zanzibar, Tanzania. The LOC Agreement to this effect was signed in Tanzania on July 10, 2016, by Mr. Yaduvendra Mathur, Chairman and Managing Director on behalf of Exim Bank and Ms. Dorothy Stanley Mwanyika, Deputy Permanent Secretary, Ministry of Finance, on behalf of the Government of the United Republic of Tanzania, in the presence of Prime Minister of India H.E. Mr. Narendra Modi and the President of Tanzania, H.E. Mr. John Pombe Joseph Magufuli. 

 

This is the fifth LOC extended by Exim Bank to the Government of Tanzania. The first LOC of USD 40 million was extended, for financing supply of tractors, pumps and equipment to Tanzania. The second LOC of USD 36.56 million was extended, for financing the purchase of vehicles. The third LOC of USD 178.125 million was extended for financing augmentation of water supply schemes of Dar es Salaam and Chalinze regions in Tanzania and the fourth LOC of USD 268.35 million was extended for extension of Lake Victoria Pipeline to Tabora, Igunga and Nzega in Tanzania. The main items that India exports to Tanzania are petroleum products, pharmaceutical products, transport equipment, machinery & instruments, and electrical and electronic equipment. India’s imports from Tanzania include cashew nuts, pulses, metal ferrous ores & metal scrap, wood & wood products, pearls, precious & semiprecious stones, spices and dyeing, tanning & colouring materials.

 

With the signing of this LOC Agreement, Exim Bank has now in place 205 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 14.91 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. Besides promoting India's exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets. 

 

Export-Import Bank of India (Exim Bank) has also extended Buyer’s Credit under National Export Insurance Account (NEIA) of USD 29.61 million to the Ministry of Finance, Government of the United Republic of Tanzania to finance the supply of Vehicles from India. The Bank has till date sanctioned an aggregate amount of USD 2.07 billion for 19 projects valued USD 2.37 billion under the BC-NEIA Programme.

              

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, Website: www.eximbankindia.in

 

EXIM BANK EXTENDED LINE OF CREDIT OF USD 29.95 MILLION AND USD 15.00 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF KENYA

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Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended Lines of Credit (LOC)s to the Government of the Republic of Kenya, of USD 29.95 million and USD 15.00 million for financing the upgrade of Rift Valley Textile Factory (RIVATEX East Africa Ltd) and for development of various small and medium enterprises [SMEs] in Kenya respectively. The LOC Agreements to this effect were signed in Nairobi, Kenya on Monday, July 11, 2016, by Mr. Yaduvendra Mathur, Chairman and Managing Director on behalf of Exim Bank and H.E. Henry K. Rotich, Cabinet Secretary, The National Treasury, on behalf of the Government of the Republic of Kenya, in the presence of Prime Minister of India H.E. Mr. Narendra Modi and the President of Kenya, H.E. Mr. Uhuru Kenyatta. 

 

The LOC of USD 29.95 million is the second LOC extended by Exim Bank to Kenya at the behest of the Government of India. The first LOC of USD 61.60 million was extended, for financing power transmission line project to Kenya. Kenya is bordered by Tanzania to the south and Uganda to the west, South Sudan to the north-west, Ethiopia to the north, Indian Ocean to the south-east and Somalia to the north east south. The main items that India exports to Kenya are Petroleum products, pharmaceutical products, electrical machinery & equipments, plastics & articles and iron & steel. India’s imports from Kenya include edible vegetables & roots, inorganic chemicals, coffee, tea & spices, raw hides & leather, salt, sulphur, cement and wool yarn & woven fabric.

 

With the signing of this LOC Agreement, Exim Bank has now in place 207 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 14.95 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. 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, Website: www.eximbankindia.in

 

EXIM BANK EXTENDS BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT [NEIA] OF USD 200.00 MN TO THE GOVERNMENT OF REPUBLIC OF SENEGAL

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Export-Import Bank of India [Exim Bank] has extended a Buyer’s Credit [BC] under National Export Insurance Account [NEIA] of USD 200.00 mn to the Government of Republic of Senegal for construction of 225kV transmission line for Tambacounda - Kolda - Ziguinchor link and extensions and rehabilitation of networks in the regions. The BC-NEIA Agreement to this effect was signed in New Delhi, on July 05, 2016, by Mr. Yaduvendra Mathur, Chairman and 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 Republic 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 2.07 bn for 19 projects valued USD 2.37 bn under the programme. 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.

 

Exim Bank has also extended twelve (12) Government of India supported Lines of Credit (LOCs) to the Government of Republic of Senegal aggregating USD 280.36 mn for supply of buses, pick-up vans, railway coaches, locomotives, multipurpose oil presses, mini bakeries, cereal fruit processing units, medical equipments, furniture; setting up a modern abattoir, meat processing, cold storage, rendering and tannery plant and market place; irrigation project; IT training projects; rural electrification project; fishing industry development project; rice self sufficiency programme. 

 

For further information, please contact Ms. Harsha Bangari, Chief 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 

Website: www.eximbankindia.in

 

EXIM BANK EXTENDS BUYER’S CREDIT UNDER NATIONAL EXPORT INSURANCE ACCOUNT [NEIA] OF USD 200.00 MN TO THE GOVERNMENT OF REPUBLIC OF SENEGAL

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Export-Import Bank of India [Exim Bank] has extended a Buyer’s Credit [BC] under National Export Insurance Account [NEIA] of USD 200.00 mn to the Government of Republic of Senegal for construction of 225kV transmission line for Tambacounda - Kolda - Ziguinchor link and extensions and rehabilitation of networks in the regions. The BC-NEIA Agreement to this effect was signed in New Delhi, on July 05, 2016, by Mr. Yaduvendra Mathur, Chairman and 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 Republic 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 2.07 bn for 19 projects valued USD 2.37 bn under the programme. 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.

Exim Bank has also extended twelve (12) Government of India supported Lines of Credit (LOCs) to the Government of Republic of Senegal aggregating USD 280.36 mn for supply of buses, pick-up vans, railway coaches, locomotives, multipurpose oil presses, mini bakeries, cereal fruit processing units, medical equipments, furniture; setting up a modern abattoir, meat processing, cold storage, rendering and tannery plant and market place; irrigation project; IT training projects; rural electrification project; fishing industry development project; rice self sufficiency programme

Exim Bank of India opens its Representative Office in Abidjan, Côte d’Ivoire

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The “Accord de Siège” to start Exim Bank of India’s office in Abidjan, signed on June 14, 2016, by Mr. Yaduvendra Mathur,  Chairman and Managing Director, on behalf of Exim Bank and H.E. Mr. Abdallah Albert Toikeusse Mabri, Minister of Foreign Affairs, on behalf of the Government of the Republic of Côte d’Ivoire, in the presence of H.E. Mr Pranab Mukherjee, Hon’ble President of India and H.E. Mr. Alassane Ouattara, Hon’ble President of Côte d’Ivoire.

Export-Import Bank of India's (Exim Bank's) Representative Office at Abidjan was formally inaugurated on June 14, 2016. The Government of the Republic of Côte d’Ivoire accorded “Accord de Siège” status to Exim Bank’s Representative Office in Abidjan. The “Accord de Siège” to this effect was signed in Abidjan, on June 14, 2016, by Mr. Yaduvendra Mathur,  Chairman and Managing Director, on behalf of Exim Bank and H.E. Mr. Abdallah Albert Toikeusse Mabri, Minister of Foreign Affairs, on behalf of the Government of the Republic of Côte d’Ivoire, in the presence of H.E. Mr Pranab Mukherjee, Hon’ble President of India and H.E. Mr. Alassane Ouattara, Hon’ble President of Côte d’Ivoire.

Exim Bank’s Representative Office in Abidjan shall look after Exim Bank’s interest in countries namely Benin, Burkina Faso, Cameron, Cape Verde, Central African Republic, Chad, Côte d’Ivoire, Equatorial Guinea, Gabon, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Sao Tome Principe, Senegal, Sierra Leone, Togo.    

Exim Bank in partnership with Centre for Promotion of Investment in Côte d’Ivoire (CEPICI)  with the support of Indian Embassy in Abidjan also organised Ivory Coast-India Business Forum, which was attended by Ivoirian’s high-level Government functionaries, diplomats, multi-lateral agencies, banks, large number of corporates and the Indian Diaspora.

Mr. Mathur in his opening remarks stated that Exim Bank through its global network of offices and wide range of financial, advisory and capability building activities has strived to play a catalytic role, as a key player, in promoting India’s international trade and investment relations with partner countries, while contributing to the internationalisation endeavours of Indian business. Mr. Mathur mentioned that Exim Bank’s Representative Office in Abidjan is the eighth overseas regional office, and hoped that Exim Bank's presence in Abidjan would serve to further boost and facilitate bilateral trade and investment relations between India and Côte d’Ivoire, West Africa. Citing the example of the Mahatama Gandhi IT and Bio-tech Park, spread over 640 acres at Grand Bassam, Mr. Mathur  stated that this flagship public private partnership of Govt of Cote D’Ivoire has the promise to become the IT  and biotech hub for West Africa.  He also encouraged  increased capacity building and youth interaction initiatives be made an inclusive part of Indo-Ivorian collaboration especially in the IT field.   

The Hon’ble  President of India, Shri Pranab Mukherjee appreciated the role played by Exim Bank of India in export credit and in boosting Trade and Investment.

Apart from its Head Office in Mumbai, the Bank has regional offices spread across the major cities of India viz. Ahmedabad, Bangalore, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai, New Delhi and Pune. The overseas offices of the Bank are located in Addis Ababa, Dubai, Johannesburg, London, Singapore and Washington DC.

 

“International Solar Alliance: Nurturing Possibilities”: EXIM Bank Study Released at the Pan India Solar Rooftop Workshop

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Exim Bank’s Study on ‘International Solar Alliance: Nurturing Possibilities,’ was released by Mr. Piyush Goyal, Hon’ble Minister of State (I/C) for Power, Coal, New & Renewable Energy (third from left). Also seen in the picture is (left to right): Mr. Sanjay Srivastava, Secretary, Coordination and Public Grievances; Mr. P. K Sinha, Cabinet Secretary; Dr. P. K. Mishra, Addl. Principal Secretary to PM; Mr. Upendra Tripathy, Secretary MNRE, and Mr. Yaduvendra Mathur, Exim Bank’s CMD

Despite the significant potential and opportunity for solar energy development in countries with geographic advantages, there exists an anomaly in the capabilities of countries to harness solar power, according to a Research Study by Exim Bank. The Study notes that of the 121 ISA member countries, 54 countries had more than one-third of their population without access to electricity and where forging collaboration in the solar space among the ISA constituents can potentially bear significant results. This situation runs the risk of a “solar divide,” where developing and less developed countries are not in a position to fully participate in the fruits of green growth that is being strongly pursued by the developed countries, creating a paradoxical situation.

Exim Bank, which is a member of the Advisory Council to the ISA Secretariat in India, had undertaken a Study titled “International Solar Alliance: Nurturing Possibilities” which was released at the hands of Hon’ble Minister of Power, Coal and New and Renewable Energy, Government of India, during the Pan India Solar Rooftop Workshop, held at New Delhi on June 7, 2016.

Support off-grid solar

While taking into account the huge lacunae in terms of grid connectivity in some of the ISA members, especially in Africa, the Study asserts that supporting off-grid solar structures as the immediate way forward. In this context, the Study has highlighted successful interventions of select off grid cases in various countries, and points out that these have shown promising results, rendering themselves amenable for replication and upscaling in the ISA member countries.

Cooperation Matrix

The Study has also outlined the key challenges that most of the ISA countries face in their endeavours towards electrification, while noting that the member countries are at different stages of economic development. Appreciating this fact, the Study has designed an ‘ISA Cooperation Framework’, which envisages drawing upon the strengths of select ISA members in solar energy technologies and sharing their experiences with other member countries of ISA. 

Financial Cooperation is the key to the Success of ISA 

Supporting any initiative under the aegis of ISA would entail forging partnerships in the financing sphere, according to the Study. Hence, the Study has elaborated on various possible financial and policy support mechanisms that would help realize the objectives that ISA seeks to achieve. This would increasingly require active participation of developmental financial institutions, multilateral banks, including sovereign entities. 

The Study asserts that the emerging and developing countries should transform the need to have energy from the sun to an opportunity for green investment. While favourable policies are already in place in many countries, to maintain the upward trend in the growth of solar energy, policy efforts need to be pushed up to a higher level. The Study is optimistic of the significant role that the ISA can play to encourage massive scale up of solar technologies across the world through forging fruitful partnerships.

Export Import Bank of India signs Cooperation Agreement with State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”

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Export-Import Bank of India (Exim Bank of India) and The State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” Russia, have entered into a cooperation agreement on May 27, 2016 at Beijing, China at the sidelines of the D20 conference. The principal objective of this Cooperation Agreement is to formalise institutional cooperation so that both the institutions could identify areas for cooperation and collaboration that are of common interest. The Cooperation Agreement was signed by Mr. David Rasquinha, Deputy Managing Director of Exim Bank of India and Mr. Nikolay Tsekhomskiy, First Deputy Chairman-Member of the Board, Vnesheconombank.

The broad areas of collaboration envisaged in the Cooperation Agreement include, among others, infrastructure projects; export financing/ export insurance and guarantees, as well as co-financing of projects; cooperation in credit enhancement mechanism; and knowledge sharing on economic and financial conditions and other developments in India and Russia.  

During the signing ceremony, Mr. David Rasquinha, said, “Since its inception, EXIM Bank has been both a catalyst and a key player in financing, facilitating and promoting India's international trade and investments.  We remain committed to support Indian entrepreneurs in their internationalization endeavours and to expand operations into new markets and we are convinced that our co-operation with Vnesheconombank would be mutually beneficial and serve that very purpose.  While both the institutions work under the multilateral BRICS Interbank Cooperation Mechanism, this bilateral Cooperation Agreement would help enhance our relationship in enhancing the bilateral relations between India and Russia.” 

Mr. Nikolay Tsekhomskiy commented “There are many avenues for closer cooperation towards promoting bilateral trade and investment relations between the two countries, especially in sectors such as infrastructure development, value added production, and high-technology manufacturing, among others. Under the broad framework of the cooperation Agreement, the two institutions could share their expertise and experience to facilitate increased business engagements between India and Russia.” 

Exim Bank of India and the Vnesheconombank have earlier signed a Memorandum of Understanding (MOU) on October 03, 2000 with a view to promoting two-way trade, collaboration, and joint ventures between India and Russia.  The objective of this new Cooperation Agreement is to renew both the institutions' interest, incorporating the dialogues and activities undertaken since the formation of the BRICS Interbank Cooperation Mechanism in 2010.   

The State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” is the Russian state development institution operating under the Federal Law, engaged in promoting and facilitating international trade of Russia.

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.

Exim Bank Prescribes Sharing of Indian Developmental Experiences in the Healthcare Sector with Africa

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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.

Exim Bank posts robust business growth in 2015-16

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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

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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. 

 

Exim Bank extends a Line Of Credit of USD 1 billion to the Government of Mongolia

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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. 

EXIM BANK OF INDIA AND THE ISLAMIC CORPORATION FOR THE DEVELOPMENT OF THE PRIVATE SECTOR (ICD) SIGNS MOU TO ENHANCE BILATERAL TRADE AND INVESTMENT

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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 - 400005Telephone: 91-22-2217 2704, E-mail: prahalthan@eximbankindia.in

 

Dr. Donald Kaberuka delivers Exim Bank’s 31st Commencement Day Annual Lecture: 2016

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(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

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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.

 

Exim Bank’s Study Highlights Potential for Enhancing India’s Engagements with Southern African Development Community (SADC)

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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. 

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.

 

EXIM BANK EXTENDS A LINE OF CREDIT OF USD 2 BILLION TO THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH

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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

 

EXIM BANK EXTENDS A LINE OF CREDIT OF USD 50 MILLION TO THE GOVERNMENT OF THE CO-OPERATIVE REPUBLIC OF GUYANA

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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

 

Interactive Session for Indian Exporters on GoI’s new IDEAS guidelines in Chennai

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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.

 

 

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.

Exim Bank Signs and MoU with Government of Andhra Pradesh to facilitate State’s Exports

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Exim Bank’s Chairman and Managing Director, Mr Yaduvendra Mathur, exchanging the MOU with Mr. Shamsher Singh Rawat, Secretary and Commissioner for Industrial Promotion, Government of Andhra Pradesh, in the presence of Hon’ble Chief Minister of Andhra Pradesh, Mr. Chandrababu Naidu on the sidelines of the Partnership Summit, in Vishakhapatnam, held during January 11-12, 2016

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. 

 

EXIM BANK OF INDIA RAISES US$ 500 MN FOR 5.5 YEAR TENOR AT A COUPON OF 3.125% PER ANNUM

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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: samuel_joseph@eximbankindia.in

IDEAS Seminar in Kolkata

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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 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.

 

 

EXIM BANK OF INDIA RAISES US$ 500 MN FOR 5.5 YEAR TENOR AT A COUPON OF 3.125% PER ANNUM

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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: samuel_joseph@eximbankindia.in

 

IDEAS Seminar in Bangalore

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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 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.

 

Exim Bank Study: West Bengal has the Potential to Emerge as Export Hub for the Eastern India

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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

 

Export-Import Bank of India and Export-Import Bank of Malaysia Berhad sign MoU to enhance cooperation in financing

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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

December 1, 2015: 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.

 

 

 

Prof. Pranab Bardhan Delivers Exim Bank's Commencement Day Lecture

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

 

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

 

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

 

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

 

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

 

BRIEF ON PROF. PRANAB BARDHAN'S LECTURE 

 

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

 

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

 

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

 

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

Export-Import Bank of India and Export-Import Bank of Malaysia Berhad sign MoU to enhance cooperation in financing

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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

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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.

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

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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

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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

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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.

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

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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.

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

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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

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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 EXTENDS A LINE OF CREDIT OF USD 87 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF ZIMBABWE

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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.          

       

Exim Bank’s Study Highlights India’s Trade Relations with Select countries in Latin America and the Caribbean Region

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Export-Import Bank of India (Exim Bank)'s publication on "Enhancing India’s Trade Relations with LAC: Focus on Select Countries" was released at the hands of Dr. Ignacio Bartesaghi, Director, Latin America-Asia Pacific Observatory; H.E. Mr. Rodrigo Vielmann, Vice - Minister of Foreign Relations, Government of Guatemala;  Mr. Dammu Ravi, Joint Secretary, Department of Commerce, MOCI, Government. Of India; H.E. Mr. Francisco de Rosenzweig Mendialdua, Vice-Minister of External Trade, Ministry of Economy, Government. of Mexico;  Mr. Luis Bianchi, Director, Foreign Trade, Govt. of Paraguay; and Mr. Henk Naarendorp, President, Surinamese Chamber of Commerce & Industry, on October 8, 2015 during the India- Latin America and Caribbean Conclave organised by CII in New Delhi.

The study draws attention to the fact that India's trade relations with the LAC region has strengthened in recent years, and presents opportunities to further enhance bilateral commercial relations. The study highlights that India's total trade with the LAC countries has risen more than nine-fold in the last ten years, from US$ 5.2 billion in 2005 to US$ 49.1 billion in 2014. While India’s total exports to LAC have risen from US$ 2.8 billion in 2005 to US$ 15.5 billion in 2014, depicting more than a five-fold rise during the period, India’s total imports from LAC have also risen significantly from US$ 2.4 billion to US$ 33.6 billion during the same period. As a result, India’s trade balance with LAC, which stood at a surplus of US$ 0.5 billion in 2005, has turned into a deficit in recent years, amounting to a trade deficit of US$ 18.1 billion in 2014.

To enhance exports, strategy would entail identification of major potential imports of select focus LAC markets up to 6-digit HS commodity code, keeping in view India’s global export capability. Exim Bank's study identifies the potential items for India's exports to select countries in the  LAC region, which broadly include, inter alia, machinery; electrical and electronic equipment; transport vehicles; optical, photographic and medical apparatus; plastics and articles; iron and steel and its articles; rubber and articles; petroleum products; organic chemicals; meat and edible meat offal.

 

Exim Bank’s Push for a Quantum Jump in India’s Project Exports

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Export-Import Bank of India (Exim Bank) organized a “Stakeholders Seminar on Project Exports” on October 1, 2015 in New Delhi, with the objective to develop a concrete road-map to give a quantum boost to India’s Project Exports in order to give a major fillip to manufactured exports and employment generation in India.

The keynote address was delivered by Shri Yaduvendra Mathur, Chairman and Managing Director, Exim Bank, who highlighted the Bank’sendeavours to provide further impetus to Indian Project Exports by constantly devising innovative financing programmes and products, while tapping the increasing opportunities emerging inAsia, and Africa. He noted that GOI support would be critical in boosting project exports from India.

The Seminar also included an expert panel discussion which was moderated by Shri Debashish Mallick, Deputy Managing Director, Exim Bank. The panel discussants comprised key industry leaders such as Shri. Vijay Kumar Chohan, Executive Director-International Operations, Bharat Heavy Electricals Ltd (BHEL),Shri Ajay Mathur, Chief Executive Officer, International Coal Ventures Limited (ICVL), Shri. Atul Kumar Rastogi, Executive Director, Telecommunications Consultants India Ltd (TCIL), Shri. T.K. Sahu, Executive Director-International Trade Division, Steel Authority of India (SAIL) and Shri.S. K. Khorana, Executive Director, ISGEC Heavy Engineering Ltd, whoshared their views on the challenges and the way forward, in particular, on how to ensure a level playing field for Indian project exporters. 

Speaking on the occasion, ShriMallickhighlighted Exim Bank’s strong belief in the capabilities of the Indian Project Exporters’ who have technical competence and capability to execute large scale complex projects overseas. 

Mr. Chohan, ED, BHEL highlighted the immense opportunities in the overseas power sector to the tune of 2600 GW over the next ten years which would result in a number of transmission line projects.

Mr. Sahu, ED SAIL, while talking about various projects undertaken by them, also touched upon the emerging opportunities in Iran with likely relaxation of global sanctions, especially in various railway line projects and development of Chabbar port Project. He also reflected upon the large scale project export opportunities in the African and GCC countries especially in the infrastructure sector.

Mr. Ajay Mathur, CEO ICVL, in his presentation, while highlighting the key challenges faced by Indian Project Exports in overseas acquisitions, also emphasised the opportunities emerging in the coal sector with India featuring in the top five of the world leading coal producers.

Mr. Khorana, ED ISGEC, emphasised the need for availability of competitive structured finance by way of Buyers’ Credit to compete globally.

Exim Bank is organising a series of such Stakeholders’ Seminars to seek industry feedback for creating a level playing field for Indian project exporters.

Exim Bank’s Catalytic Role in Promoting Project Exports

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

Exim Bank’s flagship programmes such as Lines of Credit and Buyers’ 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.

 

 

Exim Bank is supporting 453 project export contracts valued ` 198,941 crore (approx. USD 31.93 billion) that were under execution, in 84 countries across Asia, Africa and CIS by 133 Indian companies, as on August 31, 2015.These projects are being supported by Exim Bank through a mix of funded and non-funded facilities.

Exim Bank, in collaboration with the African Development Bank, has also set up a Project Development Company (PDC) in Africa to identify and develop infrastructure projects with the objective of providing the Indian private sector an opportunity to invest in and implement such projects in Africa. The PDC is expected to provide specialist project development expertise to take the infrastructure project from concept to commissioning. The PDC shall focus on infrastructure projects that have specific strategic interest to India. The PDC is expected to provide an entire gamut of project development expertise to identified projects. Exim Bank is also engaged in managing the Government of India’s Project Development Fund for facilitating India’s trade and investment in the CLMV (Cambodia, Laos, Myanmar and Vietnam) region.

 

 

Exim Bank announces 27th edition of its International Economic Research Award

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The Export-Import Bank of India (Exim Bank) has opened entries for the Exim Bank International Economic Research Annual Award (IERA). 

The IERA Award was introduced in the commemoration of India’s first Prime Minister Pandit Jawaharlal Nehru’s Birth Centenary (1889-1989) rewarding research work by Indian nationals. Research work by Indian nationals in international economics, trade, development and related financing (either awarded a doctorate or accepted for award of doctorate) from a university or equivalent academic institution in India or abroad is a pre-requisite for eligibility of the Award.

Issues of relevance to India and Exim Bank such as those pertaining to foreign trade, foreign direct investments, joint ventures, international competitiveness, policies impacting trade and investment, monetary and fiscal interventions would be of particular interest. Thesis for which Doctorate has been obtained/ accepted for award of Doctorate anytime in the last 5 years will be accepted as entries for the Award. 

The award consists of prize money of ` 3.5 lakh and a citation. The last date for submission of applications is September 30, 2015. Abstract of the winning thesis will also be published as an Occasional paper by Exim Bank.

“The IERA Award by Exim Bank is an exceptional platform recognizing the research work done on international economics, trade, development and related topics by Indian nationals across the globe“, said Mr. Yaduvendra Mathur, Chairman & Managing Director, Exim Bank of India. He further added, “Being the twenty seventh year of the award it symbolises the Bank’s continuing efforts at promoting research and analysis. 

Exim Bank received 42 entries last year from across the globe by Indian nationals. The winner for the IERA Award 2013 was Dr. Anwesha Aditya for her research work on the topic “Trade Liberalisation, Product Variety and Growth”.

To know more about the past winners and to apply for the IERA 2015, please visit: http://www.eximbankindia.in/iera-award

 

 

For further details please contact: Mr. David Sinate, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. E-mail: dsinate@eximbankindia.in; Phone: 022-22172600

 

EXIM Bank celebrated Hindi fortnight

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Noted ad Guru Shri Piyush Pandey, at the  Hindi Fortnight culmination function of EXIM Bank along with Chairman and Managing Director Shri Yaduvendra Mathur (extreme right); Shri Debasish Mallick, Dy. Managing Director (second from right); Shri David Rasquinha, Deputy Managing Director (extreme left) and Ms. Daya Chandrahas, General Manager -OL (Centre)

 

Hindi Fortnight was celebrated in Export–Import Bank of India (EXIM Bank) from September 01, 2015 to September 15, 2015. During this period various programmes including Hindi competitions for staff members, Hindi workshops, Sangeet Sandhya were organized which were aimed at motivating and encouraging staff members for increasing use of Hindi in their day- to- day work. 

Hindi Fortnight started with the release of message by Chairman and Managing Director. A function to give away prizes to the winners of Hindi competitions was organised on September 16, 2015. Messages of Hon'ble Finance Minister, Shri Arun Jaitley and Hon'ble Home Minister, Shri Rajnath Singh were circulated to the staff members. Shri Piyush Pandey, noted Ad Guru, graced the occasion as Chief Guest. The function was presided over by Shri Yaduvendra Mathur, Chairman and Managing Director of EXIM Bank. Prizes were distributed to winners of Hindi competitions organized by the Bank.

 

Speaking on the occasion, Shri Mathur, Chairman & Managing Director of the Bank encouraged staff members for using Hindi increasingly in their day to day work. He opined that Hindi has been adopted as the language of our common expression by our constitution, for reaching out to the masses. He also encouraged staff members to learn as many languages as possible as Languages open windows to know about the various cultures of the world.

 

Chief Guest Shri Piyush Pandey emphasized that Hindi and Indian Languages are the only medium to reach the masses. He narrated the story of making advertisement for Cadbury chocolate in Hindi which made it a hit. He opined that Hindi is evolving very rapidly and accepting words from various languages with open heart which can be seen from the language used in Cinema and advertising media. He dwelled upon the need to bring other Indian languages closer to Hindi for evolving it as a more acceptable and powerful language for common expression in the country. Elaborating his real life experiences, he urged staff members to use day- to- day Hindi and avoid using difficult words especially in the communications meant for public, as such words stop its acceptability. He impressed upon the need of using Hindi and other Indian languages for spreading awareness on various social issues. Mr. Pandey also showed his popular advertisements and elaborated the process of making these advertisements. All the advertisements  shown used Hindi as the medium of communication. He shared that all his advertisements are influenced by real life experiences and cover all type of 'Rasas' categorized in Indian literature. 

 

EXIM Bank is an apex financial Institution engaged in financing, promoting and facilitating, India's international trade and investment. Bank brings out various research studies and news bulletins on export opportunities. These studies and news bulletins are also made available in Hindi and other Indian Languages. Banks' efforts for promoting Hindi and implementing Official Language policy have been recognized by various authorities and Bank has received many awards from Government of India including RBI and other Agencies.

EXIM Bank extends a Line of Credit of USD24 million to the government of The Republic of Cote d'Ivore

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Mr. Nadeem Panjetan, Chief General Manager, Export-Import Bank of India (left) concluding Line of Credit Agreement for USD 24 million with H.E. Mr. Sainy Temele, Ambassador of the Republic of Côte d’Ivoire in India, on Tuesday, September 22, 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 24 million to the Government of the Republic of Côte d’Ivoire, for financing Electricity Interconnection Project between Côte d’Ivoire and Mali. The LOC Agreement to this effect was signed in New Delhi on Tuesday, September 22, 2015, by H.E. Mr. Sainy Temele, Ambassador of the Republic of Côte d’Ivoire and Mr. Nadeem Panjetan, Chief General Manager, Exim Bank on behalf of Export-Import Bank of India. 

 

With the signing of the above LOC Agreement for USD 24 million, EXIM Bank, till date, has extended five LOCs to the Republic of Côte d’Ivoire, at the behest of the Government of India, taking the total value of LOCs to USD 136.30 million. The first LOC of USD 26.80 million was extended in August 2005 for financing renewal of urban transport system in Abidjan and for agricultural projects. The second LOC of USD 25.50 million was extended in June 2008 for financing (i) Mahatma Gandhi IT and Biotechnology Park, (ii) Fisheries Processing Plant and (iii) Coconut fibre processing plant. The third LOC of USD 30 million was extended in December 2009 for financing transmission line project between Cote d'Ivoire and Mali. The fourth LOC of USD 30 million was extended in March 2010 for financing rice production programme. Republic of Côte d’Ivoire is a West African country bordered by Liberia and Guinea in the west, Mali and Burkina Faso in the north, Ghana in the east, and the Gulf of Guinea (Atlantic Ocean) in the south.

 

With the signing of this LOC Agreement, EXIM Bank has now in place 200 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over USD 12.22 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 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. 

EXIM BANK EXTENDS A LINE OF CREDIT OF USD 24 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF CÔTE D’IVOIRE

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Mr. Nadeem Panjetan, Chief General Manager, Export-Import Bank of India(left) concluding Line of Credit Agreement for USD 24 millionwith H.E. Mr. Sainy Temele, Ambassador of the Republic of Côte d’Ivoire in India, onTuesday, September 22, 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 24 million to the Government of the Republic of Côte d’Ivoire, for financing Electricity Interconnection Project between Côte d’Ivoire and Mali. The LOC Agreement to this effect was signed in New Delhi on Tuesday, September 22, 2015, by H.E. Mr. Sainy Temele, Ambassador of the Republic of Côte d’Ivoire and Mr. Nadeem Panjetan, Chief General Manager, Exim Bank on behalf of Export-Import Bank of India.

With the signing of the above LOC Agreement for USD 24 million, Exim Bank, till date, has extended five LOCs to the Republic of Côte d’Ivoire, at the behest of the Government of India, taking the total value of LOCs to USD 136.30 million. The first LOC of USD 26.80 million was extended in August 2005 for financing renewal of urban transport system in Abidjan and for agricultural projects. The second LOC of USD 25.50 million was extended in June 2008 for financing (i) Mahatma Gandhi IT and Biotechnology Park, (ii) Fisheries Processing Plant and (iii) Coconut fibre processing plant. The third LOC of USD 30 million was extended in December 2009 for financing transmission line project between Cote d'Ivoire and Mali. The fourth LOC of USD 30 million wasextended in March 2010 for financing rice production programme. Republic of Côte d’Ivoire is a West African country bordered by Liberia and Guinea in the west, Mali and Burkina Faso in the north, Ghana in the east, and the Gulf of Guinea (Atlantic Ocean) in the south.

With the signing of this LOC Agreement, Exim Bank has now in place 200 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over USD 12.22 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 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.        

EXIM BANK ORGANISES DESIGN INTERVENTION WORKSHOP ON BLOCK PRINTING

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ACHROL, JAIPUR: Export-Import Bank of India (Exim Bank) in association with National Institute of Design (NID) recently inaugurated a Design Intervention workshop in block printing & dyeing for the rural women of Achrol village, near Jaipur, Rajasthan. 

Over 20 women participants having basic skill sets will be trained by young and enterprising designers from NID at the 15-day workshop. The objective of the workshop is to provide advance training on design intervention which will broaden participant’s perspective and improve skills in block printing & dyeing. It is envisaged that these participants will be equipped to train fellow craftsperson in their community. This activity will also set in motion the process of spreading skills and knowledge having multiplier impact over a period of time. The undergoing workshop will also improve the livelihood and economic status of participating rural women from the villages surrounding Jaipur.

The products with block printing designs are expected to get a modern touch during the training programme. The women participants having combined skills in dyeing, block printing, kantha embroidery and tailoring, are estimated to produce approx 20-25 products prototypes ranging from readymade garments & textiles and home, kitchen & bed furnishing items. 

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.

 

EXIM Bank extends a Line of Credit of USD35 million to the government of The Republic of Guinea

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Mr. Tarun Sharma, Regional Head of EXIM Bank’s New Delhi office (left) concluding Line of Credit Agreement for USD 35 million with H.E. Mr. Alexandre Cece Loua, Ambassador of The Republic of Guinea in India, on Wednesday, September 9, 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 35 million to the Government of the Republic of Guinea, for Construction and Upgradation of Regional Hospitals at Kankan and Nzerekore in Guinea. The LOC Agreement to this effect was signed in New Delhi on Wednesday, September 9, 2015, by H.E. Mr. Alexandre Cece Loua, Ambassador of the Republic of Guinea in India, on behalf of the Government of Republic of Guinea and Mr. Tarun Sharma, Regional Head of EXIM Bank’s New Delhi Office on behalf of Export-Import Bank of India. 

This is the first LOC extended by EXIM Bank to the Government of the Republic of Guinea. Republic of Guinea is located in West Africa bordering the North Atlantic Ocean to its west and shares its northern border with Guinea-Bissau, Senegal and Mali and its southern border with Sierra Leone, Liberia and Côte d’Ivoire.

With the signing of this LOC Agreement, EXIM Bank has now in place 199 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over USD 12.19 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.

 

Exim Bank Announces the Winner of IERA 2014

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Presentation of Exim Bank IERA 2014 by Dr. Arvind Subramanian, Chief Economic Adviser to the Government of India, to the Award winner, Dr. V. Kalyan Shankar in the presence of Mr. Yaduvendra Mathur, Chairman & Managing Director, Exim Bank of India at the Award Function held in New Delhi on July 27, 2015.  Exim Bank's Occasional Paper titled "Value Addition Chains and Trade in Manufactured Commodities in Southeast Asia" was also released by Dr. Arvind Subramanian at the function.

Dr. V. Kalyan Shankar was declared the winner of Export-Import Bank of India’s (Exim Bank) International Economic Research Award (IERA) 2014 for his doctoral thesis titled “Analysis of Inter-Country Value Addition Chains in the Trade of Select Manufacture Commodities among Select South East Asian Economies”. Exim Bank’s IERA 2014 was announced by Mr. Yaduvendra Mathur, Chairman and Managing Director, Exim Bank, at an award function held on July 27, 2015, in New Delhi. The Award consisting of ` 3.5 lakhs and a citation were handed over by the Chief Guest, Dr. Arvind Subramanian, Chief Economic Adviser to the Government of India, who also released Exim Bank’s Occasional Paper based on Dr. Kalyan Shankar's Award winning thesis.

Mr. Mathur, highlighted that IERA, instituted in 1989, currently in its 27th year, is given to Indian nationals for their outstanding Doctoral dissertations in the area of international economics, trade, development and related financing from Indian or foreign universities. Commenting on the Award winning thesis, Mr. Mathur noted that the research study addresses the interesting dynamics of value addition chains in trade of manufactured products in South East Asian region.  

Winning Thesis

Dr. Kalyan Shankar received his Doctoral degree in 2011 from the University of Pune. The thesis was written under the supervision of Dr. Rohini Sahni. He is currently working as an ICSSR Postdoctoral Fellow, in the Department of Economics, University of Pune.

Exim Bank’s IERA 

Exim Bank IERA represents the Bank’s ongoing efforts at promoting research and analysis in the area of international economics, trade & development and related financing. The Bank has opened entries for the 2015 edition of the Award. The last date for submission of applications is September 30, 2015. 

 

Exim Bank co-promotes a Project Development Company in Africa

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Deputy Managing Director of Exim Bank of India, Mr. David Rasquinha, signed the constitutive documents on behalf of Exim Bank, for setting up the Kukuza Project Development Company (PDC) in Africa to facilitate Indian participation in infrastructure projects in Africa, on Friday, July 24, 2015 at Mauritius. 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 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 PDC 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 PDC and having Board-level representation, would address the interests of Indian project exporters and focus on the PDC’s endeavours in a manner consistent with the interests of the Government of India. 

 

Exim Bank bagged two Prizes under RBI's Rajbhasha Shield Competition

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Shri Debasish Mallick, Deputy Managing Director, Exim Bank receiving award from RBI Governor Dr. Raghuram Rajan. Others in the photo- Dy. Governor– Shri S S Mundra & Ms. Daya Chandrahas, General Manager-Official Language, Exim Bank.            

Export–Import Bank of India (Exim Bank) has been awarded   by RBI two Prizes, one for its in-house bilingual magazine, 'Eximius' and another Prize for Hindi implementation in 'B' Region under Reserve Bank of India's Rajbhasha Shield Competition 2013-14. The award was received by Exim Bank's Deputy Managing Director, Shri Debasish Mallick from RBI Governor Dr. Raghuram Rajan at a function held in Reserve Bank of India’s Central Office Mumbai. Shri S.S. Mundra, Dy. Governor, RBI and Ms.Daya Chandrahas, General Manger, Exim Bank were present at the occasion. 

Export–Import Bank of India is an apex financial Institution, set up for promotion, facilitation, and financing of India's foreign trade and investment.  Exim Bank, since its inception, has been in the forefront in compliance of Official Language policy of the Government of India. Bank's research studies and news bulletins on export opportunities are also brought out in Hindi. Bi-monthly newsletter Eximius 'Agri Export Advantage' is published in ten major Indian Languages including Hindi and English. Another quarterly publication 'Export Advantage' is also published in Hindi and English. Exim Bank's efforts for promoting Hindi and implementing Official Language policy have been recognized by various authorities from time to time and Bank has received many awards from Government of India, RBI and other agencies. 

Exim Bank of India along with other member Development Banks of BRICS Nations signed an agreement expressing their intent to cooperate with the New Development Bank

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Chairman and Managing Director of Exim Bank of India, Mr. Yaduvendra Mathur, signed a multilateral cooperation agreement, along with Chairmen/Presidents of other member development banks of BRICS (Brazil, Russia, India, China, and South Africa) nations, expressing their intent to cooperate with the New Development Bank (NDB) promoted by the BRICS nations. The Agreement was signed in the presence of Heads of States/Governments of the BRICS countries on Thursday, July 09, 2015, in Ufa, Russia during the BRICS Summit 2015.

 

This Agreement is aimed at setting broader agenda for cooperation with the NDB guided by the existing international banking practices; the principles of equality, mutual benefit and responsible financing; and the existing partnership among the BRICS national development banks. The Agreement is expected to enhance cooperation between BRICS development banks and the NDB, individually or collectively, on sharing of information, knowledge and experiences; extending guarantees and counter guarantees; cofinancing; and issuance of bonds, among others.

 

Mr. K V Kamat, the newly elected First President of the NDB, in his address during the Annual Meeting of BRICS Interbank Cooperation Mechanism, stated that the NDB intends to act in speed, leveraging the strengths of the existing institutional infrastructure in BRICS nations. Cooperating with the national and regional development banks, the NDB intends to speed up the process of project identification, appraisal, and finance delivery, Mr. Kamat, added. Mr. Kamat also stated that the NDB intends to innovate and design new approaches, not only in lending, but also in resource raising.

 

Mr. Mathur, Chairman, Exim Bank of India, also addressed the Annual Meeting of the BRICS Interbank Cooperation Mechanism, and the Joint Financial Forum of BRICS and SCO organisations, organised by the Vnesheconombank (VEB) as part of the official agenda of the BRICS Summit.  In his address, Mr. Mathur stated that the development financial institutions of BRICS nations could play a significant role in regional development in the continents they represent. Further, Mr. Mathur added that BRICS nations are innovative economies, and through cooperation in the sphere of R&D, BRICS as a bloc could become a strong innovation centre for the world.

 

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

Exim Bank of India has signed an MOU with the Brazilian Development Bank

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Chairman and Managing Director of Exim Bank of India, Mr. Yaduvendra Mathur, and the President, Brazilian Development Bank (BNDES), Mr. Luciano Coutinho, signed a cooperation agreement at Ufa, Russia on the sidelines of the activities associated with the Annual Meetings of the BRICS Interbank Cooperation Mechanism, on Thursday, July 09, 2015. 

This MOU is aimed at sharing of knowledge, information and best practices; capacity building of personnel, including project development skills; promotion of joint events,  research and programmes; development of effective and sustainable financing solutions for projects of mutual interest, including projects in third countries, such as PPP projects; and cofinancing. 

Exim Bank of India and BNDES are nominated member development banks under the BRICS Interbank Cooperation Mechanism. Other nominated member development banks from BRICS nations are: State Corporation Bank for Development and Foreign Economic Affairs – Vnesheconombank, Russia; China Development Bank Corporation, and Development Bank of Southern Africa. Both BNDES and Exim Bank of India are parties to several multilateral cooperation agreements under the BRICS Interbank Cooperation Mechanism. As per these multilateral umbrella agreements, any interested Parties could enter into bilateral agreements to take forward the directions set under these multilateral agreements. 

Speaking on this occasion, Mr. Mathur, Chairman and Managing Director, Exim Bank of India, said that projects between the two institutions would be referred under this arrangement for joint financing. Further, the bilateral agreement is expected to strengthen the institutional capacities, besides augmenting the trade and investment relations between the two nations, Mr. Mathur added.

 

Exim Bank of India along with other member Development Banks of BRICS Nations sign cooperation agreement for NDB

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Chairman and Managing Director of Exim Bank of India, Mr. Yaduvendra Mathur, signed a multilateral cooperation agreement, along with Chairmen/Presidents of other member development banks of BRICS (Brazil, Russia, India, China, and South Africa) nations, expressing their intent to cooperate with the New Development Bank (NDB) promoted by the BRICS nations. The Agreement was signed in the presence of Heads of States/Governments of the BRICS countries on Thursday, July 09, 2015, in Ufa, Russia during the BRICS Summit 2015.

This Agreement is aimed at setting broader agenda for cooperation with the NDB guided by the existing international banking practices; the principles of equality, mutual benefit and responsible financing; and the existing partnership among the BRICS national development banks. The Agreement is expected to enhance cooperation between BRICS development banks and the NDB, individually or collectively, on sharing of information, knowledge and experiences; extending guarantees and counter guarantees; cofinancing; and issuance of bonds, among others.

Mr. K V Kamat, the newly elected First President of the NDB, in his address during the Annual Meeting of BRICS Interbank Cooperation Mechanism, stated that the NDB intends to act in speed, leveraging the strengths of the existing institutional infrastructure in BRICS nations. Cooperating with the national and regional development banks, the NDB intends to speed up the process of project identification, appraisal, and finance delivery, Mr. Kamat, added. Mr. Kamat also stated that the NDB intends to innovate and design new approaches, not only in lending, but also in resource raising.

Mr. Mathur, Chairman, Exim Bank of India, also addressed the Annual Meeting of the BRICS Interbank Cooperation Mechanism, and the Joint Financial Forum of BRICS and SCO organisations, organised by the Vnesheconombank (VEB) as part of the official agenda of the BRICS Summit.  In his address, Mr. Mathur stated that the development financial institutions of BRICS nations could play a significant role in regional development in the continents they represent. Further, Mr. Mathur added that BRICS nations are innovative economies, and through cooperation in the sphere of R&D, BRICS as a bloc could become a strong innovation centre for the world.

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

 

Exim Bank announces 27th edition of its International Economic Research Award

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The Export-Import Bank of India (Exim Bank) has opened entries for the Exim Bank International Economic Research Annual Award (IERA). 

 

The IERA Award was introduced in the commemoration of India’s first Prime Minister Pandit Jawaharlal Nehru’s Birth Centenary (1889-1989) rewarding research work by Indian nationals. Research work by Indian nationals in international economics, trade, development and related financing (either awarded a doctorate or accepted for award of doctorate) from a university or equivalent academic institution in India or abroad is a pre-requisite for eligibility of the Award.

 

Issues of relevance to India and Exim Bank such as those pertaining to foreign trade, foreign direct investments, joint ventures, international competitiveness, policies impacting trade and investment, monetary and fiscal interventions would be of particular interest. Thesis for which Doctorate has been obtained/ accepted for award of Doctorate anytime in the last 5 years will be accepted as entries for the Award. 

 

The award consists of prize money of `3.5 lakh and a citation. The last date for submission of applications is September 30, 2015. Abstract of the winning thesis will also be published as an Occasional paper by Exim Bank.

 

“The IERA Award by Exim Bank is an exceptional platform recognizing the research work done on international economics, trade, development and related topics by Indian nationals across the globe“, said Mr. Yaduvendra Mathur, Chairman & Managing Director, Exim Bank of India. He further added, “Being the twenty seventh year of the award it symbolises the Bank’s continuing efforts at promoting research and analysis. 

 

Exim Bank received 42 entries last year from across the globe by Indian nationals. The winner for the IERA Award 2013 was Dr. Anwesha Aditya for her research work on the topic “Trade Liberalisation, Product Variety and Growth”.

 

To know more about the past winners and to apply for the IERA 2015, please visit: http://www.eximbankindia.in/iera-award

FLAG-OFF CEREMONY SUPPLY OF ASHOK LEYLAND VEHICLES TO ZIMBABWE

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Mr. Yaduvendra Mathur, Chairman and Managing Director, during the flag-off ceremony at the Mumbai Port Trust on June 28, 2019 on the occasion of shipment of vehicles and spare parts by Ashok Leyland Ltd to Zimbabwe financed under Exim Bank’s National Export Insurance Account [NEIA] to the extent of USD 49.92 mn extended to Ministry of Finance and Economic Development, Government of Zimbabwe.

A flag-off ceremony was held at the Mumbai Port Trust on June 28, 2015 on the occasion of shipment of vehicles and spare parts by Ashok Leyland Ltd. to Zimbabwe. Ashok Leyland Ltd. has been awarded the contract for supply of 633 vehicles and spare parts to the Ministry of Tourism and Hospitality Industry, Government of Zimbabwe. Under the contract, Ashok Leyland Ltd. will also provide training to the buyer's technical staff in operation and maintenance of the products. 

The above contract is being financed by Exim Bank under its Buyer’s Credit [BC] under National Export Insurance Account [NEIA] to the extent of USD 49.92 mn extended to Ministry of Finance and Economic Development, Government of Zimbabwe. These vehicles will be utilized by the Ministry for Tourism and Hospitality activities, especially for promotion of domestic tourism, and supporting international tourism, disaster management, anti-poaching activities, peace missions and other related purposes.

The flag off ceremony was attended by Exim Bank’s Chairman and Managing Director, Mr. Yaduvendra Mathur, Deputy Managing Director, Mr. David Rasquinha and General Manager, Harsha Bangari in the presence of officials from Ashok Leyland Ltd., and authorities from Shipping Line, Port authorities’ etc. During the ceremony, Exim Bank’s Chairman and Managing Director, Mr. Yaduvendra Mathur mentioned that Exim Bank’s BC-NEIA programme is an unique financing mechanism that provides a safe mode of non-recourse financing option to Indian exporters and serves as an effective market entry tool to traditional as well as new markets in developing countries. The Programme is aimed to serve India’s national interest of export promotion and furthering the nation’s economic objectives. The current supply of vehicles to Zimbabwe will enhance the bilateral ties between India and Zimbabwe.

 

Stakeholders Roundtable on Project Exports

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Export-Import Bank of India (EXIM Bank) is organizing a “Stakeholders Roundtable on Project Exports” on 26th June 2015 in Pune, with the objective to develop a concrete road-map to give a quantum boost to India’s Project Exports in order to give a major fillip to manufactured exports and employment generation in India.

 

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

 

EXIM Bank’s flagship programmes such as Lines of Credit and Buyers’ 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.

 

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

 

EXIM Bank is supporting 414 project export contracts valued ` 189,736 crore (approx. USD 30.45 billion) that were under execution, in 81 countries across Asia, Africa and CIS by 139 Indian companies, as of March 31, 2015. These projects are being supported by EXIM Bank through a mix of funded and non-funded facilities.

 

The Seminar will be addressed by Shri David Rasquinha, Deputy Managing Director, EXIM Bank and includes a Panel Discussion to be represented by key industry leaders. Shri Malay Das, Joint M.D., Thyssenkrupp Industries India Pvt. Ltd., Shri Amitabha Mukhopadhyay, CFO & Executive Vice President, Thermax Ltd., Shri Subrata Mishra, Sr. Leadership & CFO, John Deere, Shri Suresh Kumar, Executive Vice President Africa, International Projects, Praj Industries Ltd., and Shri D.T. Arjun, Vice President & Head – Cement Division, Walchandnagar Industries Ltd. will share their views on the challenges and the way forward, in particular, on how to ensure a level playing field for Indian project exporters. The Seminar is expected to be attended by nearly 75 participants from close to 50 leading Indian companies.

Stakeholders Roundtable on Project Exports

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Export-Import Bank of India (EXIM Bank) is organizing a “Stakeholders Roundtable on Project Exports” on 26th June 2015 in Pune, with the objective to develop a concrete road-map to give a quantum boost to India’s Project Exports in order to give a major fillip to manufactured exports and employment generation in India.

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

EXIM Bank’s flagship programmes such as Lines of Credit and Buyers’ 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.

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

EXIM Bank is supporting 414 project export contracts valued ` 189,736 crore (approx. USD 30.45 billion) that were under execution, in 81 countries across Asia, Africa and CIS by 139 Indian companies, as of March 31, 2015. These projects are being supported by EXIM Bank through a mix of funded and non-funded facilities.

The Seminar will be addressed by Shri David Rasquinha, Deputy Managing Director, EXIM Bank and includes a Panel Discussion to be represented by key industry leaders. Shri Malay Das, Joint M.D., Thyssenkrupp Industries India Pvt. Ltd., Shri Amitabha Mukhopadhyay, CFO & Executive Vice President, Thermax Ltd., Shri Subrata Mishra, Sr. Leadership & CFO, John Deere, Shri Suresh Kumar, Executive Vice President Africa, International Projects, Praj Industries Ltd., and Shri D.T. Arjun, Vice President & Head – Cement Division, Walchandnagar Industries Ltd. will share their views on the challenges and the way forward, in particular, on how to ensure a level playing field for Indian project exporters. The Seminar is expected to be attended by nearly 75 participants from close to 50 leading Indian companies.

 

EXIM Bank extended Line of Credit of USD 268.35 million to the government of The United Republic of Tanzania

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Mr. Yaduvendra Mathur, Chairman and Managing Director, Export-Import Bank of India exchanging the Line of Credit Agreement for USD 268.35 million with Ms. Dorothy Stanley Mwanyika, Deputy Permanent Secretary, Ministry of Finance, on behalf of the Government of the United Republic of Tanzania, in New Delhi, India on Friday, June 19, 2015, in the presence of Prime Minister of India H.E. Mr. Narendra Modi and the President of Tanzania, H.E. Mr. Jakaya Kikwete.

Export-Import Bank of India (EXIM Bank) has, at the behest of the Government of India, extended additional Line of Credit (LOC) to the Government of the United Republic of Tanzania, of USD 268.35 million for financing the extension of Lake Victoria pipeline to Tabora, Igunga and Nzega in Tanzania. The LOC Agreement to this effect was signed in New Delhi on Friday, June 19, 2015, by Mr. Yaduvendra Mathur, Chairman and Managing Director on behalf of EXIM Bank and Ms. Dorothy Stanley Mwanyika, Deputy Permanent Secretary, Ministry of Finance, on behalf of the Government of the United Republic of Tanzania, in the presence of Prime Minister of India H.E. Mr. Narendra Modi and the President of Tanzania, H.E. Mr. Jakaya Kikwete. 

This is the fourth LOC extended by EXIM Bank to Tanzania at the behest of the Government of India. The first LOC of USD 40 million was extended, for financing supply of tractors, pumps and equipment to Tanzania. The second LOC of USD 36.56 million was extended, for financing the purchase of vehicles. The third LOC of USD 178.125 million was extended for financing augmentation of water supply schemes of Dar es Salaam and Chalinze regions in Tanzania. Tanzania is bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The main items that India exports to Tanzania are Petroleum products, pharmaceutical products, transport equipment, machinery & instruments, manmade yarn fabrics made ups, manufactures of metals, primary & semi-finished iron & steel and plastic & linoleum products. The main items that India imports from Tanzania are Cashew nuts followed by pulses, metal ferrous ores & metal scrap, wood & wood products, pearls, precious & semiprecious stones, spices and dyeing, tanning & colouring materials.

With the signing of this LOC Agreement, EXIM Bank has now in place 198 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 12.10 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. 

Export-Import Bank of India (EXIM Bank) has, further extended Buyer’s Credit under National Export Insurance Account (NEIA) of USD 29.61 million to the Ministry of Finance, Government of the United Republic of Tanzania to finance the supply of 777 Vehicles from India along with spares and Training in operation and maintenance to the Department of Police Force, Ministry of Home Affairs, Government of the United Republic of Tanzania. The Buyer’s Credit (under NEIA) Agreement to this effect was signed in New Delhi on Friday, June 19, 2015, along with the LOC agreement. The Bank has till date sanctioned an aggregate amount of USD 2.33 billion for 19 projects valued USD 3.75 billion under the BC-NEIA.

 

Exim Bank of India’s Lines of Credit: Boosting India’s International Trade

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Exim Bank of India’s LOCsare boosting India’s international trade and project exports.LOCs provide a risk-free, non-recourse export financing option to the Indian exporting community, which helps Indian companies to penetrate new markets and enhance their export volumes in overseas markets.Through the LOC Programme, Exim Bank plays an active role in supporting Indian project exporters to execute developmental projects in over 60 countries, which in turn provide immense opportunities to Indian companies to demonstrate their project execution capabilities. Associated supplies through sub-contractors contribute to increase in India’s global trade, at the same time furthering the “Make in India” concept while generating additional employment in India.

 

Under the GOI’s India Development and Economic Assistance Scheme, through the Development Partnership Administration Division, Government of India has been supporting development of partner countries through LOCs. As on date, total of 225 LOCs have been extended to 61 countries in Africa, Asia, Latin America, Oceania and the CIS, aggregating USD 14.87 billion. Over 170Indian companies have executed/are executing projects valued around USD 7 billion under the GOI-LOCs. Under the LOCs, on completion of specified milestones, payments are made to the Indian companies, by Exim Bank, based on the authorization of the borrower countries, thus guaranteeing payments to the Indian companies. Under the LOCs a minimum of 75% of goods and services needs to be of Indian origin and must be procured from India.

 

Benefits of Lines of Credit:

 

To Overseas Borrowers

 

  • Access to Indian technologies and products at competitive price
  • Indian technology – Triple ‘A’
  • “Adaptable”
  • “Appropriate”
  • “Affordable”
  • Developmental and infrastructure projects – Transfer of technology
  • Capacity building
  • Concessional interest rates and long repayment periods with moratorium

To Indian Companies

 

  • Job Creation
  • Demonstration of technical capability
  • Risk free entry into new markets
  • Non-recourse financing

Some of the projects under GOI LOCs,which can be highlighted, are:

 

LOC OF USD 27 MILLION TO MALI

 

In April 2010, the first tractor assembly unit in Mali, valued USD 12 million, commenced operation with construction assistance under the LOC.The fuel-efficient tractors and machines supplied from India, transformed the way African farmers used to do farming. Now with a single machine they could cultivate, plough, harrow, haul and do many other things at a low running cost. The Government of Mali has now converted the facility to a regular factory.Agricultural production and productivity has gone up by 30%. Mechanization has led to increase in areas under cultivation and output.Timesaving efficient practices in terms of tilling schedules have been adopted especially for cultivation of cotton, rice and sorghum. This has provided the farmers with increased revenues and relative food security to Mali. Some farmers are also earning additional income by renting out the tractors to other smaller farmers.

 

The rural electrification project of USD 15 million under the LOC, has provided employment to many. People are hired for running, maintenance and servicing purposes. The project was timely as it provided electricity during acute deficit. The project has led to increased social and economic development by way of positive externalities such as increase in industrial production in areas around Bamako due to stable electricity supply, growth of new industries, employment creation, income generation, improvements in living conditions, reduction in poverty, improvement in health facilities due to stable power supply and increase in school enrollment rates.

 

LOC OF USD 40 MILLION TO ANGOLA

 

The project envisaged modernization and upgradation of workshop, supply of railway rolling stock in Angola where coaches are operating between Namibe and Matala (434 km) carrying, both passenger and freight traffic. This provided cheaper and faster mode of transportation as compared to road. It has facilitated exploration of Kassinga Mines deposit bed (iron ore) in the municipality of Jamba Huila Province. Farmers are using railways to transport their agricultural products to interior regions of Angola, at a reasonable price.

 

USD 30 MILLION LOC TO MALAWI

 

Various types of agricultural plants and equipments have been supplied by Indian SMEs to Malawi under One Village One Product Programme (OVOP) and Small Holder’s Irrigation Programme. The supply of equipment for agro processing, such as flour mills, sugarcane crushers, fruit pulp and bottling equipment, along with associated training, have empowered  farmers and especially women entrepreneurs in rural areas of Malawi to increase their income and generate sustainable livelihood.

 

LOCs OF USD 80 MILLION TO RWANDA

 

Two LOCs aggregating USD 80 million were extended to the Government of Rwanda for financing the 28 MW Nyaborongo Hydro-power project in Rwanda. The project is Rwanda’s biggest hydroelectric power plant and would be a boost to Rwanda’s national power grid. The project is catering to 25% of total electricity demand of Rwanda.

 

LOC OF USD 27 MILLION TO SENEGAL

 

Under the LOC, 2394 diesel engine pumpsets were supplied from India and installed in rice producing zones of Senegal.Coverage area under irrigation has increased more than two fold. Rice production in the region has also gone up by 180%. Now, around 40% of the rice demand of Northern Senegal is being met by local production, as compared to the earlier 19% of local demand. The project has contributed to reduction in the import bill of food products as also generated employment for field workers (particularly women farmers) and servicing staff of equipment.

 

LOC OF USD 25 MILLION TO COTE D’IVOIRE

 

One of the most important projects which Exim Bank is proud of being associated with, is the Mahatma Gandhi Biotechnology Park under implementation in the Grand-Bassam special economic zone. The activities of the park would include:

 

  • Hosting companies in the sector of ICT and Biotechnology
  • Developing the production of products and services related to ICT and Biotechnology
  • Developing applied research in ICT and Biotechnology
  • Promoting ICT training and Biotechnology.

Specific objectives of the Mahatma Gandhi Biotechnology Parkare:

 

  • Improvement of the economic environment
  • Job creation
  • Easy access to the products of information technology, communications and biotechnology
  • Upgrading training and research
  • Production and export of new technologies
  • Strengthening of the competitiveness of local businesses.

 

LOCs OF USD 798 MILLION TO SRI LANKA

 

Re-construction of Railway Lines by IRCON International Ltd. in Northern Province of Sri Lanka has been achieved through the LOCs, which has enhanced the accessibility, safety and speed of train travel in Sri Lanka.

 

The Omanthai to Pallai Railway line project was completed during September 2013 and the Madhu Road to TalaiMannar Railway line project was inaugurated by our Hon’ble Prime Minister Mr. NarendraModi in March 2015.

 

USD 800 MILLION LOC TO BANGLADESH

 

Under the LOC, 290 double decker buses, 50 articulated buses and 88 single decker buses have been supplied to Bangladesh from India. They are plying on the roads of Dhaka and other major cities of Bangladesh. The buses have improved the urban and inter-city transportation and have facilitated travel for the people of Bangladesh.

 

LOC OF USD 20 MILLION TO MONGOLIA

 

Under the LOC, India-Mongolia Joint Information Technology Education & Outsourcing Center (IMJIT) Project is being set up. This will result in increased computerisation and enhancing IT skills among the Mongolian youth as well as income generation opportunities through setting up of outsourcing centers.

 

LIGHTING UP SUDAN THROUGH INDIAN LOC

 

Mr. Mathur, CMD of Exim Bank shared an incident about a project in Sudan. Around 2-3 years back, an Exim Bank team visited Sudan and as a part of the visit, the team visited Kosti Power Project in Sudan which was then under implementation. After the visit the team attended a large meeting convened by government authorities where representatives of various business enterprises were also present. Suddenly, a gentleman stood up and asked Exim Bank team, “Why did you go to see Kosti Project? What have you seen there? If you want to know the actual benefit of your LOC, you must visit Northern Kordofan region where small children are able to study in the night because of the solar power project set up by India.”  The project enabled electrification of:

 

100 primary schools

100 secondary schools

100 units of public sector utilities

100 hospital / health centers in rural areas

50 voting centers

IN CONCLUSION

 

Thus, the LOC programme has enabled Indian companies to demonstrate project execution capabilities in the emerging markets, which create, in the recipient countries, a greater visibility for Indian expertise and project execution capabilities, with downstream linkages for export of goods and services thereby furthering the “Make in India” initiative, while creating additional jobs at the same time in India. The projects financed under the LOCs cover a variety of sectors like Agriculture, Transportation, Manufacturing (cement, sugar), Energy (generation, transmission and rural electrification) and Infrastructure. A number of infrastructure/industrial projects have since been financed under the LOCs, such as power generation, transmission and distribution projects in Sudan, Suriname, Ghana, Belarus, Mozambique, Cote d’Ivoire, Ethiopia and Mali, urban transportation projects in Bangladesh and Senegal, Cote d’Ivoire and D.R. Congo, railway projects in Sri Lanka, Senegal, Mali, Myanmar and Angola, telecommunication project in Myanmar, refinery rehabilitation project in Myanmar, sugar industry rehabilitation project in Fiji and Ethiopia, cement project in D.R. Congo and Djibouti.

 

About Exim Bank

 

Export-Import Bank of India is the premier export finance institution in India fully owned by the Government of India. Since its inception, Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment. Commencing operations as a purveyor of export credit, like other Export Credit Agencies in the world, Exim Bank of India has, over the period, evolved into an institution that plays a major role in partnering Indian industries in their globalisation efforts, through a wide range of products and services offered at all stages of the business cycle, starting from import of technology and export product development to export production, export marketing, pre-shipment and post-shipment and overseas investment. 

Exim Bank of India’s Lines of Credit: Boosting India’s International Trade

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Exim Bank of India’s LOCsare boosting India’s international trade and project exports.LOCs provide a risk-free, non-recourse export financing option to the Indian exporting community, which helps Indian companies to penetrate new markets and enhance their export volumes in overseas markets.Through the LOC Programme, Exim Bank plays an active role in supporting Indian project exporters to execute developmental projects in over 60 countries, which in turn provide immense opportunities to Indian companies to demonstrate their project execution capabilities. Associated supplies through sub-contractors contribute to increase in India’s global trade, at the same time furthering the “Make in India” concept while generating additional employment in India. 

 

Under the GOI’s India Development and Economic Assistance Scheme, through the Development Partnership Administration Division, Government of India has been supporting development of partner countries through LOCs. As on date, total of 225 LOCs have been extended to 61 countries in Africa, Asia, Latin America, Oceania and the CIS, aggregating USD 14.87 billion. Over 170Indian companies have executed/are executing projects valued around USD 7 billion under the GOI-LOCs. Under the LOCs, on completion of specified milestones, payments are made to the Indian companies, by Exim Bank, based on the authorization of the borrower countries, thus guaranteeing payments to the Indian companies. Under the LOCs a minimum of 75% of goods and services needs to be of Indian origin and must be procured from India. 

 

Benefits of Lines of Credit

To Overseas Borrowers

• Access to Indian technologies and products at competitive price

• Indian technology – Triple ‘A’

• “Adaptable”

• “Appropriate”

• “Affordable”

 Developmental and infrastructure projects – Transfer of technology

 Capacity building

 Concessional interest rates and long repayment periods with moratorium

 

 

 

To Indian Companies

 Job Creation 

 Demonstration of technical capability

 Risk free entry into new markets

 Non-recourse financing

 

Some of the projects under GOI LOCs,which can be highlighted, are:

LOC OF USD 27 MILLION TO MALI 

In April 2010, the first tractor assembly unit in Mali, valued USD 12 million, commenced operation with construction assistance under the LOC.The fuel-efficient tractors and machines supplied from India, transformed the way African farmers used to do farming. Now with a single machine they could cultivate, plough, harrow, haul and do many other things at a low running cost. The Government of Mali has now converted the facility to a regular factory.Agricultural production and productivity has gone up by 30%. Mechanization has led to increase in areas under cultivation and output.Timesaving efficient practices in terms of tilling schedules have been adopted especially for cultivation of cotton, rice and sorghum. This has provided the farmers with increased revenues and relative food security to Mali. Some farmers are also earning additional income by renting out the tractors to other smaller farmers.

 

The rural electrification project of USD 15 million under the LOC, has provided employment to many. People are hired for running, maintenance and servicing purposes. The project was timely as it provided electricity during acute deficit. The project has led to increased social and economic development by way of positive externalities such as increase in industrial production in areas around Bamako due to stable electricity supply, growth of new industries, employment creation, income generation, improvements in living conditions, reduction in poverty, improvement in health facilities due to stable power supply and increase in school enrollment rates.

 

LOC OF USD 40 MILLION TO ANGOLA

The project envisaged modernization and upgradation of workshop, supply of railway rolling stock in Angola where coaches are operating between Namibe and Matala (434 km) carrying, both passenger and freight traffic. This provided cheaper and faster mode of transportation as compared to road. It has facilitated exploration of Kassinga Mines deposit bed (iron ore) in the municipality of Jamba Huila Province. Farmers are using railways to transport their agricultural products to interior regions of Angola, at a reasonable price.

 

 

 

USD 30 MILLION LOC TO MALAWI

Various types of agricultural plants and equipments have been supplied by Indian SMEs to Malawi under One Village One Product Programme (OVOP) and Small Holder’s Irrigation Programme. The supply of equipment for agro processing, such as flour mills, sugarcane crushers, fruit pulp and bottling equipment, along with associated training, have empowered  farmers and especially women entrepreneurs in rural areas of Malawi to increase their income and generate sustainable livelihood.

 

LOCs OF USD 80 MILLION TO RWANDA

Two LOCs aggregating USD 80 million were extended to the Government of Rwanda for financing the 28 MW Nyaborongo Hydro-power project in Rwanda. The project is Rwanda’s biggest hydroelectric power plant and would be a boost to Rwanda’s national power grid. The project is catering to 25% of total electricity demand of Rwanda.

 

 

LOC OF USD 27 MILLION TO SENEGAL

Under the LOC, 2394 diesel engine pumpsets were supplied from India and installed in rice producing zones of Senegal.Coverage area under irrigation has increased more than two fold. Rice production in the region has also gone up by 180%. Now, around 40% of the rice demand of Northern Senegal is being met by local production, as compared to the earlier 19% of local demand. The project has contributed to reduction in the import bill of food products as also generated employment for field workers (particularly women farmers) and servicing staff of equipment. 

 

LOC OF USD 25 MILLION TO COTE D’IVOIRE

One of the most important projects which Exim Bank is proud of being associated with, is the Mahatma Gandhi Biotechnology Park under implementation in the Grand-Bassam special economic zone. The activities of the park would include: 

 Hosting companies in the sector of ICT and Biotechnology 

 Developing the production of products and services related to ICT and Biotechnology 

 Developing applied research in ICT and Biotechnology 

 Promoting ICT training and Biotechnology. 

 

Specific objectives of the Mahatma Gandhi Biotechnology Parkare :

 Improvement of the economic environment 

 Job creation 

 Easy access to the products of information technology, communications and biotechnology 

 Upgrading training and research 

 Production and export of new technologies 

 Strengthening of the competitiveness of local businesses.

 

LOCs OF USD 798 MILLION TO SRI LANKA

Re-construction of Railway Lines by IRCON International Ltd. in Northern Province of Sri Lanka has been achieved through the LOCs, which has enhanced the accessibility, safety and speed of train travel in Sri Lanka.

The Omanthai to Pallai Railway line project was completed during September 2013 and the Madhu Road to TalaiMannar Railway line project was inaugurated by our Hon’ble Prime Minister Mr. NarendraModi in March 2015. 

 

USD 800 MILLION LOC TO BANGLADESH

Under the LOC, 290 double decker buses, 50 articulated buses and 88 single decker buses have been supplied to Bangladesh from India. They are plying on the roads of Dhaka and other major  cities of Bangladesh. The buses have improved the urban and inter-city transportation and have facilitated travel for the people of Bangladesh.

 

LOC OF USD 20 MILLION TO MONGOLIA

Under the LOC, India-Mongolia Joint Information Technology Education & Outsourcing Center (IMJIT) Project is being set up. This will result in increased computerisation and enhancing IT skills among the Mongolian youth as well as income generation opportunities through setting up of outsourcing centers.

LIGHTING UP SUDAN THROUGH INDIAN LOC

 

Mr. Mathur, CMD of Exim Bank shared an incident about a project in Sudan. Around 2-3 years back, an Exim Bank team visited Sudan and as a part of the visit, the team visited Kosti Power Project in Sudan which was then under implementation. After the visit the team attended a large meeting convened by government authorities where representatives of various business enterprises were also present. Suddenly, a gentleman stood up and asked Exim Bank team, “Why did you go to see Kosti Project? What have you seen there? If you want to know the actual benefit of your LOC, you must visit Northern Kordofan region where small children are able to study in the night because of the solar power project set up by India.”  The project enabled electrification of :

 100 primary schools

 100 secondary schools 

 100 units of public sector utilities

 100 hospital / health centers in rural areas

 50 voting centers

 

IN CONCLUSION

Thus, the LOC programme has enabled Indian companies to demonstrate project execution capabilities in the emerging markets, which create, in the recipient countries, a greater visibility for Indian expertise and project execution capabilities, with downstream linkages for export of goods and services thereby furthering the “Make in India” initiative, while creating additional jobs at the same time in India. The projects financed under the LOCs cover a variety of sectors like Agriculture, Transportation, Manufacturing (cement, sugar), Energy (generation, transmission and rural electrification) and Infrastructure. A number of infrastructure/industrial projects have since been financed under the LOCs, such as power generation, transmission and distribution projects in Sudan, Suriname, Ghana, Belarus, Mozambique, Cote d’Ivoire, Ethiopia and Mali, urban transportation projects in Bangladesh and Senegal, Cote d’Ivoire and D.R. Congo, railway projects in Sri Lanka, Senegal, Mali, Myanmar and Angola, telecommunication project in Myanmar, refinery rehabilitation project in Myanmar, sugar industry rehabilitation project in Fiji and Ethiopia, cement project in D.R. Congo and Djibouti. 

 

About Exim Bank

Export-Import Bank of India is the premier export finance institution in India fully owned by the Government of India. Since its inception, Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment. Commencing operations as a purveyor of export credit, like other Export Credit Agencies in the world, Exim Bank of India has, over the period, evolved into an institution that plays a major role in partnering Indian industries in their globalisation efforts, through a wide range of products and services offered at all stages of the business cycle, starting from import of technology and export product development to export production, export marketing, pre-shipment and post-shipment and overseas investment. 

 

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] 22172600 E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

 

Exim Bank backs Jalandhar’s leather industry to go international

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Lt Col. J.S Paul (extreme right), President, Punjab leather Federation (PLF), Ms. Kusum Singh, Deputy General Manager& Regional Head, Exim Bank along with other officials of Exim Bank and PLF at the Seminar in Jalandhar.

Export-Import Bank of India (Exim Bank)and Punjab Leather Federation(Council of Leather Exports, Punjab) have announced their intent to explore areas of cooperation through which leather and leather product companies in the Jalandhar district of Punjab can be supported in accessing international markets. At a recent seminar, which was attended by representatives of Jalandhar’s cluster of indigenous leather and leather product exporters, senior officials from both organizations highlighted the growth potential for the sector and outlined existing programs and facilities that would help address some pertinent issues. 

Jalandhar is one of India’s major production centres for leather and leather products. The Punjab Leather Federation estimates that leather and leather products worth Rs. 800 crore are exported from the cluster. Exports constitute primarily leather and fabricated products such as footwear and bags.

Leather exporters in Jalandhar, however, are faced with several hard challenges including power shortage and high cost of power, competition from companies situated closer to the international airport in Delhi, unorganized cattle breeding in Punjab and the need for increasing the number and capacity of effluents treatment plants (ETPs) in the region. 

Lt. Col. J. S. Paul, President of the Punjab Leather Federation highlighted the key issues and the role that the Federation plays in supporting the leather industry in the region.

Speaking at the seminar, Mrs. Kusum Singh, Regional Head, Exim Bank said, “The SME sector plays an important role in sustaining growth. SMEs need to improve and upgrade their operations to penetrate global markets.” 

India is currently the world’s third largest exporter of leather and leather products, with a CAGR of 14.77% over the last five years. The Government has identified the leather sector as a focus sector in its Foreign Trade Policy.

Exim Bank provides a number of financial services to Indian companies to help them grow their business and access global markets. The participants at the seminar were informed of such services and others, including Exim Bank’s Term loans for setting up of facilities and common facility centers; support for setting up overseas joint ventures and wholly owned subsidiaries; the Lines of Credit programme; Market Advisory services and the Grass roots Initiative Development Programme.

 

 

 

 

EXIM BANK EXTENDS TWO LINES OF CREDIT OF USD 34.50 MILLION AND USD 109.942 MILLION TO THE GOVERNMENT OF THE DEMOCRATIC REPUBLIC OF CONGO

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Mr. Yaduvendra Mathur, Chairman and Managing Director, Export-Import Bank of India(right) concluding two Line of Credit Agreements for USD 34.50 million and USD 109.942 million with H.E Mr. YAV MULANG, Minister of Finance, Government of Democratic Republic of Congo, on behalf of the Government of the Democratic Republic of Congo, in Abidjan, Cote d’Ivoire during the 50th Annual Meeting of the African Development Bank on Thursday, May 28, 2015in the presence of H.E. Mr. François BALUMUENE NKUNA, Ambassador of the Democratic Republic of Congo in India, Mr. Dinesh Sharma, Additional Secretary, Ministry of Finance, Government of India and Mr. Ajay Singh, Director, Ministry of Finance, Government of India.

Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended two additional Lines of Credit (LOCs) to the Government of the Democratic Republic of Congo, viz. (a) USD 34.50million for financing development of Power Distribution Project in Bandundu Province of Democratic Republic of Congo and (b) USD 109.942 million for transmission and distribution project in Kasai province of Democratic Republic of the Congo for evacuation of electricity from Ketende Hydroelectric Power Project in Democratic Republic of Congo. The LOC Agreements to this effect were signed in Abidjan, Cote d’Ivoire during the 50th Annual Meeting of the African Development Bank on Thursday, May 28, 2015, by Mr. Yaduvendra Mathur, Chairman and Managing Director on behalf of Exim Bank and H.E. Mr. YAV MULANG, Minister of Finance, on behalf of the Government of the Democratic Republic of Congo in the presence of H.E. Mr. François BALUMUENE NKUNA, Ambassador of the Democratic Republic of Congo in India, Mr. Dinesh Sharma, Additional Secretary, Ministry of Finance, Government of India and Mr. Ajay Singh, Director, Ministry of Finance, Government of India.

Exim Bank had earlier extended five LOCs aggregating to USD 350.50 million to Government of the Democratic Republic of Congo. The first LOC of USD 33.50 million was extended in August 2005 for financing supply of buses, spare parts, cement project, hydraulic excavators in Democratic Republic of Congo. The second LOC of USD 25 million was extended in August 2009 for financing supply of hand pumps, drilling rigs, submersible pumps, DG sets and spare parts and equipment for workshops for execution of rural water supply project. The third LOC of USD 42 million was extended in August 2010 for financing Kakobola Hydroelectric Power Project. The fourth LOC of USD 168 million was extended in July 2011 for financing Ketende Hydroelectric Power Project. The fifth LOC of USD 82 million was extended in June 2014 for financing completion of the Ketende Hydroelectric Project Power Project. Democratic Republic of Congo is a central African country and is surrounded by the Republic of Congo and the Atlantic Ocean to the west, Angola and Zambia to the southeast, Tanzania, Burundi, Rwanda and Uganda to the east, South Sudan to the northeast and the Central African Republic to the north and northeast.

With the signing of these LOC Agreements, Exim Bank has now in place 196 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 12.02 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.

 

Exim Bank’s Study highlights Potential for Enhancing India's Trade Relations with ECOWAS

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Export-Import Bank of India's (Exim Bank's) Recent Publication on ‘Enhancing India’s Trade Relations with ECOWAS: A Brief Analysis’ being released at the hands of Mr. Dinesh Sharma, Additional Secretary in the Department of Economic Affairs, Ministry of Finance, Government of India, and the Alternate Governor representing India at the Annual Meeting of AfDB (Second from Left); Mrs. Kodeidja Diallo, Director, Private Sector Department, AfDB (Second from Right); Mr. Dinesh Bhatia, Indian Ambassador to the Republic of Cote d’Ivoire (Extreme Right); and Mr. Yaduvendra Mathur, IAS, Chairman and Managing Director, Exim Bank of India (Extreme Left) during the Africa-India Partnership Day in Abidjan, Cote d’Ivoire on 27th May 2015, jointly organized by Exim Bank, African Development Bank, and FICCI.

Export-Import Bank of India (Exim Bank)'s recent publication on "Enhancing India's Trade Relations with ECOWAS: A Brief Analysis" was released at the hands of Mr. Dinesh Sharma, Additional Secretary in the Department of Economic Affairs, Ministry of Finance, Government of India, during the India-Africa Partnership Day, jointly organized by Exim Bank and Federation of Indian Chambers of Commerce and Industry (FICCI), in Abidjan, Cote d’Ivoire, on May 27, 2015. The event was organized with the objective of sharing India's developmental experiences with Africa, particularly in Public-Private Partnership model of financing infrastructure development. 

Exim Bank's latest study highlights that the two-way trade between India and ECOWAS region has witnessed a robust 12-fold rise, from US$ 1.9 billion in 2004 to touch US$ 22.7 billion in 2013. While India’s total exports to ECOWAS have risen 6-fold to US$ 7 billion in 2013, India’s total imports from ECOWAS have risen 23-fold to US$ 15.7 billion. As a result, India’s trade balance with ECOWAS has turned negative in recent years, primarily due to the large and rising volume of crude petroleum imports. India’s trade deficit with ECOWAS amounted to US$ 8.7 billion in 2013.

The study highlights that in order to further enhance India’s trade with the ECOWAS region, and at the same time to address the rising trade deficit, an important strategy would be to focus on India’s export potential to ECOWAS countries. Accordingly, Exim Bank's study attempts to identify potential focus export items for India up to the 6-digit level of HS commodity code classification.

Given India’s expertise in several manufactured products, and technology which is affordable and adaptable, ECOWAS 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 ECOWAS for such products and technology, could prove to be a win-win situation for both India and ECOWAS. This would also help in further strengthening bilateral ties, and resulting in a mutually rewarding long-term partnership. 

Exim Bank organised Africa – India Partnership Day in Abidjan, Cote d’Ivoire

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Export-Import Bank of India together with FICCI (Federation of Indian Chambers of Commerce and Industry) organized the Africa – India Partnership Day, in Abidjan, Cote d’Ivoire, on May 27, 2015, as part of Annual Meeting of the African Development Bank Group, with the objective of sharing India's developmental experiences with Africa, particularly in Public-Private Partnership model of financing infrastructure development. A high-level delegation from 25 Indian companies visited Abidjan to participate in this event, and to demonstrate their capabilities and to share their experiences in development of infrastructure, particularly in energy and transportation sectors. 

Reiterating the strong Indian commitment to the relations between Africa and India, Mr. Dinesh Sharma, Additional Secretary in the Department of Economic Affairs in the Ministry of Finance, Government of India, who was also the Alternate Governor representing India at the Annual Meeting of AfDB, stated that India has signed replenishment of technical cooperation with African Development Bank Group with Rs. 600 million, equivalent to US$ 9.52 million, which depicts India’s strong commitment towards greater linkages between Africa and India.

Speaking on the occasion, Mr. Yaduvendra Mathur, CMD, Exim Bank, stated that both Exim Bank and India have undertaken several measures to overcome the developmental challenges, and is keen to share its developmental experiences and capabilities with African region in areas that are keys to the continent’s development. 

Mr. Dinesh Bhatia, Indian Ambassador to the Republic of Cote d’Ivoire, also highlighted that India’s commitment is not just restricted to investment, but also in the knowledge and skill development sphere through the Indian Technical and Economic Cooperation Program, popularly known as ITEC. Under this program, the Government of India extends fully paid scholarships to participants in developing countries to do courses in diverse range of subjects.

Mrs. Kodeidja Diallo, Director, Private Sector Department, AfDB also stated that taking the initiatives of Africa-India linkages forward, a Project Development Company is to be launched in the African continent by the African Development Bank Group, joining hands with Exim Bank and other institutions from India. The company will be looking at developing infrastructure projects in Africa to bankable stage. 

H.E. Mr. Jean-Louis Billon, Minister of Trade, Crafts and SME Promotion of Cote d’Ivoire stated that the trade and investment between India and Africa has been growing over the years. However, he also stressed that there still remains large untapped potential. With respect to Cote d’Ivoire, the Minister also mentioned key sectors where there is scope for greater interaction between the two countries.

Sharing Indian experiences in implementing PPP, Mr. Ajay Shankar Singh, Director, Department of Economic Affairs, Ministry of Commerce, stated that India has built institutional framework as also regulatory framework to make the PPP mode of attracting investments in infrastructure sector. These would be key learnings for Africa. While providing an overview of the enabling environment and interventions for PPPs in India, Mr. Singh also enumerated the Africa-India knowledge sharing partnerships in the PPP sphere. 

The event also had panel discussions on project development and financing, particularly in the transportation sector, with speakers from the industry sharing their experiences. The event was attended by several dignitaries including ministers and senior officials from the African nations, CEOs of developmental financial institutions, banks, corporate houses from Africa and India. 

The Africa-India Partnership Day has become a regular feature of the AfDB Annual Meeting, and showcases the immense scope for expanding the mutually enriching partnership between Africa-India. 

 

 

R&D Collaboration important for a Stronger BRICS: Exim Bank Study

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Exim Bank’s study “Research and Development in BRICS : An Insight” was released at the hands of Ms. Sujata Mehta, Secretary (ER), (Standing Third from Right) Ministry of External Affairs, Government of India, during a joint FICCI-Exim Bank Capacity Building Programme on Promoting Trade and Investments with BRICS Countries held in New Delhi on April 17, 2015. Other dignitaries on the dais are Mr. Yaduvendra Mathur, CMD, Exim Bank (third from left); Mr. Onkar S Kanwar, Chairman of the BRICS Business Council; Mr. Sidharth Birla, Immediate Past President, FICCI.

Globalisation of R&D has been accelerating since the last few decades through a combination of forces, which include growth in R&D in emerging economies, off-shoring and outsourcing of R&D to developing regions by developed countries, improved level of collaboration between R&D institutions and end-users of R&D and growing commercialization of R&D. 

An Exim Bank study entitled ‘Research & Development in BRICS: An Insight’, observes that the BRICS economies as a whole have been progressing in their endeavours at creating a conducive environment for innovation with key parameters like expenditure on R&D as percentage of GDP, number of patents and industrial designs registered, share of high tech exports in manufactured exports all recording consistent increases over the past decade. However, the study notes that there is ample scope for improvement for BRICS to collaborate and push innovation in their respective economies to a higher growth path. Given the Government of India’s focus on ‘Make in India’, the study maintains that the need to develop R&D in the country is being felt more than ever before. 

The Study has highlighted that select R&D policies of other BRICS partner countries from which India’s scientific community and policy makers could learn from. Thus, for instance, the Government could consider creating a support system in India on the lines of the Brazilian Technology Act 2004 which can help the SMEs in the country to utilise common R&D centres for mutual benefit, thereby creating new technology that would enable productivity enhancement for SMEs. Similarly, India could take inspiration from the Chinese demonstration programme involving 1000 energy saving or new-energy vehicles in 25 cities, which was launched to turn the automotive market towards new-energy vehicles and to have 500,000 of these vehicles in the market by 2015. The Government could encourage R&D in energy saving technologies in such a manner, and educate the public on pollution, and also possibly explore manufacturing of energy-saving or new-energy vehicles on a mass scale. With the objective of attracting science and technology talents, China has devised a programme, called the ‘Long-Term Thousand Talents Program’ for attracting Chinese technical expats back to their country and has also introduced a programme to attract foreigners involved in R&D activities into China. Indian Government could also consider introducing scholarships and re-entry programs on similar lines introduced in biotechnology sector (Ramalingaswamy Fellowship), and at the same time increase the number of years for Fellowship.

The study has also suggested setting up science parks in close proximity to universities and technical institutes so that commercialization of technology developed by them could be fast-tracked; enhance coordination among the key departments involved in science and innovations; and develop a structure for collating and consolidating India’s R&D capabilities through PPP model. The rationale for adopting a PPP model is to reap broader economic and social benefits from investments in public research by better cost and risk sharing approach; securing higher quality contributions from the private sector; fostering commercialization of research, and upgrading knowledge infrastructure. The study has also opined that BRICS economies could consider collaborating in research studies, scientific publications, joint R&D investments, and patent filing. The study asserts that providing financial support to attract and retain science and engineering students, while fostering student exchange programs amongst BRICS economies can go a long way in building a strong bonding within BRICS economies.

The Study was released at the hands of Ms. Sujata Mehta, Secretary (ER), Ministry of External Affairs, Government of India, during a joint FICCI-Exim Bank Capacity Building Programme on Promoting Trade and Investments with BRICS Countries held in New Delhi on April 17, 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exim Bank’s study “Research and Development in BRICS : An Insight” was released at the hands of Ms. Sujata Mehta, Secretary (ER), (Standing Third from Right) Ministry of External Affairs, Government of India, during a joint FICCI-Exim Bank Capacity Building Programme on Promoting Trade and Investments with BRICS Countries held in New Delhi on April 17, 2015. Other dignitaries on the dais are Mr. Yaduvendra Mathur, CMD, Exim Bank (third from left); Mr. Onkar S Kanwar, Chairman of the BRICS Business Council; Mr. Sidharth Birla, Immediate Past President, FICCI.

 

 

For further information, please contact: Mr. Prahalathan Iyer, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: (022) 22172704

Fax: (022) 22182572. E-mail: prahalathan@eximbankindia.in, Website:  www.eximbankindia.in

 

Exim Bank Signs MOC with AIACA

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Export-Import Bank of India (Exim Bank) signed a Memorandum of Cooperation (MOC) with All India Artisans and Craft workers Welfare Association (AIACA), a non-profit organization based in New Delhi, which works on increasing incomes and standard of living of crafts producers by enhancing market opportunities and providing various business development services to them. The purpose of the MOC is to identify areas and means of cooperation through which Indian grassroots/social enterprises could be supported to enable them reach international markets. Under the MOC, both Exim Bank and AIACA will share their knowledge and connect each other to promising social enterprises for further support, including financial and advisory.

The MOC was signed by Mr. Debasish Mallick, Deputy Managing Director, Exim Bank and Ms. Madhura Dutta, Executive Director, AIACA at a function organized in Mumbai on February 11, 2015. Briefing the representatives from AIACA, 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. The underlying objective is to augment sustainable employment opportunities and exports from the disadvantaged sections of rural India. Exim Bank has supported various grassroots organization/ enterprises across different parts of the country. Mr. Mallick emphasized that this partnership with AIACA 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 from rural India. 

Ms. Madhura Dutta, Executive Director of AIACA, 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 pays ₹433 crore to Government as Balance of Net Profit

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Shri Yaduvendra Mathur, Chairman & Managing Director, Export-Import Bank of India (Exim Bank), presented an RTGS receipt of ₹433 crore to Hon’ble Union Minister of Finance, Shri  Arun Jaitley, representing Balance of Net Profit transferred to the Government, for the financial year ended March 31, 2015. The Bank made a post-tax profit of ₹726  crore for the financial year 2014-2015.  In the last five years, the Bank has transferred ₹1425 crore as Balance of Net Profit to the Government. Exim Bank’s paid-up capital is entirely subscribed by the Government of India. 

Exim Bank’s principal objective is to finance export of projects, products and services from India through a variety of financing programmes including Lines of Credit to overseas entities and Buyer’s Credits to overseas importers.  Exim Bank, in conjunction with ECGC, offers Buyer’s Credit under Government of India’s National Export Insurance Account (NEIA), under which the Bank finances project exports from India on medium to long term basis to foreign governments and government-owned entities, without recourse to Indian project exporters. The Bank has set up a Special Purpose facility for financing infrastructure projects in neighbouring countries. Under the GoI’s Act East Initiative, the Bank has set up a project development company for promotion of trade and investments in CLMV countries. The Bank along with IL&FS, African Development Bank and the State Bank of India has also floated a project development company in Africa. Exim Bank also offers a comprehensive programme to support Indian investment overseas. The Bank has separate Groups for supporting Small and Medium Enterprises and Rural Grassroots Business Initiatives.

 

 

Exim Bank of India raises US$ 500 million 5 year tenor Reg S Green Bond at a coupon of 2.75% p.a.

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

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

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

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

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

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

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

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

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

 

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

 

 

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

 

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

 

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

 

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

 

 

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

 

 

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

Dr. John Lipsky delivers Exim Bank’s Commencement Day Annual Lecture 2015

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

Highlights from Dr. Lipsky’s Lecture

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

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

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

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

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

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

Exim Bank concluded Design Development Workshop For Artisans Engaged In Production of Phulkari Products in Patiala, Punjab

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Export-Import Bank of India (Exim Bank), in association with the “The Patiala Handicraft Workshop Cooperative Industrial Society Limited (PHWCS)”, concludes a four-month workshop aimed at training select 30 women master artisans based in villages in and around Thuha, Patiala, in creative and modern designs with phulkari work. The workshop was concluded by Shri S.R. Ladhar, Industry Secretary, Punjab and Shri. Utpal Gokhale, General Manager, Exim Bank on March 19, 2016.

PHWCS, a non-government organization, is working with the objective of empowering women of Thuha, a village in Patiala. Since its inception, it has been working in the field of income-generation and welfare for women from marginalized and underprivileged section of the rural community.PHWCS works with close to 100 SHGs (self-help groups) therefore supports 1000 women artisans.

In order to help PHWCS expand its presence in both domestic as well overseas market, essentially through better designing and packaging, the Bank in partnership with PHWCS sponsored a 4-month workshop for select 30 women master artisans based in Thuha, Patiala, Punjab. The workshop has covered Product development by providing inputs for modern designing of crafts in order to improve production in both qualitative as well as quantitative terms. This workshop has enabled artisans to design quality products for both domestic and export market. This will, in turn, improve their income levels. 

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

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

 

 

Exim Bank’s Push for a Quantum Jump in India’s Project Exports

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

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

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

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

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

 

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

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

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

 

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

Exim Bank completes one-month long Workshop for Handicraft Artisans in West Bengal

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

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

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

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

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

 

Exim Bank extends Line of Credit of USD 55 million to the Government of the Republic of Congo

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Mr. Yaduvendra Mathur, Chairman & Managing Director, Export-Import Bank of India (left) exchanging the Line of Credit Agreement of USD 55 million for setting up a Greenfield 600 tpd rotary Kiln Cement Plant Project in the Republic of Congo with H.E. Mr. Félix NGOMA, Ambassador of the Republic of Congo in India (right), on behalf of the Government of the Republic of Congo, in New Delhi. 

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

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

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

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

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

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

 

 

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

 

 

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

 

 

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

 

 

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

EXIM BANK OF INDIA RAISES US$ 500 MN FOR 5.5 YEAR TENOR AT A COUPON OF 2.75% P.A.

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

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

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

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

Exim Bank Seminar Motivates Indian Companies to Look at Opportunities in Central and East Europe, and CIS Regions

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

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

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

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

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

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

 

Exim Bank's Study Highlights Potential for Enhancing India's Bilateral Ties with CLMV Countries

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

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

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

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

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

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

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

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EXIM BANK OF INDIA TAPS THE JAPANESE SAMURAI BOND MARKET – LOWEST EVER COUPON FOR A 10-YEAR JBIC PART GUARANTEED BOND

 

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

 

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

 

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

 

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

 

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

 

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

 

For further information, please contact

Mr.Samuel Joseph,

Chief General Manager,

Export-Import Bank of India, Centre One Building,

Floor 21, World Trade Centre Complex,

Cuffe Parade, Mumbai 400 005.

Telephone: 022-22172644,

Fax: 022-22162062.

E-mail: samuel_joseph@eximbankindia.in

EXIM BANK’S GOI-SUPPORTED LINE OF CREDIT [LOC] OF USD 1 BILLION EXTENDED TO THE GOVERNMENT OF NEPAL

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Mr. David Rasquinha, Deputy Managing Director, on behalf of Exim Bank signing the Line of Credit Agreement for USD 1 billion for financing Hydropower, Irrigation and Infrastructural Development Projects in Nepal with Mr. Madhu Kumar Marasini, Joint Secretary, Ministry of Finance, on behalf of the Government of Nepal, on November 25, 2014, in the presence of the Prime Minister of India H.E. Mr. Narendra Modi and the Prime Minister of Nepal H.E. Mr. Sushil Koirala.

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

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

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

Exim Bank of India taps the Japanese Samurai Bond Market – Lowest ever coupon for a 10-year JBIC part guaranteed bond

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1. Export-Import Bank of India (Exim Bank) issued 10-year bonds in the Japanese bond market (Samurai Bonds)1 for Japanese Yen 20 billion.  JBIC’s guarantee will cover the principal and part of the interest of privately placed Samurai bonds. Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities, Mizuho Securities and SMBC Nikko Securities were the Joint Lead Arrangers to the issue. 

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

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

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

Samurai bonds are yen-denominated bonds issued by foreign government or company in the Tokyo bond market.

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

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

Seminar on “Economic Development and Inclusive Growth” Held as a curtain raiser to the 20th Annual Asian Exim Banks Forum (AEBF) in Jodhpur on November 17, 2014

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

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

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

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

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

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

About Exim Bank of India: Export-Import Bank of India (Exim Bank) was set up in 1982 by an Act of Parliament for financing, facilitating and promoting India’s foreign trade. It is the principal financial institution in the country for coordinating the working of institutions engaged in financing exports and imports. Exim Bank is fully owned by the Government of India. The Bank provides financial as well as value-added services to Indian exporters. 

Seminar On "Economic Development And Inclusive Growth" Held As A Curtain Raiser To The 20th Annual Asian Exim Banks Forum (Aebf) In Jodhpur On November 17, 2014

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

 

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

 

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

 

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

 

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

 

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

 

For further information, please contact

Ms. Deepali Agrawal,

Deputy General Manager,

Export-Import Bank of India, Centre One Building,

Floor 21, World Trade Centre Complex,

Cuffe Parade, Mumbai 400 005.

Telephone: 022-22172829,

E-mail: deepali@eximbankindia.in

EXIM BANK’S GOI- SUPPORTED TWO LINES OF CREDIT [LOCs] OF USD 22.50 MILLION EACH EXTENDED TO THE GOVERNMENT OF THE GAMBIA.

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Mr. Debasish Mallick, Deputy Managing Director, on behalf of Exim Bank concluding two Line of Credit Agreements for USD 22.50 million each with H.E Mr. Kebba S. Touray, Minister of Finance and Economic Affairs, Government of The Gambia, on behalf of the Government of The Gambia, on October 29, 2014.

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

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

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

EXIM BANK’S GOI- SUPPORTED LINES OF CREDIT [LOCs] OF USD 2.71 MILLION AND USD 5.05 MILLION EXTENDED TO BANCO EXTERIOR DE CUBA.

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

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

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

Exim Bank’s GoI- Supported Lines Of Credit [LOCs] Of USD 2.71 Million And Usd 5.05 Million Extended To Banco Exterior De Cuba.

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

 

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

 

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

 

For further information, please contact 

Mrs. Geeta Poojary,

General Manager,

Export-Import Bank of India,

Centre One Building, Floor 21,

World Trade Centre Complex, Cuffe Parade,

Mumbai 400 005.

Telephone: (022) 22162073 / 2217 2310

Fax: (022) 22182460.

E-mail:eximloc@eximbankindia.in

Exim Bank Announces the Winner of IERA (International Economic Research Annual) Award 2013

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

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

Mr. Mathur, highlighted that the Exim Bank IERA Award, instituted in 1989, is given for Doctoral dissertations in the area of international economics, trade, development and related financing by Indian nationals from Indian or foreign universities. The year 2013 was the twenty fifth year of the Award.

Commenting on the Award winning thesis, Mr. Mathur noted that the research study addresses the various intriguing facets of trade liberalization, product diversification, and economic growth.  

Winning Thesis

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

Exim Bank 

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

Roundtable with SelectUSA: Investment opportunities in the US

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Export-Import Bank of India organized a roundtable with SelectUSA, on September 23, 2014, to promote Indian investments in the US.

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

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

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

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

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

Exim Bank extends USD 62.95 million LOC to the Republic of Senegal for rice self-sufficiency programme in the Republic Of Senegal

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Mr. David Rasquinha, Deputy Managing Direct, Export-Import Bank of India (left) exchanging the Line of Credit Agreement for USD 62.95 million for Rice self-sufficiency programme in the Republic of Senegal with H.E. Mr. Amadou Moustapha DIOUF, Ambassador of the Republic of Senegal in India (right), on behalf of the Government of Republic of Senegal, in New Delhi.

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

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

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

Exim Bank extends USD 100 million LOC to Vietnam for financing purchase of equipment/supplies in Vietnam

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

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

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

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

Exim Bank’s Study highlights Potential for Enhancing Intra-SAARC Trade

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

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

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

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

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

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

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

Need conducive policy framework and institutional support systems to support domestic shipbuilding: Exim Bank Study

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

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

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

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

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

 

 

For further information, please contact Mr. David Sinate, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: (022) 2217 2708

 Fax: (022) 22182572. E-mail: dsinate@eximbankindia.in, Website:  www.eximbankindia.in

 

Exim Bank of India collaborates with JBIC to promote infrastructure development

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

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

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

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

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

About JBIC:

JBIC is a policy-based financial institution of Japan, and conducts lending, investment and guarantee operations while complementing the private sector financial institutions. JBIC's mission is to contribute to the sound development of Japan and international economy and society by conducting financial operation in the following four fields: Promoting the overseas development and securement of resources which are important for Japan; Maintaining and improving the international competitiveness of Japanese industries; Promoting the overseas business having the purpose of preserving the global environment, such as preventing global warming; Preventing disruptions to international financial order or taking appropriate measures with respect to damages caused by such disruption. For more information, please visit: http://www.jbic.go.jp/ 

About Exim Bank:

Export-Import Bank of India is the premier export finance institution of the country. It commenced operations in 1982 with a mandate to not just enhance exports from India, but also to integrate the country’s foreign trade and investment with the overall economic growth. Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment. Commencing operations as a purveyor of export credit, like other Export Credit Agencies in the world, Exim Bank of India has evolved into an institution that plays a major role in partnering Indian industries, particularly the Small and Medium Enterprises through a wide range of products and services offered at all stages of the business cycle, starting from import of technology and export product development to export production, export marketing, pre-shipment and post-shipment and overseas investment.    For more information, please visit: www.eximbankindia.in

Exim Bank of India collaborates with SelectUSA to promote Indian Investments into USA

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

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

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

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

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

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

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

About SelectUSA

SelectUSA was created by President Obama in 2011, to work across the US Government to attract, retain, and expand business investment in order to create jobs, spur economic growth, and promote US competitiveness. SelectUSA serves as a single point of contact for the global investment community, providing information and ombudsman services to investors as they seek to establish or expand operations in the US market. SelectUSA also offers information, counseling, promotion and advocacy services to US state, regional and local economic development organizations (EDOs). The programme is housed within the International Trade Administration at the U.S. Department of Commerce. (For more information: www.selectusa.gov) 

About Export-Import Bank of India

Export-Import Bank of India is the premier export finance institution of the country. It commenced operations in 1982 under the Export-Import Bank of India Act 1981. Government of India launched the institution with a mandate to not just enhance exports from India, but also to integrate the country’s foreign trade and investment with the overall economic growth. Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment. Commencing operations as a purveyor of export credit, like other Export Credit Agencies in the world, Exim Bank of India has evolved into an institution that plays a major role in partnering Indian industries, particularly the Small and Medium Enterprises through a wide range of products and services offered at all stages of the business cycle, starting from import of technology and export product development to export production, export marketing, pre-shipment and post-shipment and overseas investment.    Exim Bank is actively involved in facilitating and supporting India’s bilateral trade and investment relations with partner countries including the United States. The Bank representative office in Washington, D.C. closely interacts with international banks, multilateral institutions, U.S. government agencies, industry associations, and U.S.-based corporations.  (For more information: www.eximbankindia.in)

Outward Direct Investments (ODI) in Manufacturing Declines: Exim Bank study

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

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

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

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

 

For further information, please contact: Mr. Prahalathan Iyer, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: (022) 22172704

Fax: (022) 22182572. E-mail: prahalathan@eximbankindia.in, Website:  www.eximbankindia.in

 

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

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

 

 

 

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

 

 

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

 

 

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

 

For further information, please contact 

 

Mr. Prahalathan Iyer,

Chief General Manager,

Export-Import Bank of India,

Centre One Building, Floor 21,

World Trade Centre Complex, Cuffe Parade,

Mumbai 400 005.

Telephone: (022) 22172704,

Fax: (022) 22182572.

E-mail:prahalathan@eximbankindia.in

David Rasquinha and Debasish Mallick appointed as DMDs of Exim Bank

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

 

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

 

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

 

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For further information, please contact Ms. Deepali Agrawal, Deputy General Manager, Corporate Communications Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai–400005. Telephone: 22172829, Fax: 22182572; e-mail: deepali@eximbankindia.in. 

 

Exim Bank signs an agreement for cooperation on innovation financing with other member development banks of BRICS nations

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

 

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

 

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

 

As a successful R&D eco-system, regardless of location, is required to have efficient human capital, commercial approach to research, entrepreneurial zeal, and adequate funding support, besides responsive policy support, the Agreement for Cooperation on Innovation among BRICS Development Banks would aim to address these challenges, Mr. Mathur said. 

 

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

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For further information, please contact Mr. Prahalathan Iyer, Chief General Manager, Research & Planning Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai–400005. Telephone: 22172704, Fax: 22180743; e-mail: prahalathan@eximbankindia.in. 

 

 

 

 

 

 

 

EXIM BANK EXTENDS LINE OF CREDIT OF USD 82 MILLION TO DEMOCRATIC REPUBLIC OF CONGO

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

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

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

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

Exim Bank extends USD 18 Million Line of Credit to the Government Of Mauritius

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

 

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

 

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

 

 

               

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

E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

 

Exim Bank and Indian Council of Cultural Relations sign MoU for establishment of an India Studies Chair in Lagos Business School, Nigeria

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

 

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

 

Exim Bank extends two Lines of Credit aggregating USD 82 million to Togo

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

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

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

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

EXIM BANK EXTENDS LINE OF CREDIT OF USD 100 MILLION TO THE GOVERNMENT OF THE FEDERAL REPUBLIC OF NIGERIA

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Mr. Yaduvendra Mathur, Chairman & Managing Director on behalf of Exim Bank concluding the Line of Credit Agreement for USD 100 million with Dr. Ms. Ngozi Okonjo-Iweala, Coordinating Minister for the Economy / Honourable Minister of Finance, on behalf of the Government of the Federal Republic of Nigeria, at the 49th Annual Meetings of the African Development Bank Group at Kigali, Rwanda.

Export-Import Bank of India [Exim Bank] has, at the behest of the Government of India, extended a Line of Credit [LOC] of USD 100 million to the Government of the Federal Republic of Nigeria, for financing three projects; [i] supply and commissioning of transmission lines, distribution transformers for 96 communities in three senatorial zones of Enugu State;  [ii] Substation including solar mini grid electrification and solar street lighting in the state of Kaduna and [iii] construction of 2 x 26 MW gas-based power plant in the cross river state in the Delta Region of  the southern part of Nigeria. The LOC Agreement to this effect was signed in Kigali, Rwanda on Thursday, May 22, 2014, by Mr. Yaduvendra Mathur, Chairman & Managing Director on behalf of Exim Bank and Dr. Ms. Ngozi Okonjo-Iweala, Coordinating Minister for the Economy / Honourable Minister of Finance, on behalf of the Government of the Federal Republic of Nigeria, during the 49th Annual Meeting of the African Development Bank Group at Kigali, Rwanda. 

This is the first LOC to the Government of the Federal Republic of Nigeria. Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods / provision of services. Major export items from India to Nigeria are transport equipment, machinery and instruments, pharmaceuticals and non-basmati rice, electronic goods, and manufacture of metals.

With the signing of this LOC Agreement, Exim Bank has now in place 190 Lines of Credit, covering 76 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 10.43 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

 

       

Exim Bank’s Study highlights India’s trade and investment Potential in the East Africa Region

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Release of Exim Bank's publication on “East African Community (EAC): A Study of India’s Trade and Investment Potential” at the hands of Mr. Mbi Emmanuel Ebot, First Vice President and Chief Operating Officer of African Development Bank (AfDB), at Kigali, Rwanda, on May 22, 2014, at the “Africa - India Partnership Day”, held during AfDB Group Annual Meetings 2014. Mr. Nilaya Mitash (Third from right), Temporary Governor, representing India, and Joint Secretary (MI), Department of Economic Affairs, Ministry of Finance, Government of India received the first copy of the publication. Also seen is Mr. Yaduvendra Mathur (Second from right), Chairman and Managing Director, Exim Bank 

Export-Import Bank of India (Exim Bank)’s study on “East African Community (EAC): A Study of India’s Trade and Investment Potential” was released at the hands of Mr. Mbi Emmanuel Ebot, First Vice President and Chief Operating Officer of African Development Bank (AfDB), at Kigali, Rwanda, on May 22, 2014, at the “Africa - India Partnership Day”, held during AfDB Group Annual Meetings 2014.

Exim Bank’s latest study highlights that the East African Community (EAC) region recorded robust economic performances in the recent years, with a robust growth of 5.3 percent in 2012. Exports of the EAC have increased to US$ 13.8 billion in 2012 from US$ 2.8 billion in 2002, while imports have also witnessed almost 6-fold increase to US$ 35.4 billion in 2012 from US$ 6.1 billion in 2002. Accordingly, the global trade of EAC increased over 5-fold from US$ 8.9 billion in 2002 to US$ 49.3 billion in 2012.

The study draws attention to the fact that India’s trade and investment relations with the EAC region have strengthened in recent years, and present opportunities to further enhance bilateral commercial relations. Bilateral trade between India and the EAC has risen 13-fold, from US$ 490.8 mn in 2002 to US$ 6.6 billion in 2012. India’s exports to the EAC countries have risen significantly by 16-fold from US$ 369.3 mn in 2002 to touch US$ 5.9 billion in 2012. As a result, the share of the EAC countries in India’s total exports to Africa has risen from 12.2 percent in 2002 to a healthy 21.7 percent in 2012. India’s imports from the EAC region have also risen over 5-fold from US$ 121.5 mn in 2002 to US$ 624.1 mn in 2012, accounting for 1.5 percent of India’s total imports from Africa. 

Potential items for India’s exports to the EAC region would include, among others, petroleum products, machinery and instruments, electrical and electronic equipment, vehicles other than railway, cereals, animal, vegetable fats and oils, iron & steel, and plastics. Potential sectors for India’s investment in the region would include, among others, agriculture, horticulture, manufacturing, construction, energy, banking and other financial services, information and communication technology (ICT) and tourism.

The study has also delineated broad strategies and recommendations to enhance India's commercial relations with the EAC region, which include cooperation in key sectors, including: transport related infrastructure; meeting power and energy requirements of EAC; financial/ banking sector development; agriculture and food security; capacity building, technology transfer and human resource development; ICT and knowledge sharing; environment and natural resources development and management; industry and micro, small and medium enterprises (MSME) development; hospitality industry; multilateral funded projects; and in developing linkages with trade promotion institutions / investment promotion agencies / chambers of commerce.

              

Exim Bank organised Africa – India Partnership Day in Kigali, Rwanda

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Dr. Emmanuel E MBI, First Vice President and Chief Operating Officer inaugurated the Africa-India Partnership Day, on May 22, 2014, at Kigali, Rwanda. Also seen in the photo are: Mr. Yaduvendra Mathur, IAS, Chairman and Managing Director, Exim Bank of India (Centre); Mr. Nilaya Mitash, Joint Secretary (MI), Department of Economic Affairs, Ministry of Finance, Government of India (Second from Right); Ms. Abhilasha Mahapatra, Director (PPP Cell), Department of Economic Affairs, Ministry of Finance (Extreme Right); and Mr. Heikki Tuunanen, Executive Director (NI) at AfDB (Second from Left).

Export-Import Bank of India together with FICCI (Federation of Indian Chambers of Commerce and Industry) organized Africa – India Partnership Day, in Kigali, Rwanda, on May 22, 2014, as part of Annual Meeting of African Development Bank Group, with the objective of sharing India's developmental experiences with Africa, particularly in Public-Private Partnership model of financing infrastructure development. A high-level delegation from 20 Indian companies visited Kigali to participate in this event, and to demonstrate their capabilities and to share their experiences in development of infrastructure, particularly in energy and transportation sectors. 

Speaking on the occasion, Mr. Yaduvendra Mathur, CMD, Exim Bank, stated that Africa needs to reduce transaction costs in business operations, through infrastructure development; emphasize investment in knowledge and skill formation for enhanced productivity and competitiveness; and build institutional capacities to develop private corporate sector. India, which has undertaken several measures to overcome the developmental challenges, is keen to share its developmental experiences and capabilities with African region in areas that are keys to the continent’s development, Mr. Mathur said. 

Dr Mbi Emmanuel Ebot, First Vice President and COO of African Development Bank highlighted the huge infrastructure deficit faced by Africa, particularly, the density of roads and railway network in Africa, which is far lower than the rest of the world. Learning from Asian experiences, particularly of India, could be of significant value for Africa, Dr. Mbi said. Innovative ways of financing is the need of the hour when there are financing gap in infrastructure investment, Dr. Mbi further added. However, a proper institutional mechanism and conducive framework is required to make successful PPP projects, Dr. Mbi opined. 

Mr. Nilaya Mitash, Joint Secretary in the Department of Economic Affairs in the Ministry of Finance, Government of India, who was also the Temporary Governor representing India at the Annual Meeting of AfDB, stated that India has signed an MOU with the African Development Bank Group to share its knowledge and expertise in PPP model of infrastructure development. Under this arrangement, India has agreed to share model agreements and legal documents, to institutionalize PPP in African nations.

Sharing Indian experiences in implementing PPP, Mrs. Abhilasha Mahapatra, Director (PPP Cell), Department of Economic Affairs said that India has built institutional framework as also regulatory framework to make the PPP mode of attracting investments in infrastructure sector. This would be a key learning for Africa Mrs. Mahapatra said. AfDB could play a mediatory role in facilitating African nations to implement PPP model of infrastructure investments, leveraging the Indian experiences in attracting private investment in infrastructure, Mrs. Mahapatra said.

The event also had panel discussions on project development and financing in the energy and transportation sectors, with speakers from India and African nations. The event was attended by several dignitaries including ministers and senior officials from African nations, CEOs of developmental financial institutions, banks, corporate houses from Africa and India.

Exim Bank posts strong business growth in 2013-14

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Loan Portfolio of the Bank grows 16% to ` 75,873 crore

Exim Bank’s Chairman and Managing Director, Mr. Yaduvendra Mathur announced the Bank’s results for the year 2013-14 at a press conference in Mumbai on Wednesday, April 30, 2014.

 FINANCIAL PERFORMANCE

·              Loan Portfolio                                :       Up 16%       to ` 75,873 crore.

·              Non-Fund Portfolio                         :       Up 22%       to ` 9,426 crore.

·              Net worth of the Bank                     :       Up 15%       to ` 8,310 crore.

·              Return on Capital to the Central
Government                                  :       Up 29%       to `
 339 crore.

·              Total Business                               :       Up 14%       to ` 1,56,782 crore.

·              Capital to Risk Assets Ratio               :       14.32%

·              Net NPAs                                     :       0.43% (80% provision cover)

BUSINESS & FINANCIAL PERFORMANCE

·                     Lines of Credit aggregating US$ 1,771.75 million (24 new LOCs during the year) were extended to support export of projects, goods and services from India. 189 LOCs, covering 75 countries in Africa, Asia, CIS, Europe and Latin America, with credit commitments aggregating
US$ 10.33 billion are currently available for utilisation, while a number of prospective LOCs are at various stages of negotiation
.

·                     Project Export Contracts supported by Exim Bank in 2013-14, amounted to ` 34,131 crore, which were secured by 40 companies in 35 countries. As on March 31, 2014, 319 project export contracts valued at ` 1,40,326 crore (approx. US$ 23.42 billion) supported by the Bank, were under execution, in 74 countries across Asia, Africa and CIS by 99 Indian companies.

·                     Buyer’s Credit – National Export Insurance Account (BC-NEIA): The Bank has till date sanctioned an aggregate amount of US$ 444 million for 5 projects valued US$ 520 million under 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 54 projects aggregating
US$ 7.43 billion under BC-NEIA.

·                     Overseas Investment assistance was sanctioned to 42 corporates aggregating ` 6,456 crore for financing their overseas investments in 37 countries. So far, Exim Bank has provided finance to 494 ventures set up by 391 companies in 80 countries

 

·            Profit before tax (PBT) and profit after tax (PAT) of the Bank were at ` 1,020 crore and ` 710 crore respectively during the year 2013-14.

RESOURCES/TREASURY

·           During the year, the Bank raised borrowings of varying maturities comprising rupee resources of
` 22,654 crore and foreign currency resources of ` 19,238 crore equivalent.

·           The Bank is rated investment grade, on par with the country’s Sovereign rating. As on March 31,  2014, the Bank was rated Baa3 (Stable) by Moody's, BBB-(Negative) by Standard & Poor’s, BBB- (Stable) by Fitch Ratings and BBB+(Negative) 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.

NEW BENCHMARKS IN THE INTERNATIONAL CAPITAL MARKETS

·           The Bank issued US$ 500 million RegS Eurodollar bonds for a tenor of 5.5 years in March 2014. These bonds are included in the Emerging Market Bond Index (EMBI).

·           The Bank raised US$ 320 million equivalent by way of issue of Uridashi Bonds (a bond denominated in a foreign currency and sold directly to Japanese household investors) in three different currencies viz., Turkish Lira, Japanese Yen and Mexican Peso thereby achieving diversification of investor base. The Bank has now tapped the Uridashi Bond market on three occasions and continues to be the only Indian entity in this market.

NEW INITIATIVES

·           Exim Bank’s Project Development Company: The Bank will set up a Project Development Company (PDC) in Africa, which will essentially look to bring infrastructure projects in Africa to a bankable stage and facilitate exports from India to Africa. This is the first time Exim Bank is looking to set up a PDC and also the first time in Africa.

·           Exim Bank’s presence in Myanmar: To bolster bilateral trade and investment between India and Myanmar, the Bank opened its eighth Representative Office in Yangon, Myanmar, becoming the first Government-owned Exim Bank in the World to set up its operations in Myanmar.

·           Seminars with AfDB for Indian companies: Given increased interest of Indian consultants, contractors and suppliers in many developing countries, the Bank has organized a series of interactive seminars on business opportunities in projects funded by the World Bank Group and the African Development Bank Group (AfDB) at New Delhi, Mumbai and Hyderabad.

 

 

 

 

Growth in hi-tech exports will boost the manufacturing sector: Exim Bank study

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

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

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

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

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

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

 

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

For further information, please contact: Mr. Prahalathan Iyer, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: (022) 22172704

Fax: (022) 22182572. E-mail: prahalathan@eximbankindia.in, Website:  www.eximbankindia.in 

Yaduvendra Mathur takes over as CMD of Exim Bank

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Mr. Yaduvendra Mathur has taken over as Chairman and Managing Director of Export-Import Bank of India (Exim Bank). Prior to this appointment, Mr. Mathur was Chairman and Managing Director, Rajasthan Financial Corporation, since 2011.

 

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

 

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

 

 

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

Exim Bank Inks Pact For Rehabilitation And Upgradation Of The Broadcasting Facilities In The Republic Of Gabon

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Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended a Line of Credit [LOC] of USD 67.19 million to the Government of the Republic of Gabon, for rehabilitation and upgradation of the broadcasting facilities in Gabon. The LOC Agreement to this effect was signed in Libreville, Gabon, on Monday, December 30, 2013, by Mr. Amit Kumar, Resident Representative of Export-Import Bank of India’s Dakar (Senegal) Office, on behalf of Exim Bank and H.E. Mr. Luc OYOUBI, Minister of Economy, Employment and Sustainable Development, Government of Republic of Gabon, in the presence of the officials of the Government of Republic of Gabon.

 

This is the second LOC extended by Exim Bank to Gabon at the behest of the Government of India. The Republic of Gabon is located on the western front of Africa and is surrounded by Equatorial Guinea, Republic of Congo and Cameroon. Major export items from India to Republic of Gabon are meat and preparations, machinery and instruments, primary & semi-finished iron and steel, manufactures of metals and cotton yarn fabrics.

 

 

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 183 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.13 billion, available for financing exports from India. Exim Bank''s LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank''s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

 

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

Telephone: (022) 22162073/22172310, Fax:(022) 22182460.

E-mail: eximloc@eximbankindia.in,, Website: www.eximbankindia.in 

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

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

 

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

 

Under the LOCs, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOCs will be used for sourcing of goods and services from India. Exim Bank has now in place 182 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.07 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

 

For further information, please contact

Mrs. Geeta Poojary,

General Manager,

Export-Import Bank of India, Centre One Building, Floor 21,

World Trade Centre Complex, Cuffe Parade,

Mumbai 400 005. Telephone: [022] 22162073 / 2217 2310,

Fax: [022] 22182460.

E-mail: eximloc@eximbankindia.in

Exim Bank Pitches Unique Long-Term Product For Indian Pharma Firms

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In order to boost the export capability of Indian pharmaceutical companies, Export-Import Bank of India (Exim Bank), has decided to expand the scope of its finance to pharmaceutical companies for extended repayment periods.  Eligible export oriented companies can avail finance from Exim Bank for a maximum repayment period of 10 years with a moratorium of upto 36 months.

 

Cost of compliance with USFDA norms is high, for example, an USFDA approved API manufacturing facility can cost up to ` 300 million to ` 400 million and formulations manufacturing plant may cost about ` 500 million to ` 600 million. Moreover, average gestation period required for setting up these plants is in the range of 18-24 months.

 

Despite having the potential to increase their share in global exports, many Indian pharmaceutical companies suffer due to their inability to meet the stringent compliance norms of European countries and USA. According to a study by Exim Bank, the size of the Indian pharmaceutical industry was around US$ 29 billion in 2011-12, but in value terms, it constituted only 1.2 per cent of the global pharmaceutical market. To increase market share, the industry needs to penetrate deeper in the regulated markets which calls for accreditation of more and more facilities of Indian manufacturers.

 

To meet the expectations of the Indian industry and to cope with longer average gestation period to meet USFDA or other similar regulatory requirements, Exim Bank has decided to provide term finance to pharmaceutical companies, with maximum repayment period of 10 years with a moratorium of upto 36 months to eligible Export Oriented Firms/CompaniesThe expenses would cover inter alia all expenditure incurred/to be incurred for establishment of a USFDA approved facility.

 

Exim Bank has been closely associated with the growth of Indian pharmaceutical industry. The Bank has been helping pharmaceutical units in the entire value chain starting from bulk-drug manufacturing to APIs and formulations, as also support to R&D and other activities. In         2012-13, the Indian pharmaceutical industry spent around 5 percent of total sales on R&D activities. Though it is higher than the average R&D expenditure in manufacturing sector (estimated to be around 1 percent), compared to developed countries, such as USA, Germany, it is very low. Thus, it is imperative for the Indian pharmaceutical industry to scale up its R&D intensity to strengthen its position in the global market sphere.

 

In order to assist the industry to emerge stronger in terms of their R&D capabilities, Exim Bank also extends term finance for both capital and revenue expenditure to eligible Export Oriented Firms/Companies under the Bank’s Research & Development Lending Program. Under this programme, finance is provided up to 80 percent of the eligible expenditure. The normal tenor of the loan is 7 years, however, longer tenors with suitable interest resets are also allowed in specific cases.

 

 

Exim Bank continues to work closely with the Ministry of Commerce and Industry to meet the various requirements of the Indian pharmaceutical industry.

Exim Bank Of India Opens Its Representative Office In Yangon, Myanmar

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

 

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

 

For further information, please contact

 

Ms. Deepali Agarwal,

 

Deputy General Manager,

 

Export-Import Bank of India,

 

Centre One, Floor 21,

 

World Trade Centre Complex,

 

Cuffe Parade, Mumbai 400 005.

 

Telephone: 022- 2217 2829;

 

Fax: 022- 2218 2572;

 

E-mail: ccg@eximbankindia.in

 

Or

 

Mr. Jasmeet Singh Narula,

 

Resident Representative,

 

Export-Import Bank of India,

 

House No. 54/A, Ground Floor,

 

Boyarnyunt Street, Dagon Township,

 

Yangon, Myanmar.

 

Telephone: +95-9423694109;

 

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

Exim Bank signs MOC with Women on Wings, a Dutch organization, for Augmenting Women Employment and Exports from Social Enterprises in India.

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

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

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

 

For further information, please contact

Mr. Samuel Joseph

Chief General Manager

Export-Import Bank of India
Centre One Building, Floor 21
World Trade Centre Complex
Cuffe Parade, Mumbai, India – 400005

 

 Ph:   +91 – 22 – 22172461
Fax:  +91 – 22 –22188076
Email: samuel_joseph@eximbankindia.in

Exim Bank To Finance New Ethio-Djibouti Railway Line [The Asaita-Tadjourah Portion] Project In Ethiopia

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

 

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

 

 

Exim Bank has now in place 168 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 8.87 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

 

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

Telephone: (022) 22162073/2217 2310, Fax: (022) 22182460.

 

E-mail : eximloc@eximbankindia.in,, Website: www.eximbankindia.com

Government Of India, Through Exim Bank, Extends Usd 125 Million Loc To Sudan For Mashkour Sugar Project In Sudan

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Government of India, through Export-Import Bank of India [Exim Bank], has extended a Line of Credit [LOC] of USD 125 million to the Government of Sudan, which is the second and final tranche of the total credit commitment of USD 150 million for financing Mashkour Sugar Project, in Sudan. The LOC Agreement to this effect was signed in New Delhi, on Wednesday July 24, 2013, by Mr. T.C.A. Ranganathan, Chairman & Managing Director, on behalf of Exim Bank and H.E. Mr. Ali Mahmoud Mohamed, Minister of Finance and National Economy, on behalf of the Government of Sudan, in the presence of Hon’ble Mrs. Praneet Kaur, Minister of State for External Affairs, Government of India, diplomats of both countries.  

 

With the signing of the above LOC Agreement for USD 125 million, GoI, till date, has extended seven Lines of Credit to Sudan, taking the total value of LOCs extended to USD 691.90 million. The LOCs have supported export of items like electricity equipment, photovoltaic cells, diesel locomotives, textile machinery, pumpsets, supply of bogies & spares, setting up of 4 x 125 MW Kosti combined cycle power plant in Sudan being executed by Bharat Heavy Electricals Ltd. (BHEL), Singa-Gadaref transmission and sub-station project, supply of agricultural inputs, technical and laboratory equipment to higher educational institutions, scientific equipments, solar electrification, equipments for meeting requirement of Sudan Railways, micro-industrial projects and development of livestock production and services. GoI, through Exim bank, has earlier extended a LOC of USD 25 million as first tranche to finance Mashkour Sugar Project, in Sudan.

 

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 175 Lines of Credit, covering over 76 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.27 billion, available for financing exports from India. GoI's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, GoI's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

 

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

Telephone: (022) 22162073/2217 2310, Fax: (022) 22182460.

 

E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.com

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

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

 

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

 

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 174 Lines of Credit, covering over 76 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.14 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

 

 

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

 

E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.com

Exim Bank Announces The Winner Of Iedra (International Economic Development Research Annual) Award 2012

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Dr. Harendra Kumar Behera was declared the winner of Export-Import Bank of India’s (Exim Bank) International Economic Development Research Annual (IEDRA) Award 2012 for his Doctoral dissertation titled “The Effects of Financial Openness: An Assessment of the Indian Experience”.  The Exim Bank IEDRA Award 2012 was announced by Mr. T.C. A. Ranganathan, Chairman and Managing Director, Exim Bank, at an award function held on July 12, 2013, in New Delhi. The Award consisting of Indian Rupees Two Lakh Fifty Thousand and a Citation were handed over by the Chief Guest, Dr. Raghuram Rajan, Chief Economic Adviser, Government of India, Ministry of Finance, New Delhi, who also released Exim Bank’s Occasional Paper titled, which is based on Dr. Behera’s  Award winning thesis.

 

Mr. Ranganathan, highlighted that the Exim Bank IEDRA Award, instituted in 1989, is given for Doctoral dissertations in the area of international economics, trade & development and related financing by Indian nationals from Indian or foreign universities. The year 2012 was the twenty fourth year of the Award.  Commenting on the Award winning thesis, Mr. Ranganathan noted that the research study addresses the various intriguing facets of financial globalization, and especially so in the current context of the recent crises and slowdown that the world economy has witnessed.           

 

Winning Thesis

Dr. Behera obtained his Doctorate in Economics from the University of Hyderabad in 2012 and at present is Assistant Professor in the Department of Humanities and Social Sciences, IIT Madras.  In his thesis, Dr. Behera seeks to provide a comprehensive assessment of capital account liberalisation measures undertaken by India, by examining some aspects of its impact on investment, growth and macroeconomic volatility.  The study provides a comprehensive survey of policies on capital account liberalisation in India and explains that the Indian approach towards capital account liberalisation was gradual to encourage all major forms of capital flows, though with caution from the viewpoint of macroeconomic stability.  The study claims that the overall effects of financial openness are positive for India, which could perhaps be attributed to the cautious and gradual approach of policies undertaken in liberalising capital account and domestic reforms. 

 

Exim Bank

 

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

 

For further information, please contact Mr. Viswanath Jandhyala, Manager, Export-Import Bank of India, Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: 022- 2217 2708; Fax: 022- 2218 0743; E-mail: viswanath@eximbankindia.in 

Exim Bank Extends Three Lines Of Credit Aggregating Usd 216.44 Million To Mozambique

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

 

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

 

 

Under the LOCs, Exim Bank reimburses 100% of contract value to the Indian exporter, upfront upon the shipment of goods / provision of services. With the signing of above three LOC Agreements, Exim Bank has now in place 172 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 9.11 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

 

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

E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.com

Exim Bank Extends Usd 28.60 Million Loc To Zimbabwe For Up-Gradation Of Deka Pumping Station And River Water Intake System In Zimbabwe

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

 

 

Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Zimbabwe is a landlocked country located in southern Africa. Zimbabwe is bordered by South Africa to the south, Botswana to the southwest, Zambia to the northwest and Mozambique to the east. This is the first LOC extended by Exim Bank to Zimbabwe at the behest of the Government of India.

 

 Exim Bank has now in place 169 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 8.89 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

 

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

Telephone: (022) 22162073/2217 2310, Fax: (022) 22182460.

 

E-mail : eximloc@eximbankindia.in,, Website: www.eximbankindia.com

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एक्ज़िम बैंक को यांगुन, म्‍यांमार में अपना प्रतिनिधि कार्यालय खोलने हेतु बैंकिंग लाइसेंस मिला  

भारतीय निर्यात-आयात बैंक (एक्ज़िम बैंक) को यांगुन, म्‍यांमार में अपना प्रतिनिधि कार्यालय खोलने के लिए शुक्रवार, 14 जून, 2013 को बैंकिंग लाइसेंस प्राप्‍त हुआ । यह लाइसेंस म्‍यांमार के केन्‍द्रीय बैंक के वित्तीय संस्‍था पर्यवेक्षण विभाग के उपमहानिदेशक श्री यू थिन ज़ॉ द्वारा एक्ज़िम बैंक के कार्यपालक निदेशक श्री डेविड रस्‍कीना को प्रदान किया गया।

 

एक्ज़िम बैंक ने भारत सरकार के निर्देश पर और भारत सरकार की ओर से म्‍यांमा फॉरेन ट्रेड बैंक  (एम एफ टी बी) को कुल 247.43 मिलियन यू एस डॉलर की 7 ऋण-व्‍यवस्‍थाएं प्रदान की हैं । उक्‍त ऋण-व्‍यवस्‍थाओं का उपयोग (i) यांगुन-मंडाले रेलवे प्रणाली का उन्‍नयन;  (ii) यांगुन एवं मंडाले शहरी केन्‍द्रों में कॉरडेक्‍ट सिस्‍टम के साथ मोरेह-तामु ओ एफ सी लिंक की स्‍थापना; (iii) थानलिन रिफायनरी परियोजना; (iv) रेलवे परियोजनाओं; (v) म्‍यांमार में टाटा वाहनों  की असेम्‍बली एवं मैन्‍युफैक्‍चरिंग हेतु असेम्‍बली एवं मैन्‍युफैक्‍चरिंग संयंत्र की स्‍थापना; (vi) म्‍यांमार में तीन ट्रांसमिशन लाइनों की

 

 

स्‍थापना; तथा (vii) थांबयकन पेट्रोरसायन कॉम्‍प्‍लेक्‍स का उन्‍नयन आदि परियोजनाओं/ संविदाओं के लिए किया गया है/ किया जा रहा है।   

 

28 मई, 2012 को भारत के माननीय प्रधान मंत्री के म्‍यांमार दौरे के दौरान एक्ज़िम बैंक तथा       एम एफ बी टी के बीच 500 मिलियन यू एस डॉलर की ऋण-व्‍यस्‍थाओं  हेतु एक सहमति ज्ञापन (एम ओ यू)  करार पर हस्‍ताक्षर किए गए थे । इस एम ओ यू के अंतर्गत 16 चालू सिंचाई योजनाएं,            2 सिंचाई परियोजनाएं, रोलिंग स्‍टॉक की खरीद तथा म्‍यांमार में तीन प्रमुख रेलवे वर्कशॉपों के लिए उपकरण एवं उनके उन्‍नयन संबंधी  परियोजनाएं शामिल हैं । एक्ज़िम बैंक की ऋण-व्‍यवस्‍थाएं भारतीय निर्यातकों को जोखिम-रहित, दायित्‍व-रहित, निर्यात वित्तपोषण का विकल्‍प प्रदान करती हैं। भारतीय निर्यातों के संवर्द्धन के साथ-साथ एक्ज़िम बैंक की ऋण-व्‍यवस्‍थाएं उभरते बाजारों में भारत की परियोजना निष्‍पादन क्षमताओं को भी प्रदर्शित करती हैं।

 

एक्ज़िम बैंक अपनी क्रेता- ऋण सुविधा के अंतर्गत म्‍यांमार को परियोजना निर्यातों के लिए भी मध्‍यम तथा दीर्घावधि ऋण प्रदान करता है जो भारतीय परियोजना निर्यातकों को सुरक्षित व जोखिम रहित व्‍यवसाय हेतु समर्थ बनाती है । बैंक भारतीय कंपनियों को म्‍यांमार में संयुक्‍त उद्यमों तथा अनुषंगियों में निवेश करने हेतु सावधि तथा कार्यशील पूँजी सुविधाएं भी प्रदान करता है।

 

 

हाल के वर्षों में भारत तथा म्‍यांमार के बीच व्‍यापार में अच्छी वृद्धि हुई है। वर्ष 2012-13 में भारत  का म्‍यांमार के साथ व्‍यापार 2007-08 के 1 बिलियन यू एस डॉलर की तुलना में 4.1% बढ़कर     1.9 बिलियन यू एस डॉलर हो गया है । वर्ष 2011-12 के दौरान भारत से म्‍यांमार को निर्यात की जाने वाली प्रमुख मदों में धातु विनिर्मित वस्तुएं (कुल निर्यात का 41.7%), औषधि उत्‍पाद (14.6%), मशीनरी एवं उपकरण (6.7%), प्राथमिक एवं अर्द्धनिर्मित लौह एवं इस्‍पात (5.2%), मांस एवं मांस से बनी वस्‍तुएं (5.1%) थीं जबकि वर्ष 2011-12 के दौरान म्‍यांमार से भारत द्वारा आयात की जाने वाले मदों में लकड़ी एवं लकड़ी से बनी वस्‍तुएं (कुल आयात का 49.2%), दालें (38.2%), अपरिष्‍कृत पेट्रोलियम एवं उत्‍पाद (0.9%) तथा अजैविक रसायन (0.6%) शामिल थीं

 

अधिक जानकारी के लिए कृपया संपर्क करें:

सुश्री दीपाली अग्रवाल, उप महाप्रबंधक, भारतीय निर्यात-आयात बैंक, केन्‍द्र एक भवन, 21वीं मंजिल,            विश्‍व व्‍यापार केन्‍द्र कॉम्‍प्‍लेक्‍स, कफ़ परेड, मुम्‍बई- 400005, टेलीफोनः 022-22181852

फैक्‍सः 022- 22182572, ई-मेलः deepali@eximbankindia.in वेबसाइटःwww.eximbankindia.in 

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

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

 

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

 

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 174 Lines of Credit, covering over 76 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.14 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India's exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets. 

 

For further information, please contact 

 

Ms. Geeta Poojary,

General Manager,

Export-Import Bank of India,

Centre One Building, Floor 21,

World Trade Centre Complex, Cuffe Parade,

Mumbai 400 005.

Telephone: 22162073/22172310,

Fax:(022) 22182460.

E-mail:eximloc@eximbankindia.in 

Exim Bank Extends Usd 19.50 Million Loc To Vietnam For Financing Two Projects In Vietnam

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Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended an additional Line of Credit [LOC] of USD 19.50 million to the Government of the Socialist Republic of Vietnam, for financing two projects in Vietnam. The LOC Agreement to this effect was signed after the 15th meeting of India-Vietnam Joint Commission on Trade, Economic, Scientific and Technological Cooperation in New Delhi, on Thursday July 11, 2013, by Mr. T.C.A Ranganathan, Chairman and Managing Director, on behalf of Exim Bank and Mr. Truong Chi Trung, Vice Minister, Ministry of Finance on behalf of the Government of the Socialist Republic of Vietnam. The LOC Agreement was signed in the presence of Union External Affairs Minister H.E. Mr. Salman Khurshid, Vietnamese Foreign Minister H.E. Mr. Pham Binh Minh and diplomats from the Government of India and the Government of Vietnam.

 

With the signing of the above LOC Agreement, Exim Bank, till date has extended three Lines of Credit to Vietnam, at the behest of the Government of India, taking the total value of LOCs extended to Vietnam to USD 91.50 million. The LOCs have supported export of items like equipments for hydro power project, cold rolling steel, carding and spinning machines, hydraulic power equipment, tea processing machinery and the Nam Chien Hydropower Project in Vietnam.

 

 

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Vietnam is the eastern most country on the Indo-China Peninsula in Southeast Asia.  Vietnam is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea to the east. Exim Bank has now in place 173 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 9.13 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

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

 

E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.com

Exim Bank organised India-Africa Partnership Day in Marrakech

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Export-Import Bank of India together with FICCI (Federation of Indian Chambers of Commerce and Industry) organized India-Africa Partnership Day, in Marrakech, Morocco, on May 30, 2013, as part of Annual Meeting of African Development Bank Group, with the objective of sharing India's developmental experiences with Africa, particularly in Public-Private Partnership. A delegation of 20 Indian companies visited Morocco to participate in this event, and to demonstrate their capabilities and to share their experiences in development of infrastructure; agriculture, particularly managing food security; development of manufacturing and services delivery infrastructure and skills.

Dr. Arvind Mayaram, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, shared the perspectives of India on Public Private Partnership for infrastructure development. The success of any initiative depends on a strong political and administrative commitment to provide the required thrust for the development, and one of the most important lessons learnt by India in PPP model of infrastructure development is to have an enabling policy and regulatory framework, Dr. Mayaram said.

Speaking on the occasion, Mr. T C A Ranganathan, CMD, Exim Bank, stated that Africa needs to lower transaction costs in business operations, through infrastructure development; emphasize investment in knowledge and skill formation for enhanced productivity and competitiveness; and build institutional capacities to develop private corporate sector. India, which has undertaken several measures to overcome the developmental challenges, is keen to share its developmental experiences and capabilities with African region in areas that are keys to the continent’s development, Mr. Ranganathan said.

Prof. Mthuli Ncube, Chief Economist, African Development Bank Group stressed the need to learn from the experience of India in mobilizing savings of non-residents. The feasibility of Diaspora Bonds is being contemplated to mobilize US$ 50 billion, estimated to be the financing gap for Africa’s infrastructure development, Prof. Mthuli stated.

 

The event was attended by several dignitaries including ministers and senior officials from African nations, CEOs of developmental financial institutions, banks, corporate houses from Africa and India.

EXIM Bank receives special ‘Plaque of Merit’ from ADFIAP for its Programme for Financing Creative Industries

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

 

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

 

 

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

For further information, please contact Ashish Kumar, Assistant General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai–400005. Telephone: 22172703, Fax: 22180743; e-mail: ashish@eximbankindia.in.

Exim Bank pays ` 263 crore to Government as Balance of Net Profit

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Shri T. C. A. Ranganathan, Chairman & Managing Director, Export-Import Bank of India (Exim Bank), presented an RTGS receipt of ` 263 crore to
Hon’ble Union Minister of Finance, Shri  P. Chidambaram, representing Balance of Net Profit to the Government, for the financial year ended March 31, 2013. The Bank made a post-tax profit of ` 742 crore for the financial year 2012-2013.  In the last five years, the Bank has
transferred ` 919 crore as Balance of Net Profit to the Government. Exim Bank’s paid-up capital is entirely subscribed by the Government of India.

 

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

 

 

Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Tel: 022-22172829, Fax: 022-22182572, E-mail: ccg@eximbankindia.in,
Website : www.eximbankindia.in

Labour market regulations need to be flexible to attract big investments, technology absorption: Exim Bank Study

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A Research Study recently conducted by Export-Import Bank of India (Exim Bank), comparing labour laws of India with those of 20 other countries, suggests that India needs to align its labour policies to match with those of its competitors so that India could effectively leverage the business cooperation agreements (such as FTAs/PTAs, CECAs) and attract sizeable investments into the manufacturing sector, contributing to industrialization, export development and economic growth of the country.

According to the Study, there have been concerns about decline in India’s exports and growing imports, leading to high trade deficit, and the resultant high current account deficit. One of the reasons for growing imports has been the low level of capacities in certain sectors of Indian manufacturing. Though India’s Gross Domestic Capital Formation (GDCF) has grown over the years, the share of manufacturing in GDCF has remained stagnant. Consequently, manufacturing in national GDP has been hovering around 15% since several decades. While there could be several reasons, such as infrastructural bottlenecks, low investment ceiling for SMEs, low technology orientation, low ranking in doing business index, etc., for low investments in Indian manufacturing sectors, inflexible labour market regulations are also believed to be hindering large-scale investments, technology absorption, productivity enhancement and high employment growth in Indian manufacturing.

 

The Study compared labour regulations in India with 20 countries under 15 parameters and viewed that on three major parameters, namely, (a) formation and recognition of trade unions for collective bargaining; (b) procedures for engaging contract labourers for permanent tasks; and (c) procedures for resolving of industrial disputes, India needs to suitably modify the regulations.

 

The Study titled, ‘Comparison of Labour Laws: Select Countries’ was recently released at the hands of Shri Mohan Pyare, Principal Secretary, Labour and Employment, Government of Tamilnadu, at a function jointly organised by Export-Import Bank of India and the Madras Chamber of Commerce and Industry (MCCI), in Chennai. 

 

Speaking on the occasion, Shri T.C.A Ranganathan, Chairman and Managing Director, Exim Bank of India, highlighted that most of India’s peers have modified the statutes to suit the changing conditions. India also needs to modify its policy to match with its requirements in the current day context, and with what peer group countries have done. While doing so, adequate safeguard measures, including provision of social security, suitable compensation framework, etc., need to be devised to take care of the interest of workmen. Such an approach would generate formal employment in the manufacturing sector, Mr. Ranganathan said.

 

 

For further information, please contact S. Prahalathan, 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: 2217 2704, Fax: 22180743; e-mail: prahalathan@eximbankindia.in

Exim Bank inks MoU with NCDPD to help handicraft manufacturers

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Export-Import Bank of India (Exim Bank) and the National Centre for Design and Product Development (NCDPD) have entered into a Memorandum of Understanding (MoU) to help Indian handicraft manufacturers and artisans cater to the changing preferences of international buyers. The MoU sets out broad guidelines for the two institutions on jointly organizing workshops for companies/artisans, cooperate in providing faculty support and providing training on design, product and skill development, technology upgradation and assist in creating export capability.

 

The MoU was signed by Exim Bank’s Executive Director, Mr. David Rasquinha and NCDPD’s Chairman & Development Commissioner (Handicrafts), Mr. S. S. Gupta in New Delhi in the presence of State Minister of Textiles, Smt. Panabaaka Lakshmi, Executive Director, Export Promotion Council for Handicrafts (EPCH) Mr. Rakesh Kumar and Chairman, EPCH Mr. Lekhraj Maheshwari, during the recently held International Seminar & Craft Exchange Programme in New Delhi.

 

Smt. Panabaaka Lakshmi said that the handicraft sector is very important for generating employment in India and it also helps in promoting the tourism industry. She suggested that handicraft exports from India have grown between 15-20 per cent every year in the last 2 decades.   

 

The value of world exports of creative-industry goods and services grew at 14 per cent between 2002 and 2008 to reach $592 billion in 2008, up from $267 billion in 2002, according to UNCTAD. Though the volume of trade related to art products and services has seen a good growth, the share of developing economies in this trade has not been significant. India, with its rich repository of handicrafts, paintings and handloom products is poised to enhance its presence in the global creative industry sector. 

 

Mr. David Rasquinha mentioned that Exim Bank supports handicraft manufacturers through financial assistance and marketing their products in domestic and overseas market. “Exim Bank’s association with NCDPD will lead to design interventions for making Indian handicraft items more attractive in the international markets. Exim Bank organises workshops which helps craftsmen to fuse ancient art with modern techniques to develop utility products, which have a wider international market.”

 

Mr. S. S. Gupta said that handicraft sector faces stiff challenge due to traditional technology, rising labour cost and competition from cheap machine made products. He advised that India has the potential for development of this sector due to its large base of skilled craftsman and availability of diverse raw material.

 

As India's premier export facilitator, Exim Bank plays a promotional role to create and enhance export capabilities and international competitiveness of Indian companies. Exim Bank assists in identification of opportunities in domestic and overseas markets and seeks to help Indian exporting firms in their globalization efforts by proactively assisting in locating distributors / buyers / partners for their products and services. Under its Grassroots Initiatives and Development (GRID) programme, the Bank lays special emphasis in promoting Indian companies and non-profit-organisations which have rural focus with an export orientation.

 

 

For further information, please contact Ms. Deepali Agrawal, Deputy General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: (022) 2217 2829
 Fax: (022) 22182572. E-mail: deepali@eximbankindia.in, Website: 
www.eximbankindia.in

Exim Bank’s study highlights India’s trade potential with select countries in Africa

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

 

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

 

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

 

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

 

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

Exim Bank posts strong business growth despite challenging environment in 2012-13

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

 

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

 FINANCIAL PERFORMANCE

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

 

BUSINESS PERFORMANCE

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

 

RESOURCES/TREASURY

·           The Bank raised borrowings aggregating ` 38,571 crore in 2012-2013, comprising rupee resources of ` 17,012 crore and foreign currency resources of ` 21,559 crore equivalent.

 

·           The Bank is rated investment grade, on par with the country’s Sovereign rating i.e. Baa3 by Moody’s, BBB- by Standard & Poor’s, BBB- by Fitch Ratings and BBB+ by Japan Credit Rating Agency (JCRA). The Bank's Rupee debt instruments are rated AAA by CRISIL and ICRA.

 

NEW BENCHMARKS IN THE INTERNATIONAL CAPITAL MARKETS

·           Exim Bank became the first ever Indian entity to be included in the Emerging Market Bond Index. The Bank issued 5-year US$ 500 million and 10-year US$ 750 million Eurodollar bonds at the finest pricing, leveraging the EMBI inclusion.

·           In 2012-13, the Bank became the first Indian entity to tap the Australian dollar market with a 5-year AUD 200 million bond issue. The Bank also became the first Indian entity to issue 5-year Singapore Dollar denominated bonds (SGD 250 million).

·           The Bank launched a second Uridashi Bond issue of US$ 170 million equivalent (a bond denominated in a foreign currency and sold directly to Japanese household investors) in three different currencies viz., Japanese Yen, Mexican Peso and Turkish Lira, Exim continues to be the only Indian entity accepted in the Uridashi market.

·           During the year, the Bank secured a 20 year loan of € 150 million from the European Investment Bank to support projects that contribute to climate change mitigation. The Bank also began drawals under a US$ 100 million loan from Asian Development Bank, to be used to support SMEs and SME clusters in the less developed states for technology upgradation.

GRASSROOTS BUSINESS INITIATIVES

·           The Bank supported Tangail Tantujibi Unnayan Samabay Samity Ltd., a weaver’s cooperative which manufactures and exports handloom products; a trust – Kala Raksha – producing hand embroidered garments, accessories etc.; Industree Crafts Private Ltd., an organization producing handicraft and handloom products to improve their export capability.

·           The Bank supported several NGOs, Self Help Groups (SHGs) and artisans to provide new opportunities that would positively impact the lives of a large number of people associated with them, thus contributing towards social, economic, and cultural upliftment, women empowerment, employment generation and capacity building.

·           The Bank organized a Design Development and Training workshop for women artisans in developing creative and modern designs for coconut shell crafts. Workshops were also organized on Design Sensitization, Design Development Training Phase II  for Bidar Bidari Youth Mandal, an SHG; Packaging, Forwarding and Finance for Successful Marketing and Exports, Quality Control, Branding and Packaging for Jharcraft, a Jharkhand Government undertaking. The workshops aimed to create quality products to tap international markets and helping these organizations in terms of marketing, brand building and generating business. The Bank, in partnership with World Craft Council, also organised “Exim Bank – WCC International Craft Film Contest” to support students working in the field of handicrafts.

 

·           During the year, the Bank entered into a Memorandum of Understanding with National Institute of Design to provide training on design interventions, product development and advisory services for documentation, entrepreneurship, marketability and branding. The Bank also entered into a Memorandum of Cooperation with the Rural Technology and Business Incubator, an incubator cell in IIT-Madras to evaluate and support organisations, at their nascent stage of development, which work towards improving rural livelihood.

 

SOUTH – SOUTH COOPERATION AND REGIONAL COOPERATION

·           Exim Bank signed two multilateral financial cooperation agreements with other member banks of the BRICS (Brazil, Russia, India, China and South Africa) nations, viz. BRICS Multilateral Infrastructure Co-financing for Africa; and BRICS Multilateral Co-operation and Co-financing Agreement for Sustainable Development.

 

·           The Bank concluded a detailed study for the SAARC Development Fund (SDF), which is the umbrella financing mechanism created by the South Asian Association for Regional Cooperation, and proposed a strategy for the SDF in terms of its operations, direction, portfolio of products and also a longer term plan of getting a multilateral status and expanding its resource base with a view to revive and promote intra-regional projects in the South Asia region.

 

KNOWLEDGE SHARING

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

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

 

 

Exim Bank signs Memorandum of Co-operation with UKTI

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Export-Import Bank of India (Exim Bank) and UK Trade and Investment have signed a Memorandum of Co-operation to promote business and investment opportunities and facilitate better co-operation between companies from the two countries. Mr. Nick Baird, Chief Executive, UKTI and Mr. Vikramaditya Ugra, Chief Executive, London Branch of Exim Bank signed the MOC on in the presence of Union Finance Minister Mr. P. Chidambaram and Mr. George Osborne, Chancellor of the Exchequer, Government of the UK on May 16, 2013, on the occasion of the Sixth UK-India Economic and Financial Dialogue. The signing also coincided with ‘Export Week’ being observed by the Government of the UK from May 13 to 17, 2013.

 

UKTI is an arm of the Government of the UK promoting two-way trade and investment flows from the country. It works with UK-based businesses to ensure their success in international markets, and encourages overseas companies to invest in the UK. Exim Bank and UKTI agreed to exchange information to boost co-operation particularly between SMEs from India and the UK, helping them locate suitable joint venture and trade partners. They will also share research to support their respective clients’ understanding of the market place in India and the UK.

 

 

Others present on the occasion included Dr. Jaimini Bhagwati, High Commissioner of India to the UK; Mr. Anwar Hasan, Director, Tata Limited; Mr. Vindi Banga, Senior Partner, Clayton Dubilier & Rice LLP; Lord Deighton, Commercial Secretary to the Treasury, Government of the UK; and Mr. Richard Heald, Chief Executive Officer, UK India Business Council.

Exim Bank arranges Euro 150 million Framework Loan from the European Investment Bank

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The Export-Import Bank of India (Exim Bank), India’s premier export finance institution, has signed an agreement for a long term loan of Euro 150 million equivalent with tenor upto 20 years with the European Investment Bank (EIB). An agreement to this effect was signed by Mr. T.C.A. Ranganathan, Chairman and Managing Director and Ms. Magdalena Alvarez Arza, Vice President, EIB on May 3, 2013, during the ADB meetings held in Delhi. This is the second credit line extended by EIB to Exim Bank. The EIB is the European Union’s major long-term lending institution with annual loan approvals exceeding USD 80 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. The borrowings under this facility will enable the Bank to on-lend for energy projects, notably wind, solar photovoltaic, concentrated solar power, hydro-power, geothermal, biomass and efficient cogeneration.

 Exim Bank has been raising foreign currency resources from the international market, which constitute approximately 51 per cent of the Bank’s borrowings as on March 31, 2013. Exim Bank’s objective is to finance and promote India's International Trade and Investment. The Bank offers to Indian companies a comprehensive range of finance, information and advisory services, supported by analysis and research, with a view to enhancing their international competitiveness. The Bank enjoys investment grade rating on par with the Indian sovereign from four international agencies viz. Baa3 from Moody’s, BBB- from Standard and Poor’s and Fitch and BBB+ from Japan Credit Rating Agency (JCRA).

 Exim Bank seeks to leverage its strong financials and sovereign rating to raise foreign currency resources from international debt 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.

Exim Bank signs two agreements with other BRICS development banks

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Chairman and Managing Director of Export-Import Bank of India (Exim Bank) Mr. T.C.A Ranganathan signed two multilateral financial cooperation agreements with Chairmen/Presidents of other member development banks of BRICS (Brazil, Russia, India, China, and South Africa) nations, in the presence of Heads of States/Governments of the BRICS countries held recently in Durban, South Africa during the BRICS Summit 2013.

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

 The two Agreements signed during the occasion are: i) BRICS Multilateral Infrastructure Co-financing for Africa; and ii) BRICS Multilateral Cooperation and Co-financing Agreement for Sustainable Development. These two Agreements are aimed at setting broader agenda for cooperation in these key areas. These two Agreements are expected to enhance cooperation among BRICS development banks and to significantly promote intra-BRICS trade.