Press Releases

  • Filter by date:
  • Submit
  • Press Releases

    14-Aug-2020

    Kerala has an Untapped Potential of US$ 6.7 billion in Merchandise Exports: Exim Bank Study

    Read More
  • Press Releases

    07-Aug-2020

    EXIM BANK, ON BEHALF OF THE GOVERNMENT OF INDIA, EXTENDS A LINE OF CREDIT [LOC] OF USD 250 MILLION TO THE GOVERNMENT OF REPUBLIC OF MOZAMBIQUE.

    Read More
  • Press Releases

    25-Jun-2020

    India Exim Bank’s PAT jumps more than 50% in FY 2019-20

    Read More
  • Press Releases

    20-Jun-2020

    EXPORT-IMPORT BANK OF INDIA, ON BEHALF OF THE GOVERNMENT OF INDIA, EXTENDS A LINE OF CREDIT OF USD 20.10 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF NICARAGUA

    Read More
  • Press Releases

    12-Jun-2020

    EXPORT-IMPORT BANK OF INDIA, ON BEHALF OF THE GOVERNMENT OF INDIA, EXTENDS A LINE OF CREDIT OF USD 215.68 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF MALAWI

    Read More
  • Press Releases

    01-Jun-2020

    Ms. Harsha Bangari Appointed as DMD of Exim Bank

    Read More
  • Press Releases

    04-Mar-2020

    “If a language dies, so does the humanity”, Ganesh Devy Speaks at Exim Bank’s Seminar on Indian Languages

    Read More
  • Press Releases

    29-Feb-2020

    Prof. Hélène Rey delivers Exim Bank’s 35th Commencement Day Annual Lecture

    Read More
  • Press Releases

    24-Jan-2020

    Export-Import Bank of India organizes Exim bazaar – an exclusive art & craft exhibition of handmades

    Read More
  • Press Releases

    22-Jan-2020

    Exim Bank, on behalf of the Government of India, extends a Line Of Credit [LOC] of USD 35.80 Million to the Government of Republic of Suriname for financing ‘rural electrification through solar DG hybrid PV systems in 50 remote villages of Suriname’ project

    Read More
  • Press Releases

    16-Jan-2020

    Exim Bank rings bell at INDIA INX with USD 1 bn, 10-year bond listing, reinforces its status as the largest single issuer listed on India INX

    Read More
  • Press Releases

    07-Jan-2020

    Exim Bank of India raises US$ 1 Billion for 10 year tenor at a coupon of 3.25 % p.a.

    Read More
  • Press Releases

    10-Dec-2019

    Strengthening the Export Credit Agencies will be a sine qua non for boosting project exports from India: Exim Bank Study

    Read More
  • Press Releases

    05-Dec-2019

    Export-Import Bank Of India, on behalf of the Government of India, extends two Lines of Credit of USD 20.22 Million and USD 170 Million to the Government of The Republic Of Guinea

    Read More
  • Press Releases

    18-Nov-2019

    Untapped Potential of US$ 900 million in Merchandise Exports from Bihar: Exim Bank Study

    Read More
  • Press Releases

    14-Nov-2019

    Exim Bank of India Announces the Winner of the BRICS Economic Research Award 2019

    Read More
  • Press Releases

    13-Nov-2019

    Exim Bank of India along with other Member Development Banks of Brics Nations signed MoU for Mobilisation of Private Investment in Infrastructure

    Read More
  • Press Releases

    13-Nov-2019

    North Africa gradually emerging as a favourable trade and investment destination for India: Exim Bank

    Read More
  • Press Releases

    29-Oct-2019

    Export-Import Bank of India observes Vigilance Awareness Week 2019

    Read More
  • Press Releases

    17-Oct-2019

    Exim Bank of India taps new fund source: as a pilot, raises US$ 50 mn 3 year tenor socially responsible Mekong region development bond (SR Bond)

    Read More

Kerala has an Untapped Potential of US$ 6.7 billion in Merchandise Exports: Exim Bank Study

Print

According to a Study published by the Export-Import Bank of India (Exim Bank), merchandise exports from Kerala stood at US$ 9.8 billion in 2018-19. Although exports from the state have registered robust growth during the recent period, there remains an untapped merchandise export potential of nearly US$ 6.7 billion. Realizing this potential could increase merchandise exports from the state to nearly US$ 16.5 billion. With a favourable policy framework and concerted efforts to boost exports, Kerala could target to achieve US$ 54.7 billion of export revenues by 2024-25.

Exim Bank organized an interactive webinar on the theme ‘Potential for Enhancing Exports from Kerala’ on 14th August 2020, to familiarize participants with the potential export opportunities, as also to proffer key export strategies for Kerala to realise its latent potential and achieve higher export growth trajectory. The programme was attended by more than 70 participants, and had speakers from the Government of Kerala (GoK) and Exim Bank.

On this occasion, Exim Bank released a working paper titled ‘Promoting Exports from Kerala: Insights and Policy Perspectives’. The Study identifies a six-pronged export strategy for the State, built upon the essential dimensions of diversification of products and markets, infrastructure leverage and strengthening, capacity building, fiscal incentives, devising an export promotion campaign, and institutional streamlining. The Study recommends diversification away from traditional export items for Kerala towards higher value-added products such as processed food, technical textiles, bulk drugs, and electronics and machinery. 

Highlighting the role of trade enabling infrastructure in export competitiveness, the Study recommends, inter alia, adoption of a public-private partnership model for strengthening the existing network of waterways, creation of a fund for development of export infrastructure in the non-major ports, increasing warehousing capacity in the districts of Alappuzha and Palakkad, leveraging Central Government sponsored schemes for enhancing the cold chain network, utilizing IT-enabled services to improve the reach and connectivity for agricultural produce, and setting up a Centre of Excellence for the Animation, Visual Effects, Gaming and Comics sector in the state.

From the perspective of capacity building, the Study suggests development of a branding strategy for products in which the state has Geographical Indications, refund of expenses incurred by exporters in the state for obtaining statutory certifications, assisting firms in availing funding for cutting-edge technologies under various Central Government schemes, encouraging hospitals in Kerala to tie-up with foreign health institutions/ hospitals, and creating awareness about finance and risk mitigation products. 

The GoK could also consider fiscal incentives such as capital subsidy or grants in priority sectors and reimbursement of electricity duty in key export-oriented sectors. As part of its Export Promotion Campaign, the Government could also consider setting up Export Awards, establishing a brand equity fund for branding and marketing of products from Kerala, and assessment of the industrial clusters in Kerala for identification of the necessary areas of intervention. The Study also highlights the need for an effective institutional ecosystem in Kerala for promoting exports, and recommends setting up of a Kerala Export Promotion Council under the aegis of the Department of Industries, GoK.

The Study was released by the Chief Guest for the webinar, Dr. K. Ellangovan (IAS), Principal Secretary, Department of Industries & Commerce and NORKA, Government of Kerala. Speaking on the occasion, Dr. Ellangovan highlighted the efforts taken by the State Government to support exporters in the State, and outlined the future endeavours of the Government of Kerala. 

Mr. David Rasquinha, Managing Director, Exim Bank, in his welcome address, noted that international trade is at the focal point of the narratives of “Atmanirbhar Bharat” and “Vocal for Global”, and there is a need to coalesce efforts at all levels of governance to prepare the domestic industry for achieving these objectives. He also apprised the participants about the multi-layered engagement of Exim Bank for financing, facilitating and promoting exports at the state level.

 

For more information, contact: 

Shri Prahalathan Iyer, Chief General Manager, Research & Analysis Group

Export-Import Bank of India, Centre One Building, Floor 21, WTC Complex, Mumbai 400005 

Phone: 91-22-2217 2704, Fax: 91-22-2218 0743, E-mail: prahalathan@eximbankindia.in

EXIM BANK, ON BEHALF OF THE GOVERNMENT OF INDIA, EXTENDS A LINE OF CREDIT [LOC] OF USD 250 MILLION TO THE GOVERNMENT OF REPUBLIC OF MOZAMBIQUE.

Print

Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended Line of Credit [LOC] of USD 250 million for Improving of Quality of Power Supply in Mozambique.

The LOC Agreement to this effect was signed on Monday, August 03, 2020, through exchange between Mr. Saroj Khuntia, General Manager, Exim Bank and Mr. Adriano Isaias Ubisse, National Directorate of Treasury, Ministry of Economy and Finance, Government of Republic of Mozambique.

With the signing of the above LOC Agreement for USD 250 million, Exim Bank, till date, has extended 14 (fourteen) Lines of Credit to the Government of the Republic of Mozambique, on behalf of the Government of India, taking the total value of LOCs to USD 772.44 million. Projects covered under the LOCs extended to the Government of Republic of Mozambique includes supply of Locomotives, Coaches, construction of Borewells and installation of hand pumps, construction of Incubator facility Research and Learning centre, Technology park and administrative facility.

With the signing of this LOC Agreement, Exim Bank has now in place 264 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.98 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.

For further information, please contact Mr. Saroj Khuntia, General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

India Exim Bank’s PAT jumps more than 50% in FY 2019-20

Print

Mr. David Rasquinha, Managing Director and Ms. Harsha Bangari, Deputy Managing Director, Export-Import Bank of India (India Exim Bank), announced the Bank’s results for the financial year 2019-20 through a virtual press conference in Mumbai on Thursday, June 25, 2020.

Key highlights of the Bank’s performance during 2019-20 are as under:

BUSINESS PERFORMANCE

  • Lines of Credit (LOCs): During the year, the Bank extended 27 LOCs, aggregating USD 3.40 billion, to support export of projects, goods and services from India. The Bank has built up a portfolio of 259 GOI-LOCs with credit commitments aggregating USD 25.46 billion which are at various stages of implementation. With ever expanding reach, the LOCs have gained momentum in stimulating economic growth across 64 countries in Africa, Asia, Latin America, Oceania and the CIS region.
  • Project Exports: During FY 2019-20, India Exim Bank has supported 38 project export contracts valued at USD 2.81 billion under its commercial window. Some major project exports contracts supported by the Bank during the year include roadways project in Bangladesh; refinery complex project in Nigeria; power transmission projects in Nicaragua and Togo; South West Gas Field Development Project in Algeria; development of container terminal at the Yangon port, Myanmar; solar 190 MW DC photovoltaic plant in Chile; installation and commissioning of pumps in Suriname.
  • Buyers’ Credit under National Export Insurance Account (BC-NEIA): An amount of USD 331.58 million was disbursed during the year under the sanctioned facilities, and the outstanding BC-NEIA portfolio stood at USD 1.35 billion as on March 31, 2020. Some key projects include water treatment plant in Sri Lanka, LPG storage facility at the Beira Port in Mozambique; supply of vehicles to Cote d'Ivoire, Senegal and Tanzania; transmission line projects in Cameroon, Mauritania, Senegal, Zambia and Kenya; railway line project in Ghana; irrigation project in Suriname; water supply projects in Uganda and Cameroon; and other projects in Maldives, Zambia and Ghana. The Bank has also given in-principle commitments aggregating to USD 3.53 billion for supporting 28 projects, under BC-NEIA, at the behest of several leading Indian project exporters. 
  • Overseas Investment Finance: During FY 2019-20, 16 corporates were sanctioned funded and non-funded assistance aggregating ` 2,837 crore for part financing their overseas investments in 8 countries. Overseas investments supported during the year include setting up of a manufacturing facility in Morocco for the production and supply of auto components; working capital for a plant manufacturing oleoresins in China; setting up of units in the USA for the manufacture of Intermediate Bulk Container bottles and drums; setting up of a Calcined Petroleum Coke manufacturing project with captive power generation in the Sultanate of Oman.

RESOURCES & TREASURY

  • During FY 2019-20, the Bank raised foreign currency resources aggregating USD 1.91 billion equivalents. The raising of resources was done through a variety of instruments.
  • In January 2020, India Exim Bank raised USD 1 billion for 10-year tenor at a coupon of 3.25% p.a. in the 144A/Reg-S format.  The transaction marked the lowest coupon from any Indian issuer for a 10-year USD issuance. The issue attracted a total order book in excess of USD 2.7 billion at close, thereby achieving more than 2.7 times subscription from 184 high-quality investors. 
  • In October 2019, the Bank issued its first ever USD-denominated Socially Responsible Bond for USD 50 million. The bond is named as Socially Responsible Mekong Region Development Bond considering allocation of funds to infrastructure projects from Cambodia, Myanmar and Vietnam. The 3-year bond was issued at a fixed coupon of 2.385 % per annum.
  • In September 2019, the Bank successfully returned to the Samurai Bond Market and issued a dual tranche JPY 32 billion transaction consisting of 3-year and 5-year fixed rate tranches. The coupon rates were fixed at 0.59% and 0.66% per annum respectively. The transaction represents India Exim Bank’s first Standalone Samurai issuance (without any guarantee) since 2006. 
  • As on March 31, 2020, the Bank had a pool of foreign currency resources equivalent to USD 12.09 billion and outstanding rupee resources of 18,430 crore.
  • Rating: India Exim Bank has the highest ratings (AAA) / (A1+) for Rupee debt instruments and its international ratings are at par with Sovereign - Moody’s: Baa3 (Negative); S&P: BBB-(Stable); Fitch: BBB-(Negative); JCRA: BBB+ (Stable).

EXPORT FACILITATION

  • During FY 2019-20, the Bank conducted 24 seminars for exporters, with themes broadly classified into export capability creation, business opportunities, industry, country & region focus, and export potential of Indian states.
  • India Exim Bank, under its grassroots initiatives, has been supporting and assisting rural artisans and craftsmen of handicraft products to widen their domestic as well as international presence by organizing design, skill-building and training workshops. The Bank supported six skill development programmes during the year, some of them were for weavers engaged in ‘Kalamkari’ art, in Pedana village of Andhra Pradesh; artisans of Rangsutra Crafts India Limited in Barmer, Bikaner, Srinagar & Varanasi; for farmers and artisans in Pithoragarh district of Uttarakhand for Kumaon Earthcraft Cooperative (Earthcraft).
  • The Bank assists in identification of market opportunities overseas and seeks to help Indian firms in their globalization efforts by proactively assisting in locating overseas distributors / buyers / partners for their products and services on a success fee basis. One of the highlights during the year was the assistance provided for development of a Lacustrine Fisheries Industry in Kibouo Lake Dalao city in Abidjan, Cote d’Ivoire.

ADVISORY AND CONSULTANCY SERVICES

  • India Exim Bank and the United Nations Development Programme (UNDP) are jointly implementing a project on “Capacity Building of MSMEs in North East India for Export Competitiveness”. Some of the key initiatives under this project during FY 2019-20 include: partnering with several pan-India institutions to identify opportunities for MSMEs; conducting studies to strengthen agricultural value chain; documentation of cluster activities of agriculture, handloom and handicraft sectors; and creation of a UNDP-India Exim Bank Network of Social Entrepreneurs in Mizoram and Assam.
  • The Bank has been engaging with various state governments to evaluate the state-level export performance and making strategies for development of their trade competitiveness. In the recent years, the Bank has developed export strategy papers for the state governments of Andhra Pradesh, Madhya Pradesh, Rajasthan and West Bengal. In FY 2019-20, India Exim Bank’s Study titled ‘Promoting Exports from Bihar: Insights and Policy Perspectives’ was released in Patna. The Bank also released 19 research studies during the year on various sectors, countries and macro-economic issues relevant to international trade and investment. 
  • Following a request from the Kingdom of Saudi Arabia, during FY 2019-20, India Exim Bank completed a consultancy assignment to tailor the financing programs for its newly launched Saudi EXIM Bank.
  • During the year, the Bank organised skill enhancement programs for officers from diverse groups of Ghana Export-Import Bank (Ghana Exim), as a follow-on to its capacity building assignment for Ghana Exim.
  • The Bank’s Exim Mitra portal provides the exporters and importers an effective, single gateway to a wide range of trade information services. The portal contributes to the ongoing efforts towards reducing the asymmetry in information and availability of trade finance and credit insurance facilities amongst MSME entrepreneurs. 

NEW INITIATIVE

  • During the Union Budget in February 2020, Hon’ble Finance Minister had announced a scheme of  1,000 crore for promoting Indian companies with export potential, to be anchored by India Exim Bank together with SIDBI. Both the institutions would contribute  50 crore each, which would be utilised towards equity and technical assistance. Debt-funding of  900 crore from banks would also be made available under the scheme. The initiative christened as the ‘Ubharte Sitaare Programme’ will be led by India Exim Bank.

COVID-19 RELIEF INITIATIVES

  • During FY 2019-20, India Exim Bank made a donation to the PM-Cares Fund for COVID-19 relief. The Bank’s staff members contributed an average of 5.6 days salary and the Bank matched and rounded off the donation to 1 crore to the PM Cares Fund.
  • Many projects financed by India Exim Bank are providing support to combat COVID-19. Welspun India Limited, one of the leading textile companies and exporters of India, is manufacturing 3-ply masks using non-woven material at its Advanced Technical Textile site, which was financed by India Exim Bank. Rivatex East Africa Limited, supported under a Line of Credit to the Government of Kenya, is making and supplying masks, hospital bed sheets to Kenya Medical Supplies Authority (KEMSA).

SOCIALLY RELEVANT INITIATIVES

  • During FY 2019-20, India Exim Bank partnered with the Don Bosco Institute of Technology to set up a low-cost sanitary napkin making facility in Jawhar, Palghar. The facility made the essentials of personal hygiene accessible to the local women and also created a few job opportunities for the women producers as they marketed and sold the product.
  • The Bank partnered with advocate and environment activist Mr. Afroz Shah for beach clean-up activities. Around one-third of the Bank’s staff in Mumbai along with their family members joined for the clean-up drives at Versova beach and Dana Pani beach in Malad. 
  • The Bank in association with the Tata Memorial Hospital organised blood donation drives in Mumbai. A blood donation drive was also organised in the Bank’s New Delhi office.

 

For more information, please contact: Mr. Swarup Chakraborty, Assistant General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005; Phone +91-22-22172830; E-mail: ccg@eximbankindia.in.

EXPORT-IMPORT BANK OF INDIA, ON BEHALF OF THE GOVERNMENT OF INDIA, EXTENDS A LINE OF CREDIT OF USD 20.10 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF NICARAGUA

Print

Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended Line of Credit [LOC] of USD 20.10 million for reconstruction of Aldo Chavarria Hospital, to the Government of the Republic of Nicaragua.

The LOC Agreement to this effect was signed on Friday, June 12, 2020, through exchange between Mr. Tarun Sharma, General Manager, Exim Bank, and Mr. José Adrián Chavarria, General Viceminister, Ministry of Finance and Public Credit, Government of Republic of Nicaragua.

With the signing of the above LOC Agreement for USD 20.10 million, Exim Bank, till date, has extended 4 (four) Lines of Credit to the Government of the Republic of Nicaragua, on behalf of the Government of India, taking the total value of LOCs to USD 87.63 million. Projects covered under the LOCs extended to the Government of the Republic of Nicaragua includes supply of equipment for building two substations, construction of transmission lines, building new substation, expansion of the existing substations and reconstruction of a hospital.

With the signing of this LOC Agreement, Exim Bank has now in place 261 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.70 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. Sudatta Mandal, Chief General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

EXPORT-IMPORT BANK OF INDIA, ON BEHALF OF THE GOVERNMENT OF INDIA, EXTENDS A LINE OF CREDIT OF USD 215.68 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF MALAWI

Print

Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended Line of Credit [LOC] of USD 215.68 million for Drinking Water Supply Schemes and Other Development Projects, to the Government of the Republic of Malawi.

The LOC Agreement to this effect was signed in New Delhi on Friday, June 12, 2020, between Mr. Sudatta Mandal, Chief General Manager, Exim Bank, and H.E. Mr. George Mkondiwa, High Commissioner, Malawi High Commission in India. 

With the signing of the above LOC Agreement for USD 215.68 million, Exim Bank, till date, has extended 5 (five) Lines of Credit to the Government of the Republic of Malawi, on behalf of the Government of India, taking the total value of LOCs extended to USD 395.68 million. Projects covered under the LOCs extended to the Government of the Republic of Malawi includes supply of irrigation network, tobacco threshing plant, cotton processing facilities, green belt initiative, sugar processing equipment, fuel storage facility and construction of a new water supply system from Likhubula river in Mulanje to Blantyre.

With the signing of this LOC Agreement, Exim Bank has now in place 260 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.68 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. Sudatta Mandal, Chief General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

Ms. Harsha Bangari Appointed as DMD of Exim Bank

Print

Mumbai: Ms. Harsha Bangari has been appointed as the Deputy Managing Director of the Export-Import Bank of India (Exim Bank). Prior to this appointment, Ms. Bangari was the Chief General Manager and Chief Financial Officer of the Bank. She joined Exim Bank in 1995 and is currently heading the Treasury and Accounts Group of the Bank. Ms. Bangari is a seasoned finance professional with experience of more than 25 years in the financial sector and has thorough knowledge of the Bank’s processes and business policies across functions covering all products of the Bank including cross border project financing as well as Risk Management, Client Servicing and Liability side management including Treasury Functions and Foreign Currency Resources. Her areas of interest include international debt capital markets and international project finance.

Ms. Bangari is a Bachelor of Commerce and a Chartered Accountant.

 

For More information, please contact: Mr. Nadeem Panjetan, Chief General Manager, Export-Import Bank of India, 21st floor, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai 400005; Telephone +91-22-22172829, Email: ccg@eximbankindia.in,Website: www.eximbankindia.in

“If a language dies, so does the humanity”, Ganesh Devy Speaks at Exim Bank’s Seminar on Indian Languages

Print

Export-Import Bank of India (Exim Bank) organised a seminar on Indian languages under the aegis of Bank, Town Official Language Committee (TOLIC), Mumbai on Friday, February 28, 2020. Renowned linguist and cultural activist Ganesh N. Devy; literaturer and Hindi-Marathi writer Dr. Damodar Khadse and senior journalist and language activist Mr. Rahul Dev were present as the speakers for the event. Mr. David Rasquniha, Managing Director, Exim Bank, Senior officials of Department of Official Language, Ministry of Home Affairs, Government of India were also present on this occasion. The seminar was well attended by officers from Mumbai based Banks, FIs and PSUs along with educators of Hindi departments and students of various colleges in Mumbai. 

The speakers deliberated on the issues such as Future of Indian Languages, Co-existence of Indian Languages and Linguistic Diversity in India in various sessions of the seminar. 

Padma Shri Ganesh N. Devy, best known for People’s Linguistic Survey of India, which is the biggest ever survey conducted by an individual, opined that Language is another currency on the earth and it is necessary to be well connected with the language. As of now, 68 volumes of this work have been published and the mission of documenting India’s living languages is still going on. He has documented more than 780 living languages of India, out of which many are on the verge of extinction. Mr. Devy opined that languages are the expression of humanity. If a language dies, so does the humanity. He said, he has an extraordinary love for languages and each and every language is close to his heart. 

While addressing a session on ‘Co-existence of Indian Languages’ Hindi-Marathi writer Dr. Damodar Khadse opined that translation has played an important role in enriching this co-existence. Dr. Khadse, who has translated more than 80 books from Marathi to Hindi, gave various examples from the literary world, where writers of other Indian languages have widely been recognised after getting translated into Hindi. Dr. Vishwanath Jha, Deputy Director, Department of Official Language, Government of India, talked about various similarities in Aryan and Dravidian languages and opined that both the language families should be seen as one. 

Senior journalist and language activist Mr. Rahul Dev said that, our languages are dying, but unfortunately many of us are unable to see this crisis. Many people believe that language has its importance only in getting employment. But we need to see it in a broader perspective. This is the crisis of identity and humanity. He opined that a language has a deep relation with innovation, original thought process, research, invention and economic growth. Language is not only the medium of communication, but it is our identity.      

Mr. Vijay Kamble, General Manager, Bank of Maharashtra and Chairman, Bank TOLIC, Mumbai appreciated the Bank’s initiative of organising such a thought provoking seminar on Indian languages. 

For More information, please contact:
Mr. Dharmendra Sachan, General Manager, Export-Import Bank of India, 21st floor, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai. Email: rajbhasha@eximbankindia.in

Prof. Hélène Rey delivers Exim Bank’s 35th Commencement Day Annual Lecture

Print

“The Dollar is to currencies what English is to languages”, Professor Hélène Rey, Lord Bagri Professor of Economics, London Business School remarked during the Export-Import Bank of India’s (Exim Bank’s) 35th Commencement Day Annual Lecture in Mumbai on February 28, 2020. Speaking on the topic, “Financial Globalisation and International Financial Markets”, Professor Rey highlighted that the US dollar is the dominant international currency, with nearly 62.2 percent of international debt, 56.3 percent of international loans, and 62.7 percent of foreign exchange reserves denominated in the US dollar. She also mentioned that India is among the most dollarized countries as far as trade invoicing is concerned.

Prof. Rey explained how the dominance of the dollar in international trade, international banking and asset markets matters for international transmission of shocks and macroeconomic policies. She noted that international financial linkages have risen dramatically, which has concomitantly increased the importance of cross border spillovers of policy actions. She explained how in a dollar hegemonic system, the monetary policy of the US Federal Reserve sets the tune for the global financial cycle, and how it may affect the balance sheets and risk appetite of financial institutions in other countries.

Mr. David Rasquinha, Managing Director, Exim Bank also highlighted the fragilities associated with greater financial openness. He noted that while theoretically, rising capital flows in emerging market economies should support growth, in reality, financial openness has, rather, proven to be a double-edged sword, leaving emerging markets vulnerable to foreign shocks. He further added that the effect of policies taken by the US on the international monetary system during the recent times is discernible, and some of the negative effects are disconcerting. 

In her lecture, Professor Rey further explained the difficulties for the US to remain a world banker or insurer. She opined that the equilibrium in which the Dollar is the dominant international currency is becoming more unstable over time as the relative size of the US in the world economy is shrinking, while the stock of dollar liabilities in the rest of the world is consistently growing. As the current configuration of international monetary system may not be stable, Professor Rey explored the potential changes in the international monetary order.

Analysing the alternatives to the US dollar, Professor Rey said that the Euro may be the closest substitute to the Dollar, but the incomplete architecture of the Euro area and the absence of a Euro area- wide safe asset inhibits the internationalisation of the Euro. In context of the Chinese Renminbi, Professor Rey observed that while the use of Renminbi for trade invoicing and cross-border financial transactions has increased, its adoption in international markets is deterred by the capital controls imposed by China, as also the underdeveloped financial system in the country. 

Professor Rey also discussed the emergence of private, digital and crypto currencies, which could have a catalytic role in disrupting the international monetary system. Additionally, she discussed the plausibility of a competition among the main Central Banks to develop high tech international payment and settlement systems within a network. Such digital network of payments could help centralize information perfectly and enforce penalties perfectly, which the current monetary system does not address. 

The lecture was part of Exim Bank’s Commencement Day Annual Lecture series, which was initiated in 1986 to mark the Bank’s Commencement, and represents the Bank's ongoing endeavours in encouraging discussions on latest trends in international relations, global trade, finance, investment flows and related economic developments, and in facilitating sharing of opinions by experts. Over the years, Exim Bank’s Annual Lecture series has earned high recognition in Mumbai’s public life.

For more information, please contact:
Corporate Communications Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005;  E-mail: ccg@eximbankindia.in.

Export-Import Bank of India organizes Exim bazaar – an exclusive art & craft exhibition of handmades

Print

Export-Import Bank of India (Exim Bank) has been supporting and curating grassroots enterprises and craftsmen across India, in the areas of product development, design & packaging sensitization, with the twin-objective of reviving the traditional arts and crafts of India while ensuring a sustainable means of livelihood to the artisans. 

The Bank, through its training programmes, workshops and loan assistance, has been able to motivate the next generation artisans to imbibe the intricacies of the crafts nurtured by their forefathers through the centuries, build a sustainable business, and help secure wider recognition for the crafts, which are the true symbols of the country’s rich heritage, both in India and overseas. 

In order to further strengthen these efforts, Exim Bank has organized an exclusively curated exhibition-cum-sale of Handmade traditional & contemporary arts, crafts and textiles from across India. The three-day event, ‘Exim Bazaar’ (the ‘Bazaar’) is being held from January 24 to 26, 2020 (Friday to Sunday) from 10:00 AM to 07:00 PM at the Dutch Palace, Opposite Residency Club, Pune. First launched in September 2017, succeeding editions of the Exim Bazaar have achieved greater and greater success in terms of artisanal reach and economic returns to the artisans. 

The Bazaar brings together the best of traditional and contemporary crafts such as handwoven Phulkari, Crystal Jewellery, Madhubani Paintings, Sanjhi Paper Cutting, Warangal Carpets, Pashmina from Jammu & Kashmir, Kalamkari, Bidriware, Terracotta, Dokra, Warli, Patua Meenakari, Chanderi, Block Printed Garments, traditional home decor, and many more of such exquisite crafts under one roof. Over 50 participants are exhibiting their craft at the current (sixth) edition of the Bazaar.

Mr. Utpal Gokhale, General Manager, Exim Bank, inaugurated the exhibition and encouraged the artisans, asserting that this platform would provide the much desired recognition and awareness about India’s traditional arts and crafts. Besides, this is an endeavour to provide encouragement and motivation to artisans to take up the production of unique craft items as a sustainable means of livelihood, thereby ensuring the survival of the craft. Internationally, the demand and value of handmade products is increasing, and having recognized this vast potential, Exim Bank intends to showcase such craftsmanship on the international stage.  

Mr. Gokhale also highlighted that the Bank, through its Grassroot Initiatives for Development and Marketing Advisory services (GRID-MAS) provides hand holding support to market the goods and services of Indian grassroots enterprises. The Bank has been curating many of the grassroots artisans and has been providing them training on the latest designs, packaging techniques, and market requirements, which has helped them come up with newer utility products while at the same time, preserve and showcase the traditional art form. New colours, textures and materials that look attractive and at the same time are environment friendly, are in great demand internationally.  This has opened up a new space in the design world where the products not only carry India’s rich heritage but can also be put to use in the day to day activities, making the endeavour economically sustainable. The Bazaar will not only afford sizeable spot sales to participants but will also help them secure valuable contacts with corporate and retail buyers. Most importantly, it will also make the attendees aware about the rich cultural heritage and the variety of art forms that India has to offer.

Mr. Utpal Gokhale, General Manager, Exim Bank of India, inaugurating the Handmade Exim Bazaar exhibition at Dutch Palace, 16,Bund Garden Road, Opp. Residency Club, Pune, on January 24, 2020.

For further information, please contact Mr. Utpal Gokhale, General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: [022] 22172457, E-mail: mas@eximbankindia.in, Website: www.eximbankindia.com

Exim Bank, on behalf of the Government of India, extends a Line Of Credit [LOC] of USD 35.80 Million to the Government of Republic of Suriname for financing ‘rural electrification through solar DG hybrid PV systems in 50 remote villages of Suriname’ project

Print

Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 35.80 million, to the Government of Republic of Suriname, for the purpose of financing ‘Rural Electrification through Solar DG Hybrid PV systems in 50 remote villages of Suriname’ project. The LOC Agreement to this effect was signed and exchanged in Paramaribo, Suriname on Tuesday, January 21, 2020, between Mr. Ajay Rana, Regional Representative, Exim Bank’s Washington Representative Office and H.E. Mr. Gillmore Hoefdraad, Hon’ble Minister of Finance of the Government of Republic of Suriname, in the presence of Mr. Mahender Singh Kanyal, Indian Ambassador to the Republic of Suriname. 

With the signing of the above LOC Agreement, Exim Bank, till date, has extended 9 (Nine) Lines of Credit to the Government of the Republic of Suriname, on behalf of the Government of India, taking the total value of LOCs extended to USD 124.98 million. Projects covered under the LOCs extended to the Government of Republic of Suriname include Power, Water Supply, purchase of Helicopters, and Rehabilitation and up gradation of Milk Processing plant etc.  

With the signing of this LOC Agreement, Exim Bank has now in place 258 Lines of Credit, covering 64 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.48 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. Saroj Khuntia, General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent to Ring Road, Kidwai Nagar (East), New Delhi-110023; Telephone:+91-11-24607775, Fax.:+91-11-20815029 ; Email: eximloc@eximbankindia.in, Website: www.eximbankindia.in

Exim Bank rings bell at INDIA INX with USD 1 bn, 10-year bond listing, reinforces its status as the largest single issuer listed on India INX

Print

The bell ringing ceremony for the USD 1 billion, 10-year bond issuance was conducted on 16th January, 2020 at BSE by Shri David Rasquinha, Managing Director, and Ms. Harsha Bangari, Chief General Manager & Chief Financial Officer of Exim Bank, in the presence of Shri V. Balasubramaniam, MD & CEO, INDIA INX.

The Export-Import Bank of India, on January 06, 2020, successfully priced a 10 year Bond of USD 1 bn, its third transaction in the 144A/Reg S format. The issue attracted a total order book in excess of USD 2.7 billion at close, thereby achieving more than 2.7 times subscription from 184 high-quality investors. The transaction was priced at the fair value of CT10+150 bps, well inside the initial price guidance of CT10+175 bps area, representing significant price tightening of 25 bps and zero new issue premium. In terms of geographic distribution, the bonds were distributed 44% in Asia, 36% in USA and 20% from EMEA region. In terms of distribution, the bonds were distributed to high quality investors with around 58% distributed to fund managers, 18% to banks, 13% to insurance and pension funds, 10% to Central Banks/Official Institutions and 1% to private banks.

Speaking on the occasion, Mr. David Rasquinha, Managing Director of Exim Bank, said, “The successful issuance of USD 1 bn, our third such issue, is a strong market opening trade from Exim Bank, following which many other Indian issuers are likely to access the foreign currency bond markets. All Exim Bank’s foreign currency bonds are already listed on India INX and it makes us proud to say that Exim Bank is cumulatively the largest bond issuer listed on India INX. Exim Bank continues to look forward to strengthening the relationship with Indian INX for its future issuances”

Ms. Harsha Bangari, Chief General Manager & Chief Financial Officer of Exim Bank said “This is a proud moment for Exim Bank as we mark today’s ceremony for listing of Exim Bank’s recent 144A/Reg S issuance of USD 1 billion on the India INX platform. The transaction marks the lowest 10 year coupon from any Indian issuer in USD markets especially in the backdrop of geopolitical tensions. We look forward to listing our future issuances at the India INX and hope to have played a pioneering role towards development of the Exchange. 

Barclays, Citigroup, HSBC, J.P. Morgan, MUFG and Standard Chartered acted as Joint Lead Managers and book runners for the offering. Exim Bank of India has been rated as ‘Baa2 (Negative)’ by Moody’s, ‘BBB- (Stable) by S&P and ‘BBB- (Stable)’ by Fitch, same as the rating of Government of India.

Caption: Mr. David Rasquinha, Managing Director, and Ms. Harsha Bangari, Chief General Manager, Export-Import Bank of India, at the bell ringing ceremony for USD 1 billion bond issuance, in presence Shri V. Balasubramaniam, MD & CEO, India International Exchange.

For further information, please contact Mrs. Harsha Bangari, 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 +91-22-22172686; E-mail: harsha@eximbankindia.in

Exim Bank of India raises US$ 1 Billion for 10 year tenor at a coupon of 3.25 % p.a.

Print

The Export-Import Bank of India, on January 06, 2020, successfully priced a 10 year Bond of USD 1 bn, its third transaction in the 144A/Reg S format. The transaction marks lowest coupon from any Indian issuer for a 10 year USD issuance. The issue attracted a total order book in excess of USD 2.7 billion at close, thereby achieving more than 2.7 times subscription from 184 high-quality 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 its lines of credit portfolio.

The transaction was priced at the fair value of CT10+150 bps, well inside the initial price guidance of CT10+175 bps area, representing significant price tightening of 25 bps and zero new issue premium. In terms of geographic distribution, the bonds were distributed 44% in Asia, 36% in USA and 20% from EMEA region. In terms of distribution, the bonds were distributed to high quality investors with around 58% distributed to fund managers, 18% to banks, 13% to insurance and pension funds, 10% to Central Banks/Official Institutions and 1% to private banks.

Barclays, Citigroup, HSBC, J.P. Morgan, MUFG and Standard Chartered acted as Joint Lead Managers and book runners for the offering. Exim Bank of India has been rated as ‘Baa2 (Negative)’ by Moody’s, ‘BBB- (Stable) by S&P and ‘BBB- (Stable)’ by Fitch, same as the rating of Government of India.

Speaking on the occasion, Mr. David Rasquinha, Managing Director of Exim Bank, said, “With a strong market opening trade from Exim Bank, many other Indian issuers are likely to follow suit to access the foreign currency bond market. The transaction is a remarkable achievement considering significantly weaker market backdrop owing to geopolitical tensions. The transaction also marks the lowest 10 year coupon from any Indian issuer in USD markets.

Ms. Harsha Bangari, Chief General Manager & Chief Financial Officer of Exim Bank said that this is a first single tranche US$ 1 bn issuance from India since last EXIM Bank issuance in 2018. The quasi sovereign nature of the Bank and EMBIG index eligibility of the bonds helped in the price tightening. The swift build to the book and the large book size, even after significant tightening by 25 bps demonstrates strong confidence of overseas investors in the India story and in Exim Bank. 

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 Mrs. Harsha Bangari, 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 +91-22-22172686; E-mail: harsha@eximbankindia.in

Strengthening the Export Credit Agencies will be a sine qua non for boosting project exports from India: Exim Bank Study

Print

With merchandise exports witnessing a slowdown during the past decade, there is a need to focus on newer avenues for export growth from India. According to a study by Exim Bank, project exports is one such sector of opportunities for India. Analysis in the study indicates that contract awards for projects financed by Multilateral Development Banks (MDBs) [World Bank, the Asian Development Bank (ADB), the African Development Bank Group (AfDB), the Inter-American Development Bank and the European Bank for Reconstruction and Development] amounted to nearly US$ 155.7 billion during 2014-2018, indicative of immense opportunities for project exporters in India. Indian companies secured contracts amounting to US$ 21 billion during this period in projects funded by the major MDBs—the ADB, the AfDB and the World Bank funded projects. 

The Study has taken an essential first step of evaluating the performance of project exporters in India over the recent years and analysing key aspects of their competitiveness in the international market. Based on a thorough analysis, comprising desk research and survey inputs received from select project exporters, the Study identifies major challenges for the sector in India and recommends pertinent strategies for alleviating these concerns. 

The strategies identified in the Study include strengthening Export Credit Agencies [ECAs (Exim Bank and ECGC ltd.)] in India, enhancing success in securing contracts through adoption of consortium approach and encouraging local presence in key geographies, capacity building for project exports by providing timely information on subcontracting opportunities and organizing awareness programs for project exporters, alleviating non-tariff barriers to project exports by giving due consideration to these issues in trade negotiations, addressing data related issues for more informed policy decisions, considering membership in other MDBs such as the Inter-American Development Bank for enhancing India’s market access in lesser penetrated geographies such as the Latin America and Caribbean, and striving towards bridging the infrastructure financing gaps to create more opportunities for project exports.

The Study titled ‘Project Exports from India: Strategy for Reenergizing and Reorienting’ was released by Mr. Piyush Goyal, Hon’ble Minister of Commerce and Industry, Government of India during a two-day seminar organized by the Export-Import Bank of India (Exim Bank) on the theme ‘Building a Roadmap for Boosting Project Exports’ on 8-9 December 2019, in New Delhi. The seminar had speakers from Exim Bank, Ministry of Commerce and Industry, Ministry of Finance, Ministry of External Affairs, international financial institutions, and companies engaged in project exports. The seminar was attended by more than 150 participants from the Indian business community, as also Indian missions of several countries.

Speaking on the occasion, Mr. Piyush Goyal highlighted the efforts taken by the Government of India to reverse the recent slowdown in exports, and enhance competitiveness of Indian exporters in the global market. Mr. Goyal noted that while the government has been actively taking responsive actions to incentivize the exports sector, there is a need for concerted efforts from all stakeholders in pursuing the export targets of US$ 1 trillion by 2024-25. In this context, Mr. Goyal commended the efforts taken by Exim Bank for creating a platform for interaction of stakeholders to identify the challenges and future prospect in the project exports sector, as also to encourage discussions to deliberate on a roadmap for the boosting future project exports from the country.

In his address, Mr. David Rasquinha, Managing Director, Exim Bank further underscored the need for strengthening the financial mechanisms for promoting project exports from the country. Mr. Rasquinha noted that foreign buyers of project exports rarely approach financing as an afterthought. Rather, financing is regularly a core component of evaluating bids and identifying sourcing—complete with weighting scales on relative financing terms. Mr. Rasquinha opined that the ability to secure sizeable, low-interest facilities is an important aspect of securing project exports contracts, and the role of ECAs has been pivotal in providing such facilities. Strengthening the ECA support mechanism in India will therefore be a sine qua non for boosting project exports from the country.

For further information, please contact
Mr. 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: 91-22-2217 2704, Fax: 91-22-2218 0743, E-mail: prahalathan@eximbankindia.in

Export-Import Bank Of India, on behalf of the Government of India, extends two Lines of Credit of USD 20.22 Million and USD 170 Million to the Government of The Republic Of Guinea

Print

Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended two Lines of Credit [LOCs] of USD 20.22 million and USD 170 million for Solar Projects and Strengthening the Drinking Water Supply of Grand Conakry-Horizon 2040, respectively, to the Government of the Republic of Guinea. 

 

The LOC Agreements to this effect were signed in the presence of Shri. Subrahmanyam Jaishankar, External Affairs Minister, Government of India, in New Delhi on Thursday, December 05, 2019, between Mr. Sudatta Mandal, Chief General Manager, Exim Bank, and H.E. Mr. Mamadi Touré, Hon’ble Minister of Foreign Affairs and Overseas of Guinea, Government of the Republic of Guinea. 

 

With the signing of the above two LOC Agreements for USD 20.22 million and USD 170 million, Exim Bank, till date, has extended 3 (Three) Lines of Credit to the Government of the Republic of Guinea, on behalf of the Government of India, taking the total value of LOCs extended to USD 225.22 million. Projects covered under the LOCs extended to the Government of the Republic of Guinea includes Construction and Upgradation of Mother and Child Hospitals, Solar Projects and Drinking Water Supply in Guinea.  

 

With the signing of these LOC Agreements, Exim Bank has now in place 259 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.42 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. Sudatta Mandal, Chief General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: 
eximloc@eximbankindia.in, Website: www.eximbankindia.in

 

 

Untapped Potential of US$ 900 million in Merchandise Exports from Bihar: Exim Bank Study

Print

According to a Study released by the Export-Import Bank of India (Exim Bank), merchandise exports from Bihar in 2017-18 were valued at US$ 1.35 billion, a remarkable improvement over the US$ 0.4 billion of exports recorded during 2012-13. However, there remains an untapped export potential of nearly US$ 900 million. Realizing this potential could take the merchandise exports from the State to more than US$ 2 billion in the short term. Over the medium term, through an appropriate strategy, exports could be further increased.

Exim Bank organized an interaction on the theme ‘Promoting Exports from Bihar’ on 18th November 2019, at Hotel Chanakya, Patna, Bihar, to familiarize participants with the potential export opportunities, as also to proffer key export strategies for Bihar to realise its untapped potential and achieve a high export growth trajectory. The programme was attended by industry stakeholders from Bihar, and had speakers from Exim Bank, government, FIEO, and DGFT. 

On this occasion, Exim Bank released a working paper titled ‘Promoting Exports from Bihar: Insights and Policy Perspectives’. The Study examines Bihar’s economic profile, analyses the potential for exports from the State, and outlines strategies for creating an enabling environment for exports at the state-level. 

The Study identifies a multi-pronged export strategy for the State, built upon six essential dimensions viz. diversification of products and markets; infrastructure leverage and strengthening; capacity building; fiscal incentives; devising an export promotion campaign; and institutional streamlining. The Study recommends setting up of Inland Container Depots (ICDs) in Muzaffarpur and Bhagalpur; establishing a custom clearance office in the existing ICD in Patna; increasing the warehousing and cold chain infrastructure in the State; and setting up of SEZs in the districts of Patna, Muzaffarpur or Bhagalpur. The Study further recommends providing freight equalisation support to exporters for reducing the cost to exports arising out of infrastructural deficiencies. From the perspective of capacity building, the Study suggests refund of expenses incurred by exporters in the State for obtaining statutory certifications. Further, better branding and marketing of Geographical Indications products in the State is also recommended. 

The Study was released by the Chief Guest for the event, Shri Narmadeshwar Lal (IAS), Secretary, Department of Industries, Government of Bihar. Speaking on the occasion, Shri Lal highlighted the efforts taken by the State Government to support exporters in the State, and outlined the future endeavours of the Government of Bihar. 

Shri Lokesh Kumar, General Manager, Exim Bank, in his address, noted the immense economic and export opportunities in the State. He also drew attention to the need for capacity building of exporters in the State, and Exim Bank’s consistent efforts towards this. Shri Sanjay Lamba, Regional Head- Kolkata, Exim Bank, in his presentation, further encouraged exporters to leverage the flagship programs of Exim Bank in their pursuit of entering the exports market. Success stories of support provided by Exim Bank to artisans and entrepreneurs were also shared during the presentation. He also apprised the exporters about ‘Exim Mitra’- a trade finance portal that offers a diverse range of information, advisory and support services, which reach out to potential as well as existing exporters to enable them to evaluate international risks, exploit export opportunities, and improve competitiveness.

Representatives of other participating organizations, such as DGFT and FIEO also informed the exporters about the various facets of exports, and the incentives and promotional programs of the Government.

For further information, please contact
Mr. 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: 91-22-2217 2704, Fax: 91-22-2218 0743, E-mail: prahalathan@eximbankindia.in

Exim Bank of India Announces the Winner of the BRICS Economic Research Award 2019

Print

Presentation of Exim Bank of India’s BRICS Economic Research Award 2019 by Mr. Gustavo Montezano, President of Brazilian National Bank for Economic and Social Development (BNDES), to the Award winner, Dr. Tushar Bharati in the presence of Dr. José Pio Borges, Chairman of the Board of Trustees of Brazilian Center for International Relations (CEBRI) and Mr. David Rasquinha, Managing Director, Export-Import Bank of India (Exim Bank), during the 9th Annual BRICS Financial Forum hosted by BNDES together with CEBRI, in Rio de Janeiro, Brazil on November 12, 2019.  

Rio de Janeiro: November 12, 2019: Dr. Tushar Bharati was declared the winner of Export-Import Bank of India’s (Exim Bank’s) BRICS Economic Research Award 2019 for his doctoral thesis titled “Essays on Education and Institutions in Developing Countries”, during the 9th Annual BRICS Financial Forum hosted by the Brazilian National Bank for Economic and Social Development (BNDES) together with Brazilian Center for International Relations (CEBRI), on November 12, 2019, in Rio de Janeiro, Brazil. The Award comprises prize money of Indian Rupees 1.5 million (approximately USD 22,000), a medal and a citation. The Award was presented to the winner by Mr. Gustavo Montezano, President of BNDES, in the presence of Dr. José Pio Borges, Chairman of the Board of Trustees of CEBRI and David Rasquinha, Managing Director, Exim Bank, and the top officials of the member development banks from BRICS viz VEB Russia; China Development Bank (CDB); and Development Bank of Southern Africa (DBSA). The Exim Bank’s occasional paper based on Dr. Bharati's Award winning thesis was also released on the occasion.

The Winning Thesis
Dr. Tushar Bharati received his doctoral degree in 2018 from the University of Southern California, USA. He is currently working as an Assistant Professor of Economics at the University of Western Australia, Perth, Australia.

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 of India along with other Member Development Banks of Brics Nations signed MoU for Mobilisation of Private Investment in Infrastructure

Print

The Managing Director of Exim Bank of India, Mr. David Rasquinha, signed a multilateral cooperation agreement, along with Head of Delegations from other member development banks of BRICS (Brazil, Russia, India, China, and South Africa) nations, expressing their intent to jointly mobilise private investment in infrastructure. The MOU was signed during the Annual Financial Forum, organised under the aegis of BRICS Interbank Cooperation Mechanism. 

The MoU was an outcome of the discussions the member development banks have had during their annual meeting, with the objective of strengthening the cooperation under the BRICS Interbank Cooperation Mechanism. Under this umbrella agreement, the signatories have agreed to explore the possibilities of financing, co-financing or guaranteeing of private investment in the infrastructure sphere. 

Under this arrangement, the development banks of BRICS nations have agreed to establish a Working Group which will undertake preliminary research to identify projects that are of common interest for mobilization of private investment. The Working Group will also explore the availability of financial solutions, regulatory and legal innovations, identification of suitable PPP models and bidding processes. 

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 Development Corporation – VEB.RF, Russia; China Development Bank, and Development Bank of Southern Africa.

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: 22172704, Fax: 22180743; e-mail: prahalathan@eximbankindia.in.

North Africa gradually emerging as a favourable trade and investment destination for India: Exim Bank

Print

Exim Bank’s study analyses opportunities for India’s trade and investment in North Africa. Notwithstanding the challenges face by few countries in the region, North Africa in general has several advantages and has been witnessing high growth rates in the recent years. An analysis of the current trends in trade and investment in the North Africa region, highlights that the region is slowly emerging as major trade and investment destination for India.

(Release of Exim Bank's publication entitled ‘North Africa: Unlocking India’s Trade and Investment Potential’ by Shri Hardeep Singh Puri, Minister of State for Commerce & Industry, Minister of State of Ministry of Housing and Urban Affairs, and Minister of State of the Ministry of Civil Aviation, Government of India in the presence of dignitaries Mr. Mohammed Ali Abdalla Mohamed Ali, Under Secretary, Ministry of Trade and Industry, Sudan, Hon’ble Mou Mou Athian Kuol, Under Secretary for EAC Affairs, South Sudan, Mr Khaled ben Abdalla, General Director-Foreign Trade, Tunisia, Dr. Nabeel Altel, Deputy Director-Foreign Trade, Policies Directorate, Ministry of Industry, Trade and Supply, Jordan, Mr Tarek Tawfik, Deputy Chairman, Federation of Egyptian Industries (FEI), Mr David Sinate, Chief General Manager, Export-Import Bank of India, Mr Salil Singhal, Chairman- CII Agriculture Council & Chairman Emeritus, PI Industries Limited during the CII-EXIM Bank Regional Conclave on India-West Asia & North Africa held in Cairo, Egypt on November 06, 2019.)

North Africa, covering Algeria, Egypt, Libya, Mauritania, Morocco, Sudan and Tunisia, accounts for 29% of total GDP of Africa, 20% of Africa’s Population and 30% of Africa’s land area. North Africa’s contribution to Africa’s development is significant, with its economies largely driven its huge reserves of minerals and natural resources including phosphate, oil and gas reserves. Of Africa’s projected 4% growth in 2019, North Africa is expected to contribute 40% to the growth of the continent.  

The total exports of the region stood at US$ 153.2 billion, while imports amounted to US$ 226.4 billion in 2018. Though inter and intra trade in the region have been limited due to various reasons, the countries have taken efforts over the years to improve trade relation with nations within Africa as well as outside. A major issue facing North African countries is that these countries export resources and low-value products and in return imports manufactured goods, an increasing share of which are high-tech products. This resource-for-manufacturing exchange and flood of cheap goods especially from China has resulted in a negative impact on regional industries. The exports of primary commodities have also resulted in high price sensitivity of the region’s exports to commodities, thereby leading to growth volatility.

In 2018, North Africa accounted for 30.9% of total investments to Africa. FDI inflows to North Africa increased by 2.4% in 2018 to US$ 14.2 billion, from US$ 13.9 billion in 2017 due to elevated investments in most countries of the region. Morocco and Egypt are considered the most attractive investment destinations, not just in North Africa, but in the entire African continent as well. Proximity to the European Union gives a unique advantage to North African countries in attracting FDI.

During the last ten years, India's total trade with North African countries increased by a CAGR of 4.5% from US$ 7.5 billion in 2009 to US$ 11.1 billion in 2018, with a 20.7% share in Indian exports to Africa and 13.4% share in Indian imports from Africa during 2018.  While commodities such as automobiles, products of mineral fuels, and machinery dominated India’s exports to the region, imports were mainly mineral fuels, inorganic chemicals and fertilizers. Indian investments to North Africa was US$ 48.6 million, with maximum investment going to Egypt, Morocco and Algeria.

The unique strategic location of the region, connecting Middle East, Africa and Europe along with abundance of resources make North Africa a preferred investment destination. Moreover, Egypt and Morocco have the two largest industrial bases in the region while Tunisia has traditionally been the country with the highest industrial intensity. With the recent reforms being undertaken by these countries, there exist lot of opportunities for Indian investors in a variety of sectors.  This range from fertilizers and automobile in Algeria to ICT and cotton in Egypt; healthcare and pharmaceuticals in Libya; hydrocarbon, fisheries and ship-building in Mauritania; automobile manufacturing, renewable energy and textile industry in Morocco; agriculture, gold mining and exploration and transport infrastructure in Sudan; and organic farming, renewable energy and water plants in Tunisia. Similar is the case with Indian exports to the countries in the region.

The study also pointed out the need for export diversification in these countries,   effective policy implementation, faster industrial development, easing of investment laws, ensuring protection and security of investors and projects, addressing issues of informal sector/ businessmen, and high level research for product and market diversification as some of the key areas to be addressed for ensuring high growth rates and increase investment levels.

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

Export-Import Bank of India observes Vigilance Awareness Week 2019

Print

As advised by the Central Vigilance Commission, Export-Import Bank of India (Exim Bank) commenced the observance of Vigilance Awareness Week 2019 from October 28, 2019 to November 2, 2019. The Integrity Pledge was administered at the Regional Offices on October 28th   and on 29th at Head Office, Mumbai amongst all the employees of the Bank. Chief General Managers, Mr. Mukul Sarkar, Mr. Prahalathan Iyer, Mrs. Harsha Bangari and Ms. Manjiri Bhale Rao participated in the program. In addition to administration of Integrity Pledge among the staff of the Bank, messages received from Hon’ble Vice President of India, Shri Venkaiah Naidu and also message received from Central Vigilance Commissioner, Shri Sharad Kumar were read out for the benefit of the Staff. Exim Bank is an apex financial institution with a mandate to finance, facilitate and promote exports of the country. Exim Bank is also organising various programmes during the Vigilance Awareness week which include releasing a Vigilance Journal with Articles on “Integrity - A way of Life”, Quiz contest on Vigilance Administration, a guest lecture on Ethics and Integrity and also an exhibition of displaying the paintings on the life and legacy of Mahatma Gandhi for bringing out better vigilance awareness among all the staff and public to maintain the highest level of integrity and work unstintingly for eradication of corruption in workplaces and every spheres of life.

Exim Bank of India taps new fund source: as a pilot, raises US$ 50 mn 3 year tenor socially responsible Mekong region development bond (SR Bond)

Print

Export-Import Bank of India (Exim Bank), India’s premier export finance institution, successfully issued its first ever USD-denominated Socially Responsible Bond for US$ 50mn. The Bond is significant as it marks the first issuance by Exim Bank to tap investors seeking more socially responsible investment options. Socially Responsible Investing, also known as ethical and green investing, means avoiding industries that negatively affect the environment and its people. Social projects are projects, activities and investments that directly aim to help address or mitigate a specific social issue and/ or seek to achieve positive social outcomes. The funds raised from the bond will be allocated to infrastructure projects in the Mekong Region.  The bond is named as Socially Responsible Mekong Region Development Bond considering projects from Cambodia, Myanmar and Vietnam.

The 3 year US$ 50 mn dollar SR Bond was issued at a fixed coupon of 2.385% per annum. Standard Chartered Bank acted as arranger for the offering. The bond marks the first issuance in private placement format under Bank’s Global Medium-Term Note Programme creating a new investor portfolio for the Bank. The bond is exclusively placed with The Dai-ichi Life Insurance Company, Limited. It is Japan’s first mutual company and provides insurance products and services.  

Speaking on the occasion, Mr. David Rasquinha, Managing Director of Exim Bank, said that this innovative transaction is very significant for Exim Bank as it marks the first USD-denominated Socially Responsible bond offering by Exim Bank and the first time for The Dai-ichi Life Insurance Company, Limited to invest in Socially Responsible bond issued by an Indian issuer.  It reinforces our commitment towards bank’s engagement in ethical and socially conscious themes. With this pilot socially responsible bond, Exim Bank will continue to explore opportunities under this theme to expand its investor base.

Ms. Harsha Bangari, Chief General Manager & Chief Financial Officer of Exim Bank said that the Socially Responsible bond issuance is an innovative way to tap a new funding source. Exim Bank has successfully expanded its investor base now to include a new class of socially responsible investor, The Dai-ichi Life Insurance Company.

Exim Bank has been raising foreign currency resources from the international market, which constituted approximately 88% per cent of the Bank’s total lendable resources as on March 31, 2019. 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 of India has been rated as ‘BBB-’ by Standard and Poor’s, ‘Baa2’ by Moody’s and ‘BBB- (Stable)’ by Fitch, same as the rating of Government of India. 

For further information, please contact Mrs. Harsha Bangari, 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 +91-22-22172686; E-mail: harsha@eximbankindia.in