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    23-May-2022

    India Exim Bank - JBIC conclude US$ 100 mn Loan Agreement to Support the Indian Healthcare Sector related to COVID-19

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  • Press Releases

    13-May-2022

    India Exim Bank extended Buyer’s Credit facility of USD 164.69 mn to finance project envisaging construction of 400 Kv Transmission Line and Associated Substations in Cameroon

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  • Press Releases

    12-May-2022

    India Exim Bank reports threefold increase in profits in FY22; loan assets grow by 13.26%

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    06-May-2022

    Strengthening the financing architecture for project exports should be a priority: Shri Piyush Goyal

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  • Press Releases

    08-Apr-2022

    EXIM BANK’S SEMINAR ON “India-Australia: Evolving Trade and Investment Paradigm”

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    21-Mar-2022

    India Exim Bank Announces the Winner of IERA Award 2020

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    17-Mar-2022

    Enhancing commitment towards sustainable financing, India Exim Bank sets up its ESG Framework

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    14-Mar-2022

    Exim Bank forecasts India’s merchandise exports for Q4 (January-March) of FY2022 to amount to US$ 111.3 bn, and non-oil exports to amount to US$ 95.2 bn, with total merchandise exports exceeding US$ 414 bn for FY2022

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    03-Feb-2022

    Exim bank, on behalf of the government of India, extends a line of credit [LOC] of USD 500 million to the government of the socialist republic of Sri Lanka

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    20-Jan-2022

    Indian Solar Sector: Fostering Growth and Sustainable Development: India Exim Bank Study

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    03-Jan-2022

    India Exim Bank set for ARR

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    10-Dec-2021

    Exim Bank forecasts India’s merchandise exports for Q3 (October-December) of FY2022 to amount to US$ 105.8 bn, and non-oil exports to amount to US$ 89.1 bn

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    12-Nov-2021

    Transition towards a Stable Trade Policy Regime is a gamechanger for Agri Exports from India: India Exim Bank Study

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    27-Oct-2021

    India Exim Bank rings the bell with AFRINEX for listing of USD 1 billion10-year bond

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    18-Oct-2021

    India Exim Bank Explores Opportunities to Strengthen Regional Value Chains between India and ASEAN

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    14-Oct-2021

    Exim Bank Extends Line of Credit of Usd 7.29 million to The Government of Cooperative Republic of Guyana

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    14-Oct-2021

    India Exim Bank Explores Opportunities to Strengthen India-Japan Relations beyond Trade and Investment, through Closer Collaboration

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    14-Oct-2021

    India Exim Bank targetsfinancing of $ 7 bn of project exports

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    01-Oct-2021

    Exim Bazaar to boost business prospects of micro and grassroot enterprises

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    27-Sep-2021

    India Exim Bank Extends Buyer’s Credit Facilities Under National Export Insurance Account [NEIA] Aggregatingusd 226.95 MN to The Government o Republic of Maldives

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India Exim Bank - JBIC conclude US$ 100 mn Loan Agreement to Support the Indian Healthcare Sector related to COVID-19

(Ms. Harsha Bangari,Managing Director,India Exim Bank,concludes USD 100 mn facility with Mr. Makoto Uchida, Managing Executive Officer, Global Head of Infrastructure and Environment Finance Group, Japan Bank for International Cooperation)

Export-Import Bank of India (India Exim Bank)concluded a USD 100 mn loan agreement with Japan Bank for International Cooperation(JBIC), along with three Japanese private financial institutions, namely, MUFG Bank, Ltd., the Bank of Kyoto, Ltd., and the Hachijuni Bank, Ltd., on May 23, 2022, on the side-lines of the Quad Leaders' Summit. The purpose of this facility is to support the Indian healthcare sector related to combating COVID-19, including but not limited to vaccine manufacturers, pharmaceutical companies, manufacturers of personal protective equipment, medical oxygen or other medical devices, hospitals, and other related activities.

As a prelude and to better understand the market requirements of this sector, India Exim Bank along with JBICorganised aRoundtable in collaboration with thePharmaceuticals Export Promotion Council of India (Pharmexcil) in July 2021, with participation fromthe CEOs of some of India’s largest healthcare and pharmaceutical companies. To further spread awareness on the funding structures available for such companies in India, India Exim Bankand JBIC jointly organised another programme in collaboration with Pharmexcilin September 2021.

Through this facility, India Exim Bank and JBIC will jointly work towards expanding safe and effectivemanufacturing of COVID-19 vaccines and related pharmaceutical and healthcare products in India.

India Exim Bank has been supporting the healthcare sector and all the segments in the pharmaceutical value chain. Apart from supporting domestic expansion projects of the companies in these sectors, the Bank has also supported the overseas endeavours of various Indian companies in the healthcare sector (including hospitals and healthcare facilities, pathological labs, and related training/ education services), pharmaceutical companies (including manufacturing of bulk drugs and formulations), and biosimilar/ biopharma (including life sciences) companies, among others. Additionally, India Exim Bank has been supporting research and development, new product development and other related areas.

India Exim Bank, established in 1982, is committed 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 actively supports Indian exporting companies, especially medium-sized enterprises, in their globalisation efforts through a variety of lending programmes.India Exim Bank has also been regularly innovating its products and services, keeping in view the dynamics of the global trade scenarios, for mutually beneficial engagements with partners across regions.

For further information, please contact
Mr. Tarun Sharma
Chief Financial Officer
Export-Import Bank of India
Centre One Building, Floor 21
World Trade Centre Complex Cuffe Parade
Mumbai 400005
Telephone +91-22-22172601
E-mail: tag@eximbankindia.in

India Exim Bank extended Buyer’s Credit facility of USD 164.69 mn to finance project envisaging construction of 400 Kv Transmission Line and Associated Substations in Cameroon

Export-Import Bank of India (India Exim Bank) on May 11, 2022 executed a Buyer’s Credit Agreement with the Government of the Republic of Cameroon for construction of 400kV Transmission Line along with associated sub-stations project in Cameroon, valued at USD 173.36 mn. This funding is proposed to be provided under the Buyer’s Credit program under the National Export Insurance Account (NEIA) Scheme. The project inter alia is expected to improve the socio-economic well-being, with supply of electricity to the population of more than 8 mn in the northern part of Cameroon. The Buyer’s Credit Agreement was signed in Yaoundé, Cameroon. The project is proposed to be executed by Kalpataru Power Transmission Ltd. (KPTL). 

India Exim Bank had earlier also supported another Transmission Line project in Cameroon, under the NEIA scheme. Further, India Exim Bank has supported various projects in water, power, railway and road sectors in various countries viz. Ghana, Zambia, Mauritania, Cote d’Ivoire, Madagascar, Uganda, Tanzania and Senegal in Africa, Maldives and Sri Lanka in Asia and Suriname in Latin America under the NEIA scheme to promote the project exports from India. The NEIA scheme is a unique financing mechanism that provides a safe mode of financing option to the Indian Project Exporters backed by cover from NEIA Trust. 

For more information, please contact:
Shri Rikesh Chand, General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005;
Phone +91-22-2212340; E-mail: rikesh@eximbankindia.in.

India Exim Bank reports threefold increase in profits in FY22; loan assets grow by 13.26%

India Exim Bank’s Managing Director, Ms. Harsha Bangari, and Deputy Managing Director, Mr. N. Ramesh, announced the Bank’s results for the financial year 2021-22 at a press conference in Mumbai on Thursday, May 12, 2022.Key highlights of the Bank’s performance during 2021-22 are as under:

FINANCIAL PERFORMANCE

Parameter

(A – K in ` Crore, L – N in %)

Performance in 2020-21

Performance in 2021-22

Growth over 2020-21

A.        Net Loan Portfolio

1,03,851

1,17,619

13.26%

B.        Non-Fund Portfolio

14,229

15,247

7.15%

C.        Customer Asset Portfolio (A+B)

1,18,080

1,32,866

12.52%

D.       Net Investments

10,017

10,903

8.84%

E.        Total Borrowings

1,09,617

1,07,477

(1.95%)

F.        Total Business (C+D+E)

2,37,714

2,51,246

5.69%

G.       Business per Employee

683

737

7.86%

H.       Operating Profit

      2,823

      3,130

10.87%

I.         Profit Before Tax

        356

      2,150

503.93%

J.         Profit After Tax

254

738

190.55%

K.        Net Non-Performing Assets

533

-

(100%)

L.        Capital to Risk Assets Ratio

25.89%

30.49%

460 bps

M.     Provision Coverage Ratio

96.74%

100%

326 bps

N.     Slippage Ratio

1.52%

0.24%

    (128 bps)

 

BUSINESS PERFORMANCE

Exim Bank sanctioned loans aggregating ` 68,863 crore under various lending programmes during FY 2021-22.

Policy Business: During FY 2021-22, Exim Bank on behalf of the Government of Indiasanctionedsix Lines of Credit, aggregating US$ 1.13 billion, to support export of projects, goods, and services from India. The Bank has a portfolio of 310 GOI-LOCs with credit commitments aggregating US$ 31.96 billion, which are at various stages of implementation. With ever expanding reach, the LOCs have gained momentum in stimulating economic growth across 66 countries in Africa, Asia, Latin America, Oceania and the CIS region.Under the Buyers’ Credit - National Export Insurance Account (BC-NEIA) portfolio till date, Exim Bank has sanctioned an amount of US$ 3.01 billion, for 34 export projects. Government of India’s announced further infusion of ` 1,650 crore to the NEIA Trust will further support project exports worth ` 33,000 crore.

Commercial Business: During FY 2021-22, Exim Bank has supported 75 project export contracts valued at ` 19,380.34 crore under its commercial portfolio, in 39 countries.As on March 31, 2022, Exim Bank provided an aggregate overseas investment finance of ` 63,877.51 crore to 652 Joint Ventures / Wholly Owned Subsidiaries, set up by 483 Indian companies in 78 countries. Under the Bank’s newly launched Ubharte Sitaare Programme, credit facilities aggregating ` 306.32 crore were extended to 15 companies in sectors including aerospace, auto, pharmaceuticals, engineering and consumer durables.

RESOURCES & TREASURY 

During FY 2021-22, Government of India infused ` 750 crore capital into Exim Bank. A further capital infusion of ` 1,500 crorefor FY 2022-23 has been announced by the Government of India in budget 2022.

Exim Bank raised foreign currency resources aggregating US$ 2.05 billion equivalent, through a variety of instruments and rupee resources aggregating ` 19,046 crore, in FY 2021-22. During the year, the Bank issued a 5-year CNH 500 million bond under the GMTN programme. This was the largest CNH issuance out of India with the lowest coupon in the currency. The Bank also issued its first HKD bond, valued at HKD 435 million.

The Bank is rated Baa3 (Stable) by Moody’s, BBB- (Stable) by S&P Global Ratings, BBB- (Negative) by Fitch Ratings and BBB+ (Stable) by Japan Credit Rating Agency. All the above ratings are of investment grade or above, and are the same as the sovereign rating. 

NEW INITIATIVES

Exim Bank has set up an ESG Framework to facilitate issuance of green, social or sustainable bonds / loans. A Second PartyOpinion was sought from Sustainalytics, which confirmed that the Framework is ‘credible and impactful’, and that the Bank is well-positioned to address common environmental and social risks associated with projects.

To further enhance its support to the MSME sector, Exim Bank has initiated Trade Assistance Programme. Under this programme, trade lines will be extended to participating overseas banks/institutions in the emerging markets, and credit enhancement to participating commercial banks in India to cover payment obligations on identified banks.Exim Bank is also in the process of setting up a factoring business, with focus on MSME exporters.

EXPORT FACILITATION

The Department of Commerce, Ministry of Commerce & Industry, Government of India is engaging with Exim Bank to conduct an impact assessment of Free Trade Agreements for the EU and Canada. The Bank has also partnered with the Government of Andhra Pradesh for preparing an export strategy paper for the state.

Exim Bank conducted 19 seminars/workshops for exporters, with themes such as export capability creation, business opportunities, industry, country & region focus, and export potential of Indian states. 

Exim Bank, under its grassroots initiatives, has been supporting and assisting rural artisans, craftsmen and farmers to widen their domestic as well as international presence by organizing design, skill-building and training workshops. Some of these programmes organised during the year were for weavers of Banarasi Silk in Varanasi and Waril artisans of Maharashtra. The Bank has identified 12 products from 11 districts under the Government of India’s One District One Product initiative and is engaging with stakeholders to provide relevant interventions.

SOCIAL INITIATIVES

During FY 2021-22, 12 projects / programmes in seven states and one UT were sanctioned in the areas of education& skill development, environment, healthcare & sanitation, and livelihood activities. Some of the notable projects implemented during the year include upgrading facilities in hospitals in Assam, Jharkhand, Maharashtra and Rajasthan; education infrastructure development in 20 schools in Solapur (Maharashtra); sponsoring underprivileged women weavers in Mizoram for skill development; and construction of all-weather toilets and renovation of training centres in Ladakh for the local weaver community. Exim Bank has identified two villages in Maharashtra for an overall improvementof health and education infrastructure, and livelihood and skill development, under its ‘Dream Village’ initiative.

For more information, please contact: Ms. Deepali Agrawal, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005; Phone +91-22-22172700; E-mail: ccg@eximbankindia.in.

 

 

Strengthening the financing architecture for project exports should be a priority: Shri Piyush Goyal

Strengthening the financing architecture for project exports through innovative financing instruments and relooking regulations such as prudential norms for export credit agencies should be a priority, saidMr. Piyush Goyal, Hon’ble Minister of Commerce and Industry,Consumer Affairs, Food and Public Distribution, and Textiles, Government of India,during a summit organized by the Export-Import Bank of India (Exim Bank) on the theme ‘Enhancing Global Opportunities for Indian Project Exporters’ on 5th May 2022, in New Delhi. The Summit had participation from representatives from Government of India, foreign diplomatic missions in India, multilateral financing institutions, development financing institutions, export credit agencies, credit insurance agencies, and Indian companies, among others. The Summit was attended by more than 150 participants.

Addressing the participants in the Summit, Mr. Goyalhighlightedthe remarkable resilience of Indian exporters despite the pandemic induced disruptions. Mr. Goyal noted that the country is heading towards achievement of the larger objective of US$ 1 trillion of exports in goods and services each, and nascent sectors such as project exports would be critical for this.

Informing the participants about the Government of India’s commitment to enhance market access through free trade agreements (FTAs), Mr. Goyal invited stakeholders to highlight the non-tariff barriers that they face in important project markets, so that these could be effectively addressed in FTA negotiations. Highlighting the substantial opportunities in developed markets for project exports and need for diversification into these markets, Mr. Goyal urged project exporters to identify market access issues in these markets that can be addressed by the Government. 

During the Summit, Mr. Goyal also released an Exim Bank Study titled, “Project Exports from India: Tapping potential amid Changing Dynamics”, and commended India Exim Bank for undertaking research on this niche area. Based on stakeholder consultations and desk research, the Study provides a broad perspective on the current scenario of project exports from India, undertakes a comparative analysis of the strengths and weaknesses of Indian companies, reviews the impact of Covid-19 pandemic, and recommends pertinent strategies for boosting project exports from the country. Mr. Goyal also released anotherExim Bank Study on the subject, titled ‘India’s Engagements in Free Trade Agreements: Looking Ahead’ during the Summit, which assesses India’s major trade agreements and their impact on India’s trade.

During her inaugural address, Ms. Rupa Dutta, Principal Economic Advisor, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India,commended the timeliness of the Summit given the large rounds of infrastructure investments being made by countries all across the world, and the likely opportunities that may emerge for project exporters. 

In her address, Ms.Harsha Bangari, Managing Director, Exim Bank,highlighted some of the challenges for project exports that emanated during the deliberations in the last edition of the Summit in 2019, and the progress made in addressing these challenges. These measures,included inter aliainclusion of provisions for co-financing of projects in IDEAS guidelines, addressing the need for Euro financing, addition of escrow mechanism as an additional security measure, and implementation of an ESG policy to give preference to green and socially sustainable projects.

Summarising the proceedings of the Summit in his Vote of Thanks, Mr. N. Ramesh, Deputy Managing Director, Exim Bank, reiteratedthe key themes emerging from the discussions, including the need for greater collaboration, aligning the priorities of the industry with that of the Government of India, and need for addressing non-tariff barriers to projects exports through FTAs, among others. 

For further information, please contact
Mr. S Prahalathan, Chief General Manager,Research & Analysis GroupExport Import Bank of India, 
Floor 8, Maker Chamber IV, Nariman Point, Mumbai - 400021
Telephone: 91-22-22860333, 
E-mail: prahalathan@eximbankindia.in

EXIM BANK’S SEMINAR ON “India-Australia: Evolving Trade and Investment Paradigm”

India Exim Bank’s study titled “India’s Trade and Investment Relations with Australia: Recent Trends and Potential” was released at the hands of The Hon Barry O’Farrell AO, Australian High Commissioner to India in the presence of Mr. Peter Truswell, Consul General of Australia, Mumbai and Ms. Harsha Bangari, Managing Director, India Exim Bank, during a seminar titled “India-Australia: Evolving Trade and Investment Paradigm” on April 08, 2022, hosted by India Exim Bank. The event was also graced by Mr. John Hopkins, Chief Risk Officer and General Counsel, Export Finance Australia; Dr. Monica Kennedy, Senior Trade and Investment Commissioner, Austrade, Mumbai; Mr. Irfan Malik, President, New South Wales Chapter, Australia India Business Council; and Mr. Amit Bhandari, Senior Fellow, Gateway House Mumbai.

The study highlights the immense opportunities existing for enhancing trade and investment relations between India and Australia.  The study notes that till the period prior upto 2020, the total trade between the two countries peaked at US$ 18 billion in 2017, with India’s exports to Australia amounting to US$ 4 billion and imports from Australia amounting to US$ 14 billion.

The study, through the trade complementarity analysis, recommends suitable product categories in which India has a latent advantage in exports, much in line with the huge import demand in Australia. The study suggests significant potential for India’s exports in categories such as machinery and mechanical appliances, electrical machinery and equipment, transport vehicles, pharmaceutical products, articles of apparel and clothing, among others.  The study also highlights that their exists immense potential for expanding India-Australia investment relations. Australian economy offers opportunities for investment in critically important sectors like renewable energy, critical minerals etc. which have the potential to become future champion industries.

The Australian High Commissioner in his keynote address said there had “never been an easier time to speak about the potential of the Australia-India relationship, given the progress we have witnessed in the past few weeks alone… The Economic and Cooperation Trade Agreement [signed last week] provided the opportunity to properly harness the complementary nature of our economies in the areas highlighted by India Exim Bank’s report.”  

Ms. Harsha Bangari, Managing Director, India Exim Bank in her address highlighted that India and Australia have been enjoying a strong and cordial relationship. Driven by existing complementarities and with the signing of recent Economic Cooperation and Trade Agreement (ECTA), the opportunities for bilateral collaboration in several fields are expected to multiply manifolds over the years. Ms. Bangari also added that India’s merchandise trade with Australia more than doubled from US$ 10.7 bn in 2020 to a record high of US$ 23 in 2021.

Mr. John Hopkins, Chief Risk Officer and General Counsel, Export Finance Australia in his address stressed upon the growing opportunities for Australia and India to work together on financing projects in areas of economic and strategic importance, particularly infrastructure and critical minerals.

With India-Australia trade recording an all-time high in 2021, the panellists deliberated upon the issues and prospects for enhancing India’s engagements in trade and investment with Australia, in diversified areas of mutual interest.

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, T: 91-22-22860363, E-mail: dsinate@eximbankindia.in

India Exim Bank Announces the Winner of IERA Award 2020

Caption: Announcement of the winner of India Exim Bank International Economic Research Annual (IERA) Award 2020, Dr. Sanjana Goswami, by Ms. Harsha Bangari, Managing Director, India Exim Bank at the Award Webinar organized by India Exim Bank on March 21, 2022.  

Mumbai: March21, 2022:Dr.Sanjana Goswamiwas declared the winner of Export-Import Bank of India’s (India Exim Bank’s) International Economic Research Annual (IERA) Award 2020 for her doctoral thesis titled “Empirical Studies in International Trade”. India Exim Bank’s IERA Award 2020 was announced by Ms. Harsha Bangari, Managing Director, India Exim Bank, at a webinar held on March21, 2022. The Award comprises prize money of Rs. 3.5 lakh and a citation.  The webinar was graced by the Guest of Honour, Dr.D.M. Nachane, Former Chancellor, University of Manipur, Professor Emeritus andFormer Director, Indira Gandhi Institute of Development Research, Mumbai.India Exim Bank’s occasional paper based on Dr. Sanjana Goswami’sAward-winning thesis was also released on the occasion.

On this occasion Dr. Nachane congratulated India Exim Bank for its continuous efforts to promote economic research in India.  Against the backdrop of disruptions caused to global trade due to the pandemic and the recent developments, he opined that examining the links between global trade and its distributional consequences could prove to be beneficial for policy makers. 

Ms. Bangari, highlighted that the IERA Award, instituted in 1989, currently in its 32nd 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, Ms. Bangari noted that the research study throws light on distributional impacts of international trade, in the light of global trade wars.  

The Winning Thesis

Dr. Sanjana Goswami received herdoctoral degree in 2020 from the University of California, Irvine, USA. The thesis was written under the supervision of Prof. Antonio Rodriguez-Lopez, Prof Priyaranjan Jha, and Prof. Ying-Ying Lee, University of California, Irvine, USA.

Exim Bank’s IERAAward

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. 

For further details please contact: 

Chief General Manager, Research & Analysis Group, 

Export-Import Bank of India, Centre One Building, 

Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. 

Telephone: 022- 2217 2708/ 2717; 

Fax: 022- 2218 0743; 

E-mail: iera@eximbankindia.in; 

Enhancing commitment towards sustainable financing, India Exim Bank sets up its ESG Framework

Building on its long-term commitment towards sustainable financing, Export-Import Bank of India (India Exim Bank), India’s premier export finance institution, announcedits Environmental, Social and Governance (ESG) Framework.

In its endeavour to align with the global ESG considerations, and enhancing transparency and communication with its stakeholders, India Exim Bank set up its ESG framework to issue green, social or sustainable bond and loans. The Framework outlinesIndia Exim Bank’sintent to enter intosustainable financing transactions to finance projects that have a positive environmental and/or social impact while supporting its business strategy. The Framework defines eligibility criteria in six green and four social areas, viz. renewable energy, sustainable water and wastewater management, pollution prevention and control, clean transportation, green buildings, energy efficiency, access to essential services and basic infrastructure, food security and sustainable food systems, MSME financing, and affordable housing.

This Framework has been reviewed by a Second Party Opinion (SPO)Provider – Sustainalytics. The SPO has confirmed that the Framework is 'Credible and Impactful' and is aligned with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, and Social Bond Principles 2021, as administered by International Capital Market Association (ICMA), and Green Loan Principles 2021 and Social Loan Principles 2021, as administered by Loan Market Association (LMA), Asia Pacific Loan Market Association (APLMA), and Loan Syndications and Trading Association (LSTA).The SPO also states that the Bank is well-positioned to address common environmental and social risks associated with projects.

India Exim Bank has been ahead of market peers, in its commitment towards sustainable financing. In March 2015, the Bank launched India’s first USD-denominated 5-year RegS Green Bond. This was also the first benchmark-sized Green bond out of Asia in that year, which matured in April 2020. In 2019, the Bank issued its first ever USD-denominated Socially Responsible Bond.

Ms. Harsha Bangari, Managing Director, India Exim Bank, said “In the evolvinglandscape, ESG issues have dominated the international policy agenda. Finance plays a critical role in channelising such ESG goals.In this backdrop, we are happy to announceour ESG Framework, along with the Second Party Opinion.Such an umbrella framework for ESG bonds and loans will enable the Bank to enhanceits commitment towards sustainable financing in accordance with global best practices.”

As per the Framework, each sustainable financing transaction will adopt procedures for managing the use of proceeds, project evaluation and selection, management of proceeds and reporting. The use of proceeds of such bonds are required to be used exclusively to finance or re-finance, in whole or in part, new or existing eligible Green and/or social projects aligned to ICMA Principles. The Bank has also set up a Sustainable Financing Committee (SFC), including representations from the Bank’s operating, compliance, and legal groups, to evaluate projects that may be eligible under this Framework.

“The ESG Framework is a result of the Bank’s conscious and continuous efforts to evolve in the ESG space. India Exim Bank is committed to broaden its role in the expanding green, social and sustainable bond markets. Going forward the Bank’s annual reporting will also be subject to external verification”, added Shri Tarun Sharma, Chief Financial Officer, India Exim Bank.

The ESG Framework and the SPO may be accessed on the Bank’s website(https://www.eximbankindia.in/esg-framework-details.aspx).The Bank also has in place a Board-approved ESG Policy for Sustainable Development / Responsible Financing. Further, the Bank has also been streamlining its internal operations for ESG-related parameters by taking up energy audits and associated measures for optimising energy consumption.

For further information, please contact
Tarun Sharma
Chief Financial Officer
Export-Import Bank of India
Centre One Building, Floor 21
World Trade Centre Complex
Cuffe Parade Mumbai 400005
Telephone +91-22-22172601
E-mail: tag@eximbankindia.in

Exim Bank forecasts India’s merchandise exports for Q4 (January-March) of FY2022 to amount to US$ 111.3 bn, and non-oil exports to amount to US$ 95.2 bn, with total merchandise exports exceeding US$ 414 bn for FY2022

Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to continue to cross the US$ 100 bn mark, for the third consecutive quarter in a row, amounting to US$ 111.3 bn, growing at 23%, and non-oil exports to amount to US$ 95.2 bn, growing at 15.8%, during the fourth quarter (January-March) of 2021-22.  This compares to US$ 90.4 bn and US$ 82.2 bn of total exports and non-oil exports, respectively, for the corresponding quarter of the previous year.  The rise in India’s exports could be attributed largely to the continued global growth momentum and the resultant increase in global import demand, along with favourable global commodity prices.  Total merchandise exports for the full year (i.e. 2021-22) are expected to amount to US$ 414.8 bn, growing at 42%, while non-oil exports are expected to amount US$ 353.4 bn, growing at 33%, during the same period.  The growth forecast may be subject to commodity price volatility, and uncertainties in the global economy mainly driven by the current geo-political tension.  

Forecast of growth in India’s total merchandise exports and non-oil exports are released by India Exim Bank on a quarterly basis, during the first week of the months of June, September, December, and March for the corresponding quarters, with continuous improvisation to the model. The forecasts are based on India Exim Bank’s Export Leading Index (ELI) Model, which has shown an upward movement during the same quarter. The next growth forecast for India’s exports for the 1st quarter of FY 2023 (i.e. April-June 2022) would be released during the first week of June 2022.

The model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Professor Saikat Sinha Roy, Professor & Coordinator, Centre for Advanced Studies, Department of Economics, Jadavpur University, Kolkata; Dr. Sarat Dhal, Director, Department of Economic and Policy Research, Reserve Bank of India, Mumbai; Professor N. R. Bhanumurthy, Vice Chancellor, BASE University, Bengaluru; and Professor C. Veeramani, Professor, Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

As part of its continued research initiatives, Exim Bank has developed an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis. The ELI gauges the outlook for the country’s exports and is essentially developed as a leading indicator to forecast growth in total merchandise and non-oil exports of the country, on a quarterly basis, based on several external and domestic factors that could impact exports of the country.

For further information, please contact:
Mr. David Sinate, Chief General Manager/ Dr. Viswanath Jandhyala, Assistant General Manager, Research & Analysis Group, Export-Import Bank of India, 8th Floor, Maker Chamber IV, Jamnalal Bajaj Marg, Nariman Point, Mumbai 400 021; T: +91-22-2286 0363/ 0310/ 0311 
E: dsinate@eximbankindia.in/ viswanath@eximbankindia.in

Disclaimer: The results presented above could be of interest to policy makers, researchers, and exporters among others.  These are growth forecasts from the Research and Analysis Group of India Exim Bank and do not necessarily reflect the views of India Exim Bank.  The growth forecast for the quarter derived from the Export Leading Index (ELI) model may be subject to commodity price volatility, and uncertainties in the global economy mainly driven by the geo-political tension. The model would undergo continuous improvisation with revision of recent available data and advanced forecasting methodology, incorporating comments, suggestions and feedback from various quarters. Actual exports data are sourced from RBI’s Database on Indian Economy.   

Exim bank, on behalf of the government of India, extends a line of credit [LOC] of USD 500 million to the government of the socialist republic of 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 500 million to the Government of the Socialist Republic of Sri Lanka for financing purchase of Petroleum products.

The LOC Agreement to this effect, was signed by Mr. S. R. Attygalle, Secretary, Ministry of Finance, Government of the Socialist Republic of Sri Lanka and Mr. Gaurav Singh Bhandari, Chief General Manager, Exim Bank, in the presence of the Minister of Finance of Sri Lanka, H.E. Mr. Basil Rajapaksa and the High Commissioner of India to Sri Lanka, H.E. Mr. Gopal Baglay, in Colombo on February 02, 2022.

With the signing of the above LOC Agreement for USD 500 million, Exim Bank, till date, has extended 10 (ten) Lines of Credit to the Government of the Socialist Republic of Sri Lanka, on behalf of the Government of India, taking the total value of LOCs extended to USD 2.18 billion. Projects covered under the LOCs extended to the Government of the Socialist Republic Sri Lanka includes supply of Petroleum products, Railway projects, Defence and Infrastructure Projects. 

With the signing of this LOC Agreement, Exim Bank has now in place 276 Lines of Credit, covering 61 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 27.84 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. Gaurav Singh Bhandari, Chief General Manager,
Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, Kidwai Nagar East, New Delhi-110023. Telephone: +91 11 24607700;
E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

 

Indian Solar Sector: Fostering Growth and Sustainable Development: India Exim Bank Study

The ambitious goal of installing 100 GW solar energy capacity is achievable considering the country’s estimated solar potential of 750 GW, says a study by India Exim Bank.

The study undertaken by the India Exim Bank’s research team analyses recent trends in India’s solar industry including exports over the years. The Study dwells upon the existing support mechanism of the solar industry in the country which has evolved significantly during the last decade, besides highlighting key promotional policies and support programmes in select developed and developing economies, which could provide key policy inputs for India.

The Study was launched at a webinar organised by the Bank on “Indian Solar Sector: Fostering Growth and Sustainable Development” on January 19, 2021.

Welcoming the delegates, Ms. Harsha Bangari, Managing Director, India Exim Bank, stated that the recently launched PLI scheme for the sector has been receiving an impressive response instilling fresh hope to the policy makers as well as the solar players in the country. While delivering the Special Address, Ms. Gauri Singh, Deputy Director General, IRENA, stressed upon the significance of the solar energy in Indian scenario and the role it can play in achieving India’s COP26 renewable energy targets.

A Round Table Discussion on the topic was moderated by Mr. N Ramesh, Deputy Managing Director, India Exim Bank, with the participation of experts from prestigious institutions such as International Solar Alliance (ISA), Indian Renewable Energy Development Agency (IREDA), ADB, NDB, among others.

The Study assumes importance given the recently concluded COP26. India, as well as many developing countries are vulnerable to climate change, and are taking several mitigation actions. To follow a sustainable path to development, India envisions a ‘One Sun, One World, One Grid' that would have a worldwide solar power grid which can ensure clean energy everywhere, every time.

The paper also analyses the global finance trends to the solar energy in the recent past and the importance being given by the global financial institutions and multilateral development banks to the solar sector.

To upscale the solar energy in India, the Study by India Exim Bank suggests a host of strategies such as increasing the access to finance, promoting floating solar power, addressing the land issues, integrating solar power with electric vehicles, RPO compliance, among others.

For further information, please contact
Mr. S Prahalathan, Chief General Manager, Research & Analysis Group
Export-Import Bank of India, Floor 8, Maker Chambers IV, Nariman Point Mumbai 400 021. Telephone: +91 22-2286 0333, E-mail: prahalathan@eximbankindia.in

India Exim Bank set for ARR

Export-Import Bank of India (India Exim Bank) is set to begin the new year with transactions in Alternate Reference Rates (ARR). With the cessation of LIBOR, the Bank is ready for conducting its daily operations in ARR.

In 2017, the UK Financial Conduct Authority announced that the underlying markets upon which LIBOR is derived were insufficiently active to offer a sustainable interest rate benchmark. Following which it announced that all LIBOR settings will either cease to be provided by any administrator or no longer be representative from December 31, 2021. Accordingly, regulators consistently guided financial markets to transition both new products and existing contracts to alternate benchmark rates.

As India’s premier export finance institution, India Exim Bank, which offers Indian companies a comprehensive range of products and services to enhance their international competitiveness, has a substantially dollarised balance sheet directly or indirectly linked to LIBOR. Accordingly, the Bank has taken significant steps towards migrating to alternate benchmark rates and has made significant progress in this regard.

As a preliminary step, India Exim Bank has been continuously monitoring its exposures linked to LIBOR. The Bank also set up an internal multi-disciplinary Steering Committee for LIBOR Transition, to ensure the smooth transition and systematic implementation of ARRs into the Bank’s Business. Subsequently, the Bank’s Board also approved a policy framework to address the risks arising from LIBOR transition.

Presently, the Bank is in advance stages of renegotiating and updating its underlying financial contracts and arriving at an ARR for continuation of the existing contracts and transactions. The Bank has upgraded its IT systems for addressing any issues arising out of this transition, particularly in derivative, borrowing and lending transactions, thereby also enabling the Bank to undertake fresh ARR linked transactions. 

Further, to ensure the smooth transition, India Exim Bank has also adhered to the ISDA 2020 IBOR Fallbacks protocol. With this, the risk of transition to alternate benchmark for derivative contracts is expected to be minimal.

In its endeavour to constantly spread awareness about the transition and to support its existing and new customers, India Exim Bank published general FAQs (Click here). The Bank has also started offering ARR-based products through its domestic and foreign offices. For instance, recognising the significance of ARR, the Bank in July 2021, started the ARR journey by executing a GBP loan transaction, with pricing linked to Overnight SONIA (Sterling Overnight Interbank Average Rate). With this transaction, India Exim Bank, became one of the first few banks in India to transact in SONIA-linked loans. 

For further information, please contact
Mr. Tarun Sharma
Chief Financial Officer
Export-Import Bank of India
Centre One Building, Floor 21
World Trade Centre Complex
Cuffe Parade
Mumbai 400005
Telephone +91-22-22172601
E-mail: tag@eximbankindia.in

 

Exim Bank forecasts India’s merchandise exports for Q3 (October-December) of FY2022 to amount to US$ 105.8 bn, and non-oil exports to amount to US$ 89.1 bn

Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports to continue to cross the US$ 100 bn mark, for the second consecutive quarter in a row, amounting to US$ 105.8 bn, growing at 39.6%, and non-oil exports to amount to US$ 89.1 bn, growing at 26.8%, during the third quarter (October-December) of 2021-22.  This compares to US$ 75.8 bn and US$ 70.3 bn of total exports and non-oil exports, respectively, for the corresponding quarter of the previous year.  The rise in India’s exports could be attributed largely to the continued growth momentum in advanced economies and the resultant increase in global import demand, along with favourable global commodity prices.  

Forecast of growth in India’s total merchandise exports and non-oil exports are released by India Exim Bank on a quarterly basis, during the first week of the months of June, September, December, and March for the corresponding quarters, with continuous improvisation to the model. The forecasts are based on India Exim Bank’s Export Leading Index (ELI) Model, which has shown an upward movement during the same quarter. The next growth forecast for India’s exports for the 4thquarter i.e. January-March 2022 would be released during the first week of March 2022.

The model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Professor Saikat Sinha Roy, Professor & Coordinator, Centre for Advanced Studies, Department of Economics, Jadavpur University, Kolkata; Dr. Sarat Dhal, Director, Department of Economic and Policy Research, Reserve Bank of India, Mumbai; Professor N. R. Bhanumurthy, Vice Chancellor, BASE University, Bengaluru; and Professor C. Veeramani, Professor, Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

As part of its continued research initiatives, Exim Bank hasdeveloped an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis.The ELI gauges the outlook for the country’s exports and is essentially developed as a leading indicator to forecast growth in total merchandise and non-oil exports of the country, on a quarterly basis, based on several external and domestic factors that could impact exports of the country.  

For further information, please contact:
Mr. David Sinate, Chief General Manager/ Dr. Viswanath Jandhyala, Assistant General Manager, Research & Analysis Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai – 400005; T: +91-22-2286 0363/ 0310/ 0311
E: dsinate@eximbankindia.in/ viswanath@eximbankindia.in

Disclaimer: The results presented above could be of interest to policy makers, researchers, and exporters among others.  These are growth forecasts from the Research and Analysis Group of India Exim Bank and do not necessarily reflect the views of India Exim Bank.  The growth forecast for the quarter derived from the Export Leading Index (ELI) model may be subject to commodity price volatility, uncertainties in the global economy mainly driven by the global pandemic.The model would undergo continuous improvisation with revision of recent available data and advanced forecasting methodology, incorporating comments, suggestions and feedback from various quarters. Actual exports data are sourced from RBI’s Database on Indian Economy.

 

Transition towards a Stable Trade Policy Regime is a gamechanger for Agri Exports from India: India Exim Bank Study

Agriculture policies in India have been focusing on raising farm output to achieve self-sufficiency, reduce import dependency and ensure food security. Driven by these primary objectives, there has been a tendency to utilize trade policy as an instrument to attain short term goals of price stabilization in India. According to a recent Study by India Exim Bank, recently there has been a shift in the Government of India’s stance from the one characterized by intermittent restrictions to the one committed towards maintaining a stable trade policy regime to help India emerge as a reliable supplier.

India Exim Bank’s study titled “Promoting Agriculture Exports from India” was released during a webinar titled “Agriculture Exports from India: Prospects and Opportunities” on November 12, 2021, hosted by India Exim Bank as part of the Azadi ka Amrit Mahotsav initiative to commemorate 75 years of Independence. The webinar had speakers from India Exim Bank, Ministry of Commerce and Industry, Government of India, Agricultural and Processed Food Products Export Development Authority (APEDA), experts from academia and representatives from agri-businesses. The webinar was attended by more than 150 participants.

India Exim Bank’s study notes that India was the 14th largest exporter of agriculture and allied products in the world in 2019, with exports valued at US$ 34.8 billion. Exportable surplus from the agriculture sector in India has increased gradually, leading to a positive and increasing trade balance in agricultural trade. However, despite having a large area under cultivation and being the largest producer country in many agricultural commodities, India’s share in global exports of several agricultural commodities is low. For example, while India ranks 2nd in the global wheat production, it ranks 34th in global exports of wheat. India also ranks 2nd in the global vegetables production but ranks 14th in exports of these products. Similarly, in Fruits, India ranks 3rd in global production, but 22nd in the global exports. Geographically smaller countries like Belgium, Italy and the Netherlands have much higher agricultural exports than India.

India Exim Bank study benchmarks the agricultural policies in India with those in other developed and developing market, identifies the best practices and makes recommendations for strengthening the landscape for agricultural exports from the country. The strategies, inter alia include quality upgradation as per the export market requirements, revamping of cold storage and reefer infrastructure through adoption of high-end technologies, ensuring WTO compatibility of schemes, adoption of PPP model in the agriculture sector, building brand India, strengthening institutional farm credit delivery, convergence of different Government Schemes, among others. The Study also underscored the need for a unified body to deal with market access issues for trade in agricultural products. 

In her address during the webinar, Ms. Harsha Bangari, Managing Director, India Exim Bank highlighted the support of India Exim Bank to the technopreneurs in the agriculture sector, and underscored the importance of technological interventions in propelling exports from the sector. Mr. N. Ramesh, Deputy Managing Director, India Exim Bank highlighted how India’s agricultural sector is shedding its image of a low growth sector to emerge as the silver lining for the economy. During the panel discussion moderated by Mr. N. Ramesh, panellists deliberated upon the issues faced by agricultural exports, and the strategies for enhancing India’s agricultural trade for achieving the agricultural export target of US$ 100 billion. During the plenary session, Dr. C. Vanlalramsanga, Economic Adviser, Department of Commerce, Ministry of Commerce and Industry highlighted the robust growth of agricultural exports from India during the recent period, and the initiatives taken by Government of India to help the sector.  Dr. Devesh Roy, Senior Research Fellow, International Food Policy Research Institute discussed the significant untapped potential in exports from the sector, highlighted the agricultural policies in other countries, and recommended strategies for enhancing India’s exports from the sector. Dr. Tarun Bajaj, Director, APEDA informed participants about the role of APEDA in ensuring that agricultural exports remained resilient even during the pandemic and encouraged more agri businesses to tap the international market. The webinar also had speakers from agri business who highlighted some of the key aspects for improving competitiveness of agricultural products in the international market, including the need for strengthening agri value chain integration and building brand value.

For further details 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 400 005. Telephone: +91-22- 2286 0333; E-mail: prahalathan@eximbankindia.in 

India Exim Bank rings the bell with AFRINEX for listing of USD 1 billion10-year bond

India Exim Bank listed its USD 1 billion 10-year bond on AFRINEX at a virtual listing, during the Launching Ceremony of AFRINEXon October 25, 2021.Hon’ble Mr. Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, Her Excellency Mrs. K. Nandini Singla, High Commissioner of India to Mauritius, and Ms. Harsha Bangari, Managing Director, Export-Import Bank of India,rang the digital bell on AFRINEX, thus, celebratingthe launch of AFRINEX with its inaugural listing of India Exim Bank’s USD 1 billion 10-year Bond.

[Photo Caption:Hon’ble Mr. Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius; Her Excellency Mrs. K. Nandini Singla, High Commissioner of India to Mauritius; and Ms. Harsha Bangari, Managing Director, Export-Import Bank of India (on screen)]

India Exim Bank’s USD 1 billion 10-year Bond, issued in January 2021, was the fourth transaction of the Bank in the 144A/Reg S format. The transaction at a coupon of 2.25% p.a. marked a record low for any Indian issuer for a 10-year USD issuance. This issue was 3.5 times oversubscribed by several high-quality investors. The Bank, which has a substantially dollarized balance sheet, is one of the largest Indian issuers of long-term debt in the international debt capital markets and its paper is treated as quasi-sovereign. The funds thus raised have been used by the Bank to support Indian project exports, overseas investments by way of long-term credit and its export lines of credit portfolio. This listing is India Exim Bank’s maiden foreign currency bond bell ringing on AFRINEX. India Exim Bank’s bonds are also listed on Singapore Exchange Securities Trading Limited (SGX-ST), London Stock Exchange’s International Securities Market (LSE-ISM), and India International Exchange (IFSC) Limited (India INX).

Congratulating AFRINEX the Hon’ble Prime Minister mentioned, “It is with a deep sense of satisfaction and pride that I join you all this morning for the launch of AFRINEX. We are having another Securities Exchange after almost 30 years, this testifies that our capital market is expanding and deepening while assuming a larger role in the development and integration of the regional capital market. AFRINEX will certainly contribute to further establish Mauritius among the newly developed emerging capital markets of the region.”

Commenting on the successful launch and the listing, Her Excellency Mrs. K. Nandini Singla, High Commissioner of India to Mauritius, said “As a Pan-African Exchange based out of Mauritius, AFRINEX can be a game changer not only for Mauritius but also Africa and beyond. An International Financial Centre of tomorrow will no longer be about physical infrastructure, but more about offering a transaction platform that seamlessly capture global financial transactions in investment and trade. The launch of AFRINEX opens the door to the possibility of deeper financial and economic engagement between Mauritius and India.”

Speaking on the occasion, Ms. Krishna Gangopadhyay, CEO & MD AFRINEX mentioned “We welcome Exim Bank of India as our first issuer on Securities Official List.  It offers testimony to the flexibility and agility of our listing platform Securities Official List, and also comfort that sovereign issuers draw from the transparency and robustness of our rules.”

Ms. Harsha Bangari, Managing Director, India Exim Bank, said “Today is a momentous occasion marking the launch of AFRINEX. It is also a proud moment for us at India Exim Bank to list our USD 1 billion Exim 2031 bond as the inaugural listing on AFRINEX. The AFRINEX will serve as a gateway for broadening the investor base of issuers in the African continent, along with that of the world”

AFRINEX is an initiative by the Government of Mauritius to set up a pan-Africa Exchange and become an International Financial Centre. The initiative is supported by the Government of India, and BSE Technologies Ltd. is the technology and skill partner of the exchange. The objective of AFRINEX is to offer a primary market platform and efficient price discovery at an optimal cost.

India Exim Bank, set up in 1982, 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 actively supports Indian exporting companies, especially medium-sized enterprises, in their globalisation efforts through a variety of lending programmes.

For further information, please contact
Mr. Tarun Sharma
Chief Financial Officer
Export-Import Bank of India
Centre One Building, Floor 21
World Trade Centre Complex
Cuffe Parade
Mumbai 400005
Telephone +91-22-22172686
E-mail: tag@eximbankindia.in

India Exim Bank Explores Opportunities to Strengthen Regional Value Chains between India and ASEAN

Release of India Exim Bank’s publication titled “Building Value Chain: Opportunities for India and ASEAN” by Ms. Riva Ganguly Das, Secretary (East), Ministry of External Affairs, Government of India  in the presence of Ms. Harsha Bangari, Managing Director, India Exim Bank; Dato' Ramesh Kodammal, Co-Chair, ASEAN India Business Council (AIBC) and Prof. Sachin Chaturvedi, Director General, Research and Information System for Developing Countries (RIS) during a webinar titled “Deepening India-ASEAN Relations: Exploring New Avenues for Engagements” held on October 18, 2021.

As a run up to the 18th ASEAN-India Summit 2021, India Exim Bank organized a webinar on “Deepening India-ASEAN Relations: Exploring New Avenues for Engagements”, jointly with the ASEAN-India Centre (AIC) at RIS, and the ASEAN India Business Council (AIBC) on October 18, 2021. The Chief Guest of the event, Ms. Riva Ganguly Das, Secretary (East), Ministry of External Affairs, Government of India, reiterated the need to augment a diversified and resilient supply chain between India and ASEAN. Ms. Das also pointed out the critical role of digital infrastructure, cooperation in health and pharma sector, sustainable development, and enhanced connectivity, in addition to boosting trade and investment to strengthen India-ASEAN relations.

During the Webinar, Ms. Riva Ganguly Das also released India Exim Bank’s publication titled “Building Value Chain: Opportunities for India and ASEAN”, in the presence of Ms. Harsha Bangari, Managing Director, India Exim Bank; Dato' Ramesh Kodammal, Co-Chair, ASEAN India Business Council (AIBC) and Prof. Sachin Chaturvedi, Director General, Research and Information System for Developing Countries (RIS).

The Study notes that ASEAN remains at the focal point of India’s Act East policy, as well as the central focus of India’s vision of the Indo-Pacific. The study observes that the combined GDP of ASEAN and India is expected to reach over US$ 8 trillion by 2025. According to the Study, though ASEAN-India Trade in Goods Agreement (AITIGA) has resulted in almost doubling of India’s trade with ASEAN economies over the last decade, imports have risen at a much higher pace than exports in the case of India. The widening trade deficit is a matter of concern for long-term sustainability of bilateral trade relations. India is also facing significant non-tariff barriers in ASEAN countries, limiting its exports to the region and suggests urgent review of AITIGA, and deliberation on other major issues. The study has also made a comparative analysis of the trends in global value chains in ASEAN, India and China and recommends key sectors in which India has a latent advantage in developing regional value chains with ASEAN.

Mr. Harsha Bangari, Managing Director, India Exim Bank in her address highlighted that historically India and ASEAN have been enjoying a strong and cordial relationship. She emphasized need for an urgent call for action to strengthen India-ASEAN engagements, with these economies being on their way back to normalcy.

During the ensuing panel discussion chaired by Dr. Prabir De, Professor and Coordinator, ASEAN-India Centre (AIC), RIS, panelists deliberated upon various issues impacting India-ASEAN engagements and the prospects for taking this relation to a newer height. Speakers during the panel discussion include experts in the areas of trade, investment, and value Chain – Dr.  Rajan Ratna, Deputy Head and Senior Economic Affairs Officer, UNESCAP, New Delhi; infrastructure and connectivity - Prof. Ruth Banomyong, Dean, Thammasat Business School; health, vaccine and cooperation - Secretary Carlito G. Galves, Jr., Office of the Presidential Adviser on the Peace Process, Chief Implementer and Vaccine Czar, National Task Force Against COVID-19, Government of the Philippines; and Digital Infrastructure - Mr. Mohamed Irshad, Head of Corporate Affairs for ASEAN, Tata Consultancy Services Asia Pacific.

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, T: 91-22-2286 0363, E-mail: dsinate@eximbankindia.in

Exim Bank Extends Line of Credit of Usd 7.29 million to The Government of Cooperative Republic of Guyana

Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended a Line of Credit [LOC] of USD 7.29 million to the Government of the Cooperative Republic of Guyana for the purpose of procuring and installing Solar Home Lighting Systems for 30,000 homes in the Hinterland Communities.

The LOC Agreement to this effect was signed through exchange between Mr. Nirmit Ved, General Manager, Exim Bank and H.E. Dr. Ashni Singh, Senior Minister in the Office of the President with responsibility for Finance, Government of the Cooperative Republic of Guyana. 

With the signing of the above LOC Agreement, Exim Bank, till date, has extended 9 (Nine) Lines of Credit to the Government of the Cooperative Republic of Guyana, on behalf of the Government of India, taking the total value of LOCs to USD 117.17million. Projects covered under the LOCs extended to the Government of Cooperative Republic of Guyana include the construction of a Cricket stadium, supply and installation of traffic signalling systems, fixed and movable irrigation pumps, hospital, road linkage project, supply of a passenger-cargo ferry vessel, supply of high-capacity drainage pumps and upgradation of primary health care centres.  

With the signing of this LOC Agreement, Exim Bank has now in place 277 Lines of Credit, covering 62 countries in Africa, Asia, Latin America Oceaniaand the CIS, with credit commitments of around USD 27.03 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. Nirmit Ved, 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 Explores Opportunities to Strengthen India-Japan Relations beyond Trade and Investment, through Closer Collaboration

India Exim Bank’s study titled “Prospects for Enhancing India Japan Trade Relations” was released at the hands of Shri. Dammu Ravi, Secretary [Economic Relations], Ministry of External Affairs, Government of India; in the virtual presence of - H.E. Mr. Sanjay Kumar Verma, Ambassador of India to Japan, Mr. Shingo Miyamoto, Minister (Economic & Development), Embassy of Japan in India, Ms. Harsha Bangari, Managing Director,India Exim Bank and Mr. N. Ramesh, Deputy Managing Director, India Exim Bank during a webinar titled “India-Japan Economic Partnership: Trade and Beyond” on October 08, 2021, hosted by India Exim Bank.

The study notes that over the past decade, India’s total trade with Japan has increased from US$ 10 billion to almost $ 18 billion, with exports valued at US$ 5 billion and imports US$ 13 billion in 2019.  However, despite having a Comprehensive Economic Partnership Agreement (CEPA) with Japan, India has been running a persistent trade deficit with Japan, which has more than doubled during the decade, to almost US$ 8 billion in 2019.  The Study, through the trade complementarity analysis, recommends suitable product categories in which India has a latent advantage in exports. The study suggests that there is significant potential for India’s exports in categories such as mineral fuels and oils, electrical machinery and equipment, machinery and mechanical appliances, optical, photographic equipment, pharmaceutical products, articles of apparel and clothing, etc.

The study also highlights that India’s exports face both tariff and non-tariff barriers in Japan and suggests that in the subsequent CEPA review negotiations India could deliberate upon these issues.

Further, the study observes that the potential for India-Japan relations extend beyond the sphere of bilateral trade. India and Japan have aimed at coordinating India’s "Act East" policy and Japan’s vision of a free and open Indo-Pacific. This policy coordination had given birth to the idea of Asia-Africa Growth Corridor (AAGC), which is a megaregional program aimed at improving ties between Asia and Africa.

Mr. Harsha Bangari, Managing Director, India Exim Bank in her address highlighted that India and Japan have been enjoying a strong and cordial relationship.  Japan has been one of the most important economic partners for India in its development story.  The panelists deliberated upon the issues and, current and future prospects for enhancing India’s engagements in and bilateral trade with Japan, in diversified areas such as- collaboration and financing joint projects, India-Japan CEPA, Asia- Africa Growth Corridor, 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, T: 91-22-22860363, E-mail: dsinate@eximbankindia.in

India Exim Bank targetsfinancing of $ 7 bn of project exports

With the recent announcement of the corpus infusion of ` 1,650 crore by the Government of India in the National Export Insurance Account (NEIA) to boost project exports, Export-Import Bank of India (India Exim Bank) targets to achieve financing of US$ 7 billion of project exports over the next five years. The NEIA Trust, set up by the Ministry of Commerce and Industry, GoI, in March 2006, provides export credit insurance cover for promoting medium and long-term project exports from India. The corpus infusion will enhance the project export possibility having cover by NEIA by about ` 33,000 crore over next five years (equivalent to US$4.5 billion). The Capital infusion will help tap huge potential of project exports in focus markets. The Bank has currently supported 31 projects valued at US$ 2.74 billion in 14 countries under the Buyer’s Credit under NEIA programme.

India Exim Bank recently organised an interactive session on ’Enhancing Global Opportunities for the Project Exporters’in Mumbai to discuss the opportunities and challenges with the Indian project exportersfor harnessing the benefits of the corpus infusion by the GoI.The event, attended by 45 leading Indian project export companies, provided a platform for experience sharing and discussion of untapped sectors and markets.

Addressing at the gathering, Ms. Harsha Bangari, Managing Director, India Exim Bank commented, “Exim Bank has been at the forefront of financing and facilitating project exports from India and with the corpus infusion in the NEIA trust, we are better geared for enhancing India’s project exports.” She further added,“the opportunity for Indian exporters remains significant given the fact that the project exporters have already developed substantial competitiveness in several sectors and the financing options provided by India Exim Bank are well recognised.”

The participants lauded the support and financing solution provided by India Exim Bank. The Bank provided the prospects of different export capability creation programmes and possible financing options by India Exim Bank to support the GOI’s targetof US$400 billion exports in FY 2021-22. 

The event also hada session by Project Exports Promotion Council and an experience sharing session by a few esteemed Indian Project Exporters thatprovided an insight on their activities, prospects and challenges while securing and executing the project export contracts overseas.  

About India Exim Bank

India Exim Bank was set up in 1982 by an Act of Parliament and is fully owned by the Government of India. It is the principal financial institution for coordinating the working of institutions engaged in financing exports and imports.  India Exim Bank, has over the years, played a catalytic role in facilitating India’s integration with the global economy by promoting, financing and facilitating India’s international trade and investment. The Bank’s range of programmes have helped Indian enterprises become competitive and develop a global footprint.

For further information, contact:

Ms. Shilpa Waghmare, General Manager, BC-NEIA Group
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005.
Ph: +91-22-22172320; E-mail: shilpa.w@eximbankindia.in

 

Exim Bazaar to boost business prospects of micro and grassroot enterprises

The four-day exhibition will host 75 artisans across 20 states of India

Ahmedabad, October 1, 2021: Renowned humanitarian and Padma Shri awardee, Smt. Reema Nanavaty along with the Managing Director of India Exim Bank, Ms. Harsha Bangari inaugurated the seventh edition of ‘Exim Bazaar’ at Ahmedabad Haat, Vastrapur in Ahmedabad today. The Bazaar, organized by India Exim Bank will showcase traditional and contemporary art and craft products from across the country from Friday to Monday, October 01 to 04, 2021.

The exhibition assumes significance as it aims to support local, home-grown artisans from various states. Complimenting the role Exim Bazaar plays to strengthen women artisans, Ms. Nanavaty said, “Artisans faced immense losses as their business scope was much impacted due to the pandemic. For women and their families, it was especially tough to handle financial and domestic stress in the lockdown. Opportunities like the Bazaar should be encouraged to display one’s work and make up for the lost time.”

Commenting on why this platform should be leveraged by the grassroots enterprises, Ms. Bangari said, “We are happy to bring together 75 artisans from all over the country to mark the 75 years of India’s independence, Azadi Ka Amrit Mahotsav. It is inspiring for us to see such a positive response for the artisans from Ahmedabad. It also reflects the interest which the people in the state have towards the local arts of the country. The Exim Bazaar is organized by the India Exim Bank with an objective to boost business prospects for many individual artisans as well as micro & grassroots enterprises. The exhibition provides wider visibility and brand promotion for the artisans to market their products. This gives them access to direct customers and generate future sales leads, as well as understanding consumer preferences, improve industry knowledge and discover latest trends.”

Over 10 artisans from Gujarat itself are showcasing their work in the exhibition. Artisans from other states of the country including Andhra Pradesh, Uttar Pradesh, West Bengal, Rajasthan, Maharashtra, Delhi, Karnataka, Kashmir, Tamil Nadu, and Madhya Pradesh are present in the exhibition. Some of the participating artisans and weavers who are exhibiting their diverse range of skills, talents and techniques are national and state awardees.

Art forms such as Madhubani paintings, leather puppetry, Warli paintings, Pichwai paintings, Phulkari embroidery, Pattachitra paintings, Phad paintings, Banarasi silk fabrics, lac bangles, Kawad paintings, Kalamkari paintings, Chanderi weaving, ceramic pottery, bidri art among others are on display and available for sale at this exhibition.

Speaking at the inauguration, Mr. Dharmendra Sachan, General Manager, India Exim Bank said, “India Exim Bank assists artisans, master craftsmen, weavers, clusters, self-help groups, NGOs, grassroots and micro enterprises through capacity building, participation at trade fairs and exhibitions both in India and overseas and sourcing overseas buyers and distributors, under its Grassroots Initiatives and Development (GRID) and Marketing Advisory Services (MAS) programmes. The assistance under these programmes has enabled financial empowerment, employment generation and promotion of entrepreneurship among individual artisans, and ensuring the survival of century old traditional handicraft and handloom products and sustenance of the traditional heritage of Indian crafts”.

For further information, please contact:

Mr. Dharmendra Sachan, General Manager, GRID & MAS, India Exim Bank

8th Floor, Maker Chamber IV, Nariman Point, Mumbai 400 021

Ph: +91-22-22861300; E-mail: grid@eximbankindia.in

India Exim Bank Extends Buyer’s Credit Facilities Under National Export Insurance Account [NEIA] Aggregatingusd 226.95 MN to The Government o Republic of Maldives

Export-Import Bank of India [India Exim Bank] has extended two Buyer’s Credit [BC] facilities under National Export Insurance Account [NEIA] aggregating USD 226.95 mn to Fahi Dhiriulhun Corporation Ltd. (FDCL),Government of Republic of Maldives (GoM) for construction of 4000 Social Housing Units in Hulhumale, Maldives by NBCC (India) Ltd. (NBCC) and JMC Projects (India) Ltd. (JMC).Ms. Salfiyya Anwar, Managing Director, FDCL, Maldives signed Buyer’s Credit Agreements under NEIA through Virtual Signing Ceremony on September 23, 2021in the presence of Ms. Shilpa Waghmare, General Manager, India Exim Bank,Shri Sunjay Sudhir, Indian High Commissioner to Maldives, H.E. Mr. Ibrahim Ameer, Minister of Finance, GoM, H.E. Mr. Fayyaz Ismail, Minister of Economic Development, GoM, H.E. Mr. Akram, Minister of State, Ministry of National Planning, Housing and Infrastructure, GoM. These projects are expected to improve the socio-economic well-being of Maldivian citizens and is in line with the Government of India policy of ‘Neighborhood First’.

India Exim Bank had earlier supported Road network development in Hulhumale, Maldives under the NEIA scheme. Further, India Exim Bank has also supported various projects in water, power, railway, transportation and road sectors in various countries viz. Ghana, Zambia, Cameroon, Cote d’Ivoire, Mauritania, Madagascar, Tanzania and Senegal in Africa, Sri Lanka in Asia and Suriname in Latin America under the NEIA scheme. The NEIA scheme is a unique financing mechanism that provides a safe mode of financing option to Indian Project Exporters backed by cover from NEIA Trust. 

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

Telephone: 022-22172320 / 022-22172725
E-mail: shilpa.w@eximbankindia.in /bcneia@eximbankindia.in
Website: www.eximbankindia.in