2023-05-12 10:03:28
“Our foreign currency resources are mainly used to fund policy business ( issuing lines of credit through government). We are looking at raising $3.5 to $4 billion this year” said, Ms. Harsha Bangari, Exim Bank’s Managing Director.
The Bank raised aggregate resources of 52,156 crore including foreign currency resources of US$ 3.47 billion during FY 2022-23. The Bank opened the international markets for Indian issuers with a benchmark-sized Sustainability Bond of US$ 1 billion in January 2023, under its ESG Framework.
The Bank has a portfolio of 303 Government of India-supported Lines of Credit (LOCs) with credit commitments aggregating $ 31.85 billion, which are at various stages of implementation. During FY’ 2022-23, the Bank supported 37 new contracts valued over $ 1 billion. On behalf of the Government of India, the Bank sanctioned seven LOCs, aggregating $ 670.32 million, to support export of projects, goods, and services from India.
The bank’s lending rose 15 percent during the year 2022-23 and is looking at growing at the same pace in 2023-24 as well. During FY 2022-23, the Bank provided support of Rs 72,521 crore to Indian companies to build export capacity and boost export competitiveness under the Commercial Business. The Bank also supported 75 project export contracts valued at Rs 43,421 crore under its commercial portfolio, in 37 countries.
The bank signed a master agreement with RXIL Global IFSC Ltd to finance exports receivables through ITFS platform situated in GIFT City. The Bank fostered new institutional linkages to facilitate exports from Indian MSMEs. Issuing bank agreements with 12 overseas banks, master risk participation agreements with 10 banks and confirming bank agreements with 4 Indian banks were signed during the year to strengthen the Bank’s Trade Assistance Programme.
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