Page 22 - Banking Finance MAY 2017

EXPORT IMPORT NEWS

EXPORT-IMPORT BANK

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Exim Bank to raise $3 billion from overseas markets Exim bank extends a
this fiscal term loan of USD 1.60
Exim Bank plans to raise up to $3 billion from overseas markets this fiscal. "We
would be looking to raise between $2.5-3 billion in the billion to the BIFPCL
current fiscal year," Export Import Bank of India (Exim Export-Import Bank of India (Exim
Bank) Managing Director David Rasquinha told. In 2016- Bank) has extended a term loan of
17, the bank raised more than $2 billion from markets USD 1.60 billion to the Bangladesh
abroad, he said. Depending upon market conditions, Exim India Friendship Power Company Pvt.
Bank borrows money tapping overseas resources. Ltd. (BIFPCL) for financing the 1320
"Even if we don't use money right away, I can deploy it as liquidity because as a MW ultra-super-critical Maitree Su-
financial institution we have to think long term. Our assets go right up to 20 per Thermal Power Project on Turn-
years," Rasquinha said. Exim Bank funds long-term projects in Africa, SAARC key Basis at Rampal, District-
countries and those in far east. Of its total funding every year, half of the credit Bagerhat, Bangladesh. BIFPCL is a
goes to African nations. 50:50 joint venture between the
Bangladesh Power Development
Exim Bank's supports Republic of Mauritius with USD Board and Bangladesh and NTPC
52.30 million Ltd., India.
Export-Import Bank of India (Exim Bank) has entered into an agreement with The Facility Agreement to this effect
the Government of the Republic of Mauritius for making available to the latter, was exchanged on April 10, 2017, by
a Government of India supported Line of Credit (LoC) of USD 52.30 million (USD Mr. David Rasquinha, Managing Di-
Fifty two million three hundred thousand only) for the purpose of financing Project rector, on behalf of Export-Import
Trident in the Republic of Mauritius. Bank of India with Dr. Ahmad
The credit under this LoC is available for financing export of eligible goods from Kaikaus, Secretary, Power Division,
India which means any goods and services including plant, machinery and equip- Ministry of Power, Energy and Min-
ment and services including consultancy services, for the purpose of Project Tri- eral Resources, Government of the
dent in terms of the agreement and those which are eligible for export under People's Republic of Bangladesh and
the Foreign Trade Policy of the Government of India and whose purchase may Mr. Ujjwal Kanti Bhattacharya, Man-
be agreed to be financed by the Exim Bank under this agreement. aging Director, on behalf of BIFPCL.
Prime Minister of the People's Repub-
Out of the total credit by Exim Bank under this agreement, goods and services
of the value of at least 75 per cent of the contract price shall be supplied by the lic of Bangladesh, H. E. Sheikh Hasina
seller from India and the remaining 25 per cent of goods and services may be was also present at the event
procured by the seller for the purpose of the eligible contract from outside In- and attended an Interactive Business
dia. The Agreement under the LoC is effective from April 3, 2017. Session.

22 | 2017 | MAY | BANKING FINANCE

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