May 21, 2017
The Export Import Bank of India (EXIM Bank) plans to raise around Rs.10,000 crore this fiscal year from overseas and domestic markets. According to bank officials, EXIM Bank plans to raise around Rs.8,000 crore from domestic investors and around $3.5 billion from overseas investors.
Debasish Mallick, the Deputy Managing Director of the bank, explained in an interview to the Economic Times that the bank raises funds from both US and Euro bond markets.
“Domestically we raise mainly through private placements and $3.5 billion gross borrowing will have Reg S component of borrowing (from euro bond market), US 144 A borrowing also.”
EXIM Bank raises will also raise funds through private placements in the Indian market. The bank finances export-oriented Indian companies involved and those Indian companies looking to acquire assets or implement projects overseas. Recently, it also announced that it will provide lines of credit worth $15 billion to Bangladesh, Sri Lanka, Nepal and Myanmar.
In February 2017, EXIM Bank offered a line of credit worth $92.18 million to the east African country of Tanzania for improving its water supply mechanism in the archipelago of Zanzibar. The bank plans to finance similar developmental projects in Asian countries in the next 3 to 4 years.