In a 'Stakeholder Outreach' event held on 8 June in London, Chief Managers of the London branch of India Exim Bank in partnership with FICCI (Federation of Indian Chambers of Commerce & Industry) presented a summary of the bank’s line of business and new initiatives.
The event was part of the ‘Iconic Week’ being organised by the Ministry of Finance, Government of India, to celebrate the 'Azadi ka Amrit Mahotsav'.
Sreejesh Neelanath and Sidharth Shanker, Chief Managers of the London branch presented the bank’s operational philosophy, line of business, flagship programmes, commercial business and new initiatives. Sreejesh said, “Exim Bank's vision has evolved from a product-centric approach with Export Credits and Export Capability Creation to a more customer-centric approach by offering a comprehensive range of products and services to empower businesses at all stages of a company's business cycle.”
They explained, “India Exim Bank extends and operates lines of credit (LOC) on behalf of the Government of India, and also extends it on its own. Loans outstanding under LOCs as of March 31, 2022, aggregate US$ 6,609.00 million. The Compound Annual Growth Rate is 12.74% over the last ten years. This constitutes 41% of the Bank’s total loan portfolio, creating socio-economic impact in partner countries across an array of diverse sectors.
As of March 31, 2022 there are 310 LOCs, covering 66 countries with credit commitments of US$ 31.96 billion. During the financial year 2022, six LOCs aggregating US$ 1.13 billion were sanctioned by the government of India, to the governments of Guyana, Kyrgyz Republic, Madagascar, Myanmar, Palestine and Sri Lanka.
As on March 31, 2022, sanctions of US$ 3.01 billion were made under Buyers Credit NEIA (National Export Insurance Account) for 34 projects across 16 countries. The outstanding BC-NEIA portfolio is at US$ 1.50 billion as of March 31, 2022. GOI infusion of C 1,650 crores to NEIA to support project exports worth C 33,000 crores is at full capacity utilization.”
Sreejesh said, “129 proposals with an aggregate value of C30,806 crores were sanctioned under Commercial Business during the financial year 2022. During the financial year 2022, support for 75 project export contracts valued at C19,380 crores, in 39 countries across Asia-Pacific, Africa and CIS were extended. Three credit lines were sanctioned to Africa Finance Corporation, Sri Lankan banks, and QNB Finansbank Sriketi AS, Turkey. As of March 31, 2022, finance was provided for 652 joint ventures and wholly owned subsidiaries set up by over 483 companies in 78 countries. Aggregate assistance for overseas investment is C63,877.51 crore.
Under the trade assistance programme our objective is to enhance trade between countries by exploring new markets and increase the confidence of counterparties in the settlement of trade transactions.”
Dr. Param Shah, Director of FICCI UK said, “We are happy to have partnered with the Exim Bank, London Branch for the event organised as part of the ‘Iconic Week’. The event helped in sharing with stakeholders about the Bank’s expertise in Export Finance to make a lasting difference to Indian companies with global aspirations. The presentation made by the team also showcased the dynamic nature of the offerings of the bank for businesses to keep pace with the ever-changing business environment.”