Exim Bank to raise up to $4 billion this year

Exim Bank to raise up to  billion this year

Mumbai: Export lender Exim Bank plans to raise $3.5 billion to $4 billion this year to fund its government-supported business, managing director Harsha Bangari said.

The bank reported a 110% jump in net profit at ₹1,556 crore for 2022-23.

“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,” Bangari said in a statement announcing the bank’s annual results. The bank raised aggregate resources of ₹52,156 crore, including foreign currency resources of $3.47 billion during FY23. It opened international markets for Indian issuers with a benchmark-sized sustainability bond of $1 billion in January 2023 under its ESG (environmental, social and governance) framework, Bangari said.

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 FY23, 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 exports of projects, goods and services from India.

The bank’s lending rose 15% during 2022-23 and it is looking at growing at the same pace in 2023-24 as well, Bangari said. During FY23, the bank provided support of ₹72,521 crore to Indian companies to build export capacity and boost export competitiveness under the commercial business. It also supported 75 project export contracts, valued at ₹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 in Gandhinagar, Gujarat, the bank said.

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