Financial Daily from THE HINDU group of publications
Sunday, Jul 17, 2005
Financial Daily from THE HINDU group of publications Sunday, Jul 17, 2005 |
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Industry & Economy
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Exports & Imports Exim Bank to extend $400 m line of credit — Firms exporting to 2 CIS nations, Francophone countries likely to benefit Our Bureau
Kolkata , July 15 THE Export-Import Bank of India (Exim Bank) is putting together a $400-million line of credit facility for as many as eight countries in the French-speaking part of West Africa (Francophone countries such as Senegal) and two in the CIS region, under its development financing programme for new and emerging markets in global trade. Indian companies exporting to these regions will stand to benefit under such lines of credit, which will be operated by the Government-sponsored regional development banks in the respective regions. The bank extends such credits to overseas financial institutions, regional development banks, sovereign governments and other entities overseas, to enable buyers in those countries to import goods and services from India on deferred credit terms. After making a presentation at the FICCI (EIRC)-organised banking conclave, Mr T.C. Venkat Subramanian, Chairman and Managing Director of Exim Bank, told reporters that the lines of credit awere for specific projects in areas such as agro-processing, rural electrification, water supply and so on, and were expected to be tied up within the next three to four months. Such lines of credit would, henceforth, be project-specific for speedy utilisation of funds, he added. Mr Subramanian said some of the major turnkey contracts secured during 2004-05 included a multi-product pipeline contract in Sudan, transmission line projects in Ethiopia, Iraq, Libya, Oman and UAE, electro-mechanical works for the sports and entertainment centre in Qatar and a water demineralising plant in Taiwan. Mr Subramanian said the bank, during 2004-05, had signed and placed operating credit to the extent of nearly $1 billion to countries such as Iran ($240 million), Africa ($270 million), Sri Lanka ($160 million), Myanmar ($63 million) and Vietnam ($27 million). The bank's main focus areas with regard to the growing merchandise exports from India are CIS countries, Central Asian Republics, Latin America, Africa, South and South-East Asia. Commenting on the fund-raising efforts of the bank, both in rupees and dollars, he said during 2004-05, Exim Bank had raised a tranche of Rs 6,000 crore (with 50 per cent each for dollar and rupee) through issue of bonds, CPs and so on. In 2005-06, the bank expects to raise an amount of Rs 8,000 crore (Rs 4,400 in dollars and Rs 3,600 in Re.). Pointing out that the bank was now focusing more on small and medium enterprise exporters as a significant target group of clients, he said in order to address their credit needs better, Exim Bank had already set up an SME group, to handle proposals from companies with an annual turnover of up to Rs 75 crore. He said a co-operation agreement had also been signed with International Trade Centre, Geneva, to implement the Enterprise Management Programme (fully IT-backed) of ITC for supporting SMEs in their globalisation efforts.
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