The Hindu Business Line : Exim Bank asks Indian cos to tap ADB-funded projects

THE Export-Import Bank of India (Exim Bank) has asked the Indian suppliers, contractors and consultants with adequate engineering and technical capabilities to effectively tap the vast business opportunities in Asian Development Bank (ADB)-funded projects.

Addressing delegates at a two-day national seminar jointly organised by Exim Bank and ADB here on Thursday, the Exim Bank Resident Representative, Mr K.V. Vijay Krishna Reddy, said India is the fourth largest borrower from ADB with a cumulative borrowing of $14.5 billion. "In terms of procurement, our country is better placed at second position, both for goods and civil works at $481 million and for consulting services at $8 million last year."

At present, 175 export contracts (construction, turnkey and consultancy) valued over Rs 22,850 crore (over $5 billion) are under execution in 43 countries across Asia, Africa and Europe by 41 Indian companies. These projects covered a range of infrastructure areas, Mr Reddy said.

He said the Indian contractors and suppliers were increasingly showing interest in many developing countries, particularly in the region financed by ADB.

As a part of mandate to promote and facilitate growth of the country's foreign trade, Exim Bank has been organising seminars on business opportunities for Indian entrepreneurs in overseas markets.

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