The Hindu Business Line : Exim Bank expects 20% growth in loan assets

BUOYED by the over-Rs 9,000-crore disbursements in the current year, Exim Bank of India expects to close the year with a 20-per cent growth in its outstanding loan assets over last year.

At end-March 2003-04, the bank had a loan portfolio of Rs 10,775 crore, and the current year has been good, the bank's Managing Director and CEO, Mr T.C. Venkat Subramanian, told Business Line recently.

The $300 million raised through a eurobond issue earlier this year has been fully consumed, thanks to a plethora of lines of credit to various countries. In the recent past, the Exim Bank had given a $150-million line of credit to Sri Lanka, $50 million to Sudan, $15 million to Senegal and $40 million to Angola.

Mr Venkat Subramanian said, unlike in the past, there was an appetite for dollar loans and about 60 per cent of the loans disbursed this year would be in dollars.

Meanwhile, the bank has secured a job from the Government of Zimbabwe to set up an Exim Bank for the country.

Exim Bank had earlier advised the Government of Malaysia on setting up a similar bank, but had not carried out the project itself.

This is the second time that the Exim Bank is doing some work for Zimbabwe. Three years ago, the bank had helped the country set up an export credit guarantee company.

Mr Venkat Subramanian did not wish to disclose the fee for the current contract but said the Government of Zimbabwe had paid $0.5 million (Rs 2.5 crore) for the previous job.

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