India Exim Bank targets financing of $7B of project exports over 5 years

The corpus infusion will enhance the project export possibility of having cover by NEIA by about Rs33,000cr over next five years (equivalent to US$ 4.5 billion).

Oct 13, 2021 01:10 IST India Infoline News Service

With the recent announcement of the corpus infusion of Rs1,650cr by the Government of India in the National Export Insurance Account (NEIA) to boost project exports, the Export-Import Bank of India (India Exim Bank) targets to achieve financing of US$ 7 billion of project exports over the next five years. The NEIA Trust, set up by the Ministry of Commerce and Industry, GoI, in March 2006, provides export credit insurance cover for promoting medium and long-term project exports from India.

The corpus infusion will enhance the project export possibility of having cover by NEIA by about Rs33,000cr over the next five years (equivalent to US$ 4.5 billion). The Capital infusion will help tap the huge potential of project exports in focus markets.

The Bank has currently supported 31 projects valued at US$ 2.74 billion in 14 countries under the Buyer’s Credit under NEIA programme.

India Exim Bank recently organised an interactive session on ’Enhancing Global Opportunities for the Project Exporters’ in Mumbai to discuss the opportunities and challenges with the Indian project exporters for harnessing the benefits of the corpus infusion by the GoI. The event, attended by 45 leading Indian project export companies, provided a platform for experience sharing and discussion of untapped sectors and markets.

Addressing at the gathering, Ms. Harsha Bangari, Managing Director, India Exim Bank commented, “Exim Bank has been at the forefront of financing and facilitating project exports from India and with the corpus infusion in the NEIA trust, we are better geared for enhancing India’s project exports.” She further added, “the opportunity for Indian exporters remains significant given the fact that the project exporters have already developed substantial competitiveness in several sectors and the financing options provided by India Exim Bank are well recognised.”

The participants lauded the support and financing solution provided by India Exim Bank. The Bank provided the prospects of different export capability creation programmes and possible financing options by India Exim Bank to support the GOI’s target of US$ 400 billion exports in FY 2021-22.

The event also had a session by Project Exports Promotion Council and an experience sharing session by a few esteemed Indian Project Exporters that provided an insight on their activities, prospects and challenges while securing and executing the project export contracts overseas. 

Related Story

Open Free Demat Account (Rs699)