EXIM Bank

Rupee-denominated fund-raising would be worth Rs 20,000-25,000 crore in FY24, says export finance institution

To enhance business activities in GIFT IFSC, Finance Minister Nirmala Sitharaman on Wednesday announced a host of measures, including establishing a subsidiary of EXIM Bank for trade re-financing and allowing acquisition financing by IFSC Banking Units of foreign banks. Besides, she proposed an amendment to International Financial Services Centres Authority (IFSCA) Act for statutory provisions for arbitration, ancillary services, and avoiding dual regulation under the Special Economic Zone (SEZ) Act. The Budget also announced delegating powers under the SEZ Act to IFSCA to avoid dual regulation and setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GST Network, RBI, SEBI and IRDAI. The Budget 2023-24 proposes an extension of tax benefits to funds relocating to IFSC, GIFT City till March 31, 2025. "For countries looking for digital continuity solutions, we will facilitate setting up of their Data Embassies in GIFT IFSC," she said during .

MD Rai says it will venture into rating banks and instruments by December

India needs to form strategic alliances with southern African countries where critical rare earth minerals are produced, as the world looks to the continent to fulfil the ever-increasing demand for them, a report by India Exim Bank has suggested. The report, titled 'Reinvigorating India's Engagements with Southern Africa,' was released in Johannesburg this week as part of the CII-Exim Bank Regional Conclave on India-Southern Africa Growth Partnership. Development finance institutions from India and the African Development Bank should work closely with the governments of the southern Africa countries to understand the needs of these commercial Rare Earth Elements (REE) development attempts and support the companies to develop the value chain from end to end, the report said. The region is richly endowed in lithium, graphite, cobalt, nickel, copper, and other rare earth minerals. All of these are essential for building the global green economy of the future and they also comprise ne

Exim Bank on Monday said it has extended a line of credit of USD 100 million to the Maldives for financing developmental projects. Exim Bank's overall commitment to the strategically important island nation located in close proximity goes to six lines of credit totalling USD 1.43 billion, as per an official statement. Projects being funded through the LOCs include Greater Male' Connectivity Project, Water and Sewerage Projects, Addu Development Project, International Cricket Stadium Project, Defence projects, Gulhifalhu Port Project, Hanimaadhoo Airport Project, Gan Airport Project, Fisheries Project, Road Construction Project and Sports Infrastructure, it said. An agreement was signed in Male on Sunday by Maldives' Minister of Finance Ibrahim Ameer and Exim Bank's general manager Nirmit Ved. India's Foreign Secretary V M Kwatra and his Maldivian counterpart Ahmed Latheef were also present. With the signing of this LOC agreement, Exim Bank has now 311 lines of credit covering 67 ..

AfCFTA brings together the 55 countries of the African Union and eight regional economic communities to create a single market for the continent

The trade between India and African countries has been balanced with exports of trade and services of about $40 billion and imports of $49 billion, Goyal said

Vice President of Gambia Badara A. Joof arrived in India on a five-day visit where he is set to participate in the Confederation of Indian Industry and EXIM Bank of India (CII-EXIM) Bank Conclave 2022 along with other bilateral engagements.In a tweet, the Ministry of External Affairs wrote, "Strengthening the partnership. Greetings to Vice President of The Gambia on his arrival in India. He is on a 5-day visit to India and will participate in CII-EXIM Bank Conclave 2022, besides having other bilateral engagements."Meanwhile, the Namibian Deputy Prime Minister and Foreign Minister Netumbo Nandi-Ndaitwah arrived in the national capital on Sunday for the CII-EXIM Bank Conclave."Warm welcome to DPM & FM Netumbo Nandi-Ndaitwah of Namibia in India. Her participation in CII-EXIM Bank Conclave and extensive engagements over the next few days will further deepen our relations with Namibia in all spheres," External Affairs Ministry spokesperson Arindam Bagchi had said in a tweet.The event

The country's total merchandise exports are likely to be at USD 117.2 billion in the first quarter of FY23, according to India Exim Bank. The total merchandise exports stood at USD 95.5 billion in the corresponding quarter of the previous year, the bank said on Monday. Non-oil exports continue to witness a double-digit growth of 12.6 per cent, amounting to USD 93 billion, during the first quarter (April-June) of 2022-23, compared to USD 82.6 billion in the year-ago period. The rise in the country's exports could be attributed largely to the continued increase in global commodity prices, driven by supply shocks, enhanced price competitiveness owing to exchange rate movements, and benefits from possible trade diversion, as per the bank. The growth forecast may be subject to commodity price volatility and uncertainties in the global economy, mainly driven by the current geopolitical tension, it said.

The central government plans to tweak letters-of-credit rule

The economic crisis has also triggered a political crisis in Sri Lanka and a demand for the resignation of President Gotabaya Rajapaksa

The agreement was signed on Monday on the sidelines of the Quad Leaders' Summit, Exim Bank said in a release

India imported goods worth $60.3 billion, up nearly 30 per cent on year in April

Standard & Poor's has downgraded Sri Lanka's long-term foreign currency sovereign credit rating to selective default

Export Import Bank of India (Exim Bank), however, said there is no overdue payment from the Sri Lankan government as of now

The factoring business will focus on export financing and will target the entire MSME players

TCS is likely to announce results after market hours on Monday. The IT stocks will be in focus with Infosys too to announce earnings later this week.

Harsha Bangari, managing director, India Exim Bank, said that treasury rates (yields on government bonds) have started going up in international markets

The country's merchandise exports are likely to be at USD 111.3 billion in the fourth quarter of the current fiscal, according to a forecast by India Exim Bank.

Export-Import Bank of India (Exim Bank) Thursday said it has extended a line of credit of $500 mn to Sri Lanka for financing the purchase of petroleum products.