Indian Economy News

Exim Bank targets USD 7 bn financing of project exports over 5 yrs

  • IBEF
  • October 14, 2021

Export-Import Bank of India (Exim Bank) is targeting to achieve financing of US$ 7 billion of project exports over the next five years with the government announcing fund infusion of Rs. 1,650 crore (US$ 219.13 million) in the National Export Insurance Account (NEIA) to boost project exports.

The NEIA Trust, formed by the Ministry of Commerce and Industry, in March 2006, offers export credit insurance cover for promoting medium and long-term project exports from India.

The corpus infusion will boost the project export possibility having cover by NEIA by about Rs. 33,000 crore (US$ 4.5 billion) over the next five years, the bank told in a statement.

“The capital infusion will help tap huge potential of project exports in focus markets. The Bank has presently supported 31 projects valued at US$ 2.74 billion in 14 countries under the Buyer’s Credit under NEIA programme,” it mentioned.

The opportunity for Indian exporters continues to be significant given the fact that the project exporters have already developed significant competitiveness in several sectors and the financing options provided by Exim Bank are well established, it stated.  

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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