Mr. David Rasquinha, Managing Director and Mr. Debasish Mallick, Deputy Managing Director, Export-Import Bank of India (Exim Bank), announced the Bank’s results for the financial year 2018-19 at a press conference in Mumba.
Key highlights of the
Bank’s performance during 2018-19 are as under:
FINANCIAL PERFORMANCE (in` crore)
of Profit transferred to Government of India
to Risk Assets Ratio
of Credit (LOCs):During
2018-2019, 18 LOCs amounting to US$ 2.31 billion were extended.Credit
commitments touched US$ 24.28 billion during the year, through a total of 246
LOCs in place as on March 31, 2019, to 63 countries across Africa, Asia, Latin
America and the CIS.
supporting project exports from India under its commercial window, the Bank
disbursed loans and issued guarantees aggregating ` 4,895 crore and the total
value of contracts supported amounted to ` 23,500 crore. The Bank supported
project exports in countries like Thailand, UAE, USA and 14 countries in
Credit under National Export Insurance Account (BC-NEIA): As on March 31,
2019, Exim Bank has sanctioned Buyers’ Credit of US$ 2.10 billion, under the
National Export Insurance Account to finance 21 projects. Some key projects
include a water treatment and distribution project in Sri Lanka; transmission
line projects in Cameroon, Ethiopia, Mauritania, Senegal and Zambia; railway
line project in Ghana; road projects in Maldives and Zambia; and an irrigation
project in Suriname. The Bank has also given in-principle commitments for an
aggregate amount of US$ 5.32 billion at the behest of several leading Indian
project exporters to support 43 projects.
2018-19, the Bank sanctioned funded and non-funded assistance aggregating ` 1,136
crore to Indian companies, to finance their overseas investments in 8
countries. So far, Exim Bank has funded 621 ventures set up by 467 companies in
78 countries, with the value of support aggregating `
after Tax (PAT) of the Bank stood at ` 82 crore for 2018-19.
Government of India
subscribed ` 5000 crore capitalstrengthening Exim Bank’s ability to raise
resources and extend term credit to exporters. The Government also approved
an increase in the authorised capital of the Bank, from ` 10,000 crore to `
Bank raised foreign currency resources aggregating US$ 1.22 billion equivalent
through a variety of instruments, through a wider investor base and across
March 2019, the Bank successfully launched a Reg-S 5-year bond issue of US$ 500
million. The issue attracted a total order book in excess of
US$ 1.7 billion, thereby achieving more than 3.4 times oversubscription of the
issue size, from 117 high-quality investors.
borrowings of `11,092 crore and foreign currency borrowings of
`7,054 crore equivalentwere raised during the year.
Exim Bank has the highest ratings (AAA)/(A1+) for Rupee debt instruments and
its international ratings are at par with Sovereign—Moody’s: Baa2 (Stable);
S&P: BBB-(Stable); Fitch: BBB-(Stable); JCRA: BBB+ (Stable).
the year, Exim Bank conducted 36 seminars and workshops to increase exporter
awareness, on themes broadly classified into export capability creation,
industry, country & region focus, and export potential of Indian states.
Bank organises training workshops to support rural artisans and craftsmen of
handicraft products to widen their domestic as well as international presence.
During the year, training programmes were organised for bamboo artisans in
Barpeta, Assam; Kauna grass handicraft makers in Manipur; traditional weavers
near Jodhpur in Rajasthan; amla (gooseberry) producers in Pratapgarh, Uttar
Pradesh and the women artisans of the Looms of Ladakh Women’s Cooperative in
Bank also promotes grassroots enterprises and craftsmen in India by organising
a handicraft and handloom exhibition called Exim Bazaar. After the first
exhibition in 2017, two more editions of Exim Bazaar were organised in 2018-19.
An aggregate of 163 grassroots participants from over 25 Indian states have
benefitted from the platform provided by Exim Bank.
the year, Exim Bank successfully concluded a capacity building activity for the
Ghana Export-Import Bank providing technical assistance across various
operational areas. Exim Bank will also be guiding the Saudi Eximbank in
achieving the Kingdom of Saudi Arabia’s Vision2030, which endeavours to raise
the share of the country’s non-oil exports in non-oil GDP from 16 percent to 50
percent by 2030.
Bank is working with the Ministry of Commerce, Government of Indiaand the NITI
Aayog, for preparation of an index to rank Indian states on their readiness for
exports, which would encourage healthy competition among states. The index will
rank states on key parameters, including their policies, ease of doing
business, infrastructure, access to finance, and output, amongst others, which
will assess the overall export market and exports from each state.
Bank is a part of the negotiating team led by the Department of Commerce,
Government of India, under the International Working Group (IWG) on Export
Credits. IWG is negotiating the guidelines for Officially Supported Export
Credits, which is likely to become a ‘successor undertaking’ under the
Agreement on Subsidies and Countervailing Measures (ASCM) of the WTO.
Bank and the United Nations Development Programme (UNDP) have joined hands for the
“Capacity Building of MSMEs in North East India for Export
Competitiveness.” The initiative aims at creating stronger MSMEs in India’s
north-east region to boost exports, generate employment and provide livelihood
opportunities, especially for the youth and women.
Bank has developed an in-house model to generate an Export Leading Index (ELI)
to track and forecast the movement in total merchandise and non-oil exports of
the country, on a quarterly basis. The model and the forecast result are
reviewed periodically by a standing technical committee of domain experts. The
forecasts, have been found to be fairly accurate in the past and have been
close to the officially released data by the Government of India. As per the
Bank’s recently released forecast (on March 06, 2019) (based on the ELI model
and the Q4 forecasted value), India’s merchandise exports were forecast to grow
at 9.4 per cent with exports amounting to US$ 331.8 billion in 2018-19. This
compares well with the official estimates of 9.06 per cent growth and US$
331.02 billion of exports for the year, released officially on April 15, 2019.