EXIM Bank Current Affairs

EXIM Bank extends $4.5 billion loan to Bangladesh for social, infrastructure projects

The Export-Import Bank of India (Exim Bank) will provide loans worth about US $4.5 billion (Rs 29,200 crore) to Bangladesh for financing of various social and infrastructure projects. In this regard, Exim Bank has entered into agreement with Bangladesh Government in October 2017 to extend this line of credit (LoC) facility on behalf of Government of India (GoI).

Key Facts

Bangladesh will also use this financing facility to import consultancy services from India. Under the arrangement, financing export of eligible goods and services from India will be allowed which are eligible for export under Foreign Trade Policy of GoI and whose purchase may be agreed to be financed by Exim Bank under this agreement. The goods include plant, services (including consultancy services) and machinery and equipment.

Export-Import Bank of India (Exim Bank)

Exim Bank is wholly owned GoI entity for financing, facilitating and promoting foreign trade of India. It was setup in 1982 and is headquartered in New Delhi. It extends LoC to overseas financial institutions, regional development banks, sovereign governments and other entities abroad. It enables buyers in those countries to import developmental and infrastructure, equipment’s, goods and services from India on deferred credit terms. It also facilitates investment by Indian companies abroad for setting up subsidiaries, joint ventures or overseas acquisitions.

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Exim Bank extends $500 million loan facility to 15-nation ECOWAS

The Export-Import Bank of India (Exim Bank) has inked line of credit (LoC) agreement with Bank for Investment and Development (EBID) to provide US $500 million credit facility to fund various development projects in 15-member countries of Economic Community of West African States (ECOWAS) region in western-south Africa.

Key Facts

The LoC of US $500 million to EBID is umbrella limit for financing developmental projects in 15-member countries of EBID in ECOWAS region. These projects entitled to get funding may belong any sector which is of priority of governments of any of member states of EBID. With signing of LoC agreement, Exim Bank till date has extended four LoCs to EBID, with support of government, taking total value of LOCs to US $1,000 million.

Economic Community of West African States (ECOWAS)

The ECOWAS is regional group of 15 West African countries. It was founded in May 1975, with the signing of the Treaty of Lagos. Its mandate is to promote economic integration in all fields of activity of the constituting countries. Its 15 member countries are Benin, Cape Verde, Burkina Faso, Gambia, Cote d’Ivoire, Ghana, Guinea Bissau, Guinea, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

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