Exim Bank plans to raise over Rs10,000 crore in FY18
Exim Bank’s deputy MD Debasish Mallick says the bank is looking to borrow $3.5 billion from overseas markets and Rs8,000 crore from domestic sources in FY18
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Kolkata: Exim Bank (Export Import Bank of India) is planning to raise over Rs10,000 crore in the current fiscal both from domestic and overseas markets.
“We are looking to borrow $3.5 billion from overseas markets and Rs8,000 crore from domestic sources this financial year,” Exim Bank’s deputy managing director Debasish Mallick said. He further added $3.5 billion will be the gross forex borrowing and the bank will raise funds from euro bond market, which is called Reg S issue, and also from the US bond market under Regulation 144.
In the domestic market, Exim Bank raises funds mainly through private placements. Mallick said now Indian entities with their better execution capabilities have the ability to make inroads into the tough Asian markets despite intense competition from the Chinese.
Exim Bank provides finances broadly in three segments — overseas investment finance scheme, project exports and lines of credit, which is government to government credit.
Apart from supporting export oriented companies, the bank provides financial assistance to Indian companies going for overseas acquisition or implementing projects outside India. It also supports airports and ports facilitating exports. PTI