The Export-Import Bank of India (India Exim) has announced that it plans to raise up to US$3bn from the international market during the current fiscal year to fund business growth.
“We intend to raise US$2bn to US$3bn from overseas markets in tranches during 2014 to 2015,” India Exim chairman and managing director Yaduvendra Mathur has stated.
Meanwhile, India Exim has also extended two lines of credit totalling US$82mn to the government of the Republic of Togo.
One credit line, worth US$30mn, is for financing a rural electrification project to cover 150 localities in Togo and the other, worth US$52mn, is for setting up a 161kV power transmission line in Togo.
The agreements were signed in New Delhi by Yaduvendra Mathur, chairman and managing director, on behalf of India Exim and Adji Otèth Ayassor, minister of economy and finance, on behalf of the government of the Republic of Togo.
With the signing of these agreements, India Exim now has 192 lines of credit in place, covering 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$10.53bn available for financing exports from India.