Exim Bank to raise $3 bln from offshore market in FY24, says MD

Informist, Tuesday, Mar 28, 2023


MUMBAI – Export-Import Bank of India will look to raise around $3 bln from offshore market and 200-250-bln-rupee debt from domestic market in 2023-24 (Apr-Mar), Managing Director Harsha Bangari told reporters on sideline of International Conference on G20 Trade Finance Cooperation.


The government-backed development finance institution regularly taps overseas and domestic bond markets for its routine fund-raising activity.


She said that amid aggressive rate hikes by the central banks and tightening liquidity conditions globally, spreads for overseas borrowing has risen by around 25 basis points in 2022-23.


In January, EXIM Bank raised $1 bln through the 10-year sustainability bonds a coupon 190 basis points higher than the 10-year US Treasury bond, which was at 4.13%.


Bangari said a subsidiary of EXIM Bank will be operative in GIFT City from Apr-Sep to undertake factoring services for international trade.


"We have government approval for investment in that subsidiary,” Bangari said. “Now, we are going through the whole process of setting up like seeking applications in the ministry of corporate affairs.”


She said although EXIM Bank is authorised to undertake factoring services for both exports and imports trade through GIFT City subsidiary, the primary focus will on factoring exports.


Bangari said EXIM Bank has entered into agreements with several domestic commercial banks under with the aim to enhance the cross-border trade transactions under the Trade Assistance Programme.  End.


US$1 = 82.21 rupees


Reported by Richard Fargose

Edited by Akul Nishant Akhoury


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