EXIM Bank to raise US$ 1200m from overseas market

Kolkata, Jul 30 (UNI) Exim Bank of India will raise US $ 1200 million from overseas market in the current fiscal, EXIM Bank CMD T C Venkat Subramanian said today.

Speaking at the Banking Conclave organised by FICCI here, Mr Subramanian said,'' We will get US0 million from Asian Development Bank as line of credit and US 0 million from Japan Bank of International Cooperation''.

The EXIM Bank has placed US$ one billion in European market as Medium Term Note, a financial instrument. ''The bank will raise US $ 500-600 million from Japanese market by placing "Shelf Document", an instrument similar to Medium Term Loan.

''The bank has set a target of providing Rs 4,000 crore credit to 15 countries in this fiscal in sectors like power generation and supply, road and constructions sectors,'' he said.

Talking about the company's expansion plans, Mr Subramanian said the bank is planning to expand its footprint in Africa. ''In order to tap this market, we have opened an office in Dakar, the capital of Senegal,'' he said.

''We route our credit in various countries through various Regional and Development Banks,'' he said.

The EXIM has provided US$ 602 million to Asia and Oceania, US$ 142.60 million to Latin America and Caribean, US million to CIS countries.

UNI