US Exim bank commits $2.45 billion to India

US Exim bank commits $2.45 billion to India


The loan will be made available under the India Infrastructure Facility to fund purchases of capital goods needed for various infrastructure projects.

The Facility is available for long and medium term transactions and projects and provides for expedited processing and minimises documentation, Raymond Ellis, Vice President, Strategic Initiatives Division of the Ex-Im Bank of the US said here on Monday.

The nine Indian financial institutions, which have been approved by the US Ex-Im Bank for getting loans, are India Infrastructure Finance Company Limited, Indian Renewable Energy Development Agency; IDBI, IDFC, IL and FS, PFC; Punjab National Bank, State Bank of India and ICICI Limited.Currently the US Ex-IM Bank has an exposure to Indian borrowers of  $7.2 billion in sectors such as aviation, telecom, oil and gas, heavy equipment sales and leases, medical equipment, services and energy. Ex-Im Bank assists exporters by guaranteeing term financing to creditworthy international buyers, both private and public sector, for purchases of US goods and services. Outlining US Ex-Im Bank’s loan activities in India Ashok Pasricha, Senior Engineer, US Ex-Im Bank said the Bank primarily focused on providing loans on the special programmes like Medical Equipment Initiative (MEI), Transportation Security Exports Programme (T-SEP) and Environmental Exports Programme (EEP).

Exim India CMD
Meanwhile, the government has invited applications for the post of Chairman and Managing Director (CMD) of the Export Import Bank of India (Exim). The appointment will be for a period of five years with a salary scale of Rs 75,500-Rs 80,000, the finance ministry said in a public announcement. “The CMD will have an overall executive responsibility for the institutional development and day-to-day running of the bank and will be accountable to the Board of Directors,” the announcement said.

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