With the recent announcement of the corpus infusion of 1,650 crore by the Government of India in the National Export Insurance Account (NEIA) to boost project exports, the India EXIM Bank targets to achieve USD 7 billion of project exports over the next five years. The NEIA provides export credit insurance cover for promoting medium and long-term project exports from India. It was set up by the Ministry of Commerce and Industry, GoI, in March 2006.
The corpus infusion will enhance the project export possibility having cover by NEIA by about 33,000 crore over next five years. The capital infusion will help tap huge potential of project exports in focus markets. The Bank has currently supported 31 projects valued at USD 2.74 billion in 14 countries under the Buyer’s Credit under NEIA programme.
Harsha Bangari, Managing Director, India EXIM Bank, at the recent interactive session on Enhancing Global Opportunities for the Project Exporters said the Bank has been at the forefront of financing and facilitating project exports from India with the corpus infusion in the NEIA trust, we are better geared for enhancing India’s project exports. “The opportunity for Indian exporters remains significant given the fact that the project exporters have already developed, substantial competitiveness in several sectors and the financing options provided by India EXIM Bank are well recognized.”
The Bank provided the prospects of different export capability creation programmes and possible financing options by India EXIM Bank to support the GoI’s target of USD 400 billion exports in FY 2021-22.
India EXIM Bank was set up in 1982 by an Act of Parliament and is fully owned by the Government of India. It is the principal financial institution for coordinating the working of institutions engaged in financing exports and imports. Over the years, the Bank has played a catalytic role in facilitating India’s integration with the global economy by promoting, financing and facilitating India’s international trade and investment. The Bank’s range of programmes have helped India enterprises become competitive and develop a global footprint.