Export-Import Bank of India's (Exim Bank's)
Representative Office at Dhakawas formallyinaugurated by the Hon’ble Minister
of Finance and Corporate Affairs, of the Republic of India, H. E. Mr. Arun
Jaitley and the Hon’ble Minister of Finance of the People’s Republic of
Bangladesh, H.E. Mr. Abul Maal Abdul Muhith, in Dhaka on October 04, 2017,
during the Event hosted by the High Commission of India in association with the
Policy Research Institute of Bangladesh.
Export-Import Bank of India [Exim Bank] has,
on behalf of the Government of India, extended thirdLine of Credit [LOC] of USD
4.50 billion to the Government of the People’s Republic of Bangladesh for
financing development projects in Bangladesh.
LOC Agreement to this effect was signed earlier in the day, in Dhaka,
Bangladesh, by Mr. David Rasquinha, Managing Director, on behalf of
Export-Import Bank of India with Mr. Kazi Shofiqul Azam, Secretary, Economic
Relations Division, Ministry of Finance, on behalf of the Government of the People’s
Republic of Bangladesh, in presence of the Hon’ble Finance Minister of India,
H. E. Mr. Arun Jaitley and Hon’ble Finance Minister of the Government of the
People’s Republic of Bangladesh, H.E. Mr. Abul Maal Abdul Muhith, in Dhaka,
says a release on 4 October 2017.
Mr. Rasquinha, speaking during the Event,
highlighted the growing economic engagement between India and Bangladesh. Mr.
Rasquinha further mentioned that the LOC of USD4.50 billion is the largest ever
LOC to any country. Exim Bank, has, on behalf of the Government of India, now
extended three Lines of Credit aggregating USD7.362 billion to the Government
of Bangladesh. The first LOC of USD 862 million was extended in 2010 for
financing export of goods and projects including development of railway
infrastructure, dredging, construction of bridges, procurement of buses,
locomotives and coaches. The second LOC of USD 2 billion was extended in March
2016 for financing various social and infrastructure development projects in
Bangladesh [such as power, railways, road transportation, information and
communication technology, shipping, health and technical education sectors].
Mr. Rasquinha further stated that Exim Bank
has also extended a term loan of USD 1.60 billion to the Bangladesh India
Friendship Power Company Pvt. Ltd. for financing the state of the art 1320 MW
[2*660 MW] ultra-super-critical Maitree Super Thermal Power Project, which is
expected to generate significant development outcomes including improved
industrial output due to better power availability in Bangladesh.
Mr. Rasquinha highlighted the role of Exim
Bank in extending financial support to Bangladeshi companies for enhancing
their manufacturing capabilities. As on date, EXIM Bank’s aggregate credit
assistance to Bangladesh stands at USD 9 billion till date.
Mr. Rasquinha also mentioned that Exim Bank
through its global network of offices and wide range of financial, advisory and
capacity building activities has strived to play a catalytic role, as a key
player, in promoting India’s international trade and investment relations with
partner countries, while contributing to the internationalisation endeavours of
Indian business. Exim Bank’s Representative Office in Dhaka has been set up to
further strengthen the economic engagement with Bangladesh, facilitate Indian
investments into Bangladesh, and coordinate closely with all stakeholders for
speedy implementation of development projects in Bangladesh.
The Hon’ble Finance Ministers appreciated
the role played by Exim Bank of India in boosting Trade and Investment.
With the signing of this LOC Agreement, Exim
Bank has now in place 224 Lines of Credit covering 63 countries in Africa,
Asia, Latin America, Oceania and the CIS, with credit commitments of over USD
21.36 billion, available for financing exports from India. Besides promoting
India's exports, EXIM Bank's LOCs enable demonstration of Indian expertise and
project execution capabilities in emerging markets.
Apart from its Head Office in Mumbai, the
Bank has regional offices spread across the major cities of India viz.
Ahmedabad, Bangalore, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, New
Delhi and Pune. The overseas offices of the Bank are located in Abidjan, Addis
Ababa, Dubai, Johannesburg, London, Singapore, Washington DC, Yangonand Dhaka.