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Exim Bank of India opens its representative office in Dhaka, B’desh and extends third line of credit of USD 4.50 bn to the Govt of the People’s Republic of B’desh

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.

 The 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.

 

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