In the coming five years, the Export-Import Bank of India (Exim Bank) is planning to achieve financing of $7 billion of projects exports, with the government’s announcement of a fund infusion, which amounts to Rs 1,650 crore to boost projects in the National Export Insurance Account (NEIA). The corpus infusion will enhance the project export possibility by about Rs 33,000 core (equal to $4.5 billion), which is already covered by NEIA, the bank said in a statement.
It said that the capital infusion will help tap huge potential of project exports in focus markets. At present, the bank has supported 31 projects valued at $2.74 billion in 14 countries under the Buyer’s Credit under NEIA programme, it added.
It also said that there is a significant opportunity for Indian exporters, given the fact that the project exporters have developed substantial competitiveness in several sectors already and the Exim Bank’s financing options are well recognised.
The Ministry of Commerce and Industry had set up the NEIA Trust back in March 2006, providing export credit insurance cover for promoting Indian medium and long-term projects.
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