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Exim Bank signs record 16 lines of credit this year

L.N. Revathy

Coimbatore , Jan. 11

EXPORT Import Bank of India (Exim Bank) has signed the maximum lines of credit (LoC) this year, numbering 16 and totalling Rs 2,295 cr. This is against the Rs 1,000 crore sanctioned during the previous fiscal, the bank's General Manager, Mr Prabhakar R. Dalal, has said.

The extension of the LoC is aimed at enhancing market penetration and export of capital goods, projects and services from India.

Mr Dalal told Business Line that the bank was expanding exponentially. Out of the sanctioned Rs 2,295 crore, the bank had disbursed Rs 1,000 crore. "We are planning to disburse another Rs 600 crore before the close of the current fiscal."

Disbursement growth rate, he said, was always above the 100-per cent mark. "This year, our year-on-year growth has touched a high of 220 per cent. We are hoping to improve this growth rate in the coming years."

The bank has 57 operative LoC for promoting exports to 78 countries in Africa, Asia, Latin America, East Europe and the CIS with credit commitments amounting to $1.33 billion. "Of the 57 operative LoC, 23 are Government LoC. We are negotiating for 34 additional lines, and these are expected to come through within the next couple of months," said Mr Dalal.

With the additional operative lines, the bank is confident of expanding its geographical reach across 88 countries and enhancing credit commitments to $2.275 billion. "LoC acts as a catalyst in trade promotion. It helps us gain access to newer markets in developing countries. Incidentally, LoC extended to developing countries are only through Exim Bank," Mr Dalal said.

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