Exim Bank of India is in the process of setting up a factoring business, with a focus on MSME exporters. The bank has also initiated a trade assistance programme to further enhance its support to the MSME sector, said Harsha Bangari, MD, India Exim Bank. Under this programme, tradelines will be extended to participating overseas banks/institutions in the emerging markets, and credit enhancement to participating commercial banks in India to cover payment obligations on identified banks added Harsha.
Exim Bank sanctioned loans aggregating Rs 688.63 billion under various lending programmes during FY 2021-22. Exim Bank on behalf of the Government of India sanctioned six lines of credit, aggregating $1.13 billion, to support the export of projects, goods, and services from India. The bank has a portfolio of 310 GOI-LOCs with credit commitments aggregating $31.96 billion, which are at various stages of implementation. With an ever-expanding reach, the LOCs have gained momentum in stimulating economic growth across 66 countries in Africa, Asia, Latin America, Oceania, and the CIS region. Under the Buyers’ Credit – National Export Insurance Account (BC-NEIA) portfolio to date, Exim Bank has sanctioned an amount of $3.01 billion, for 34 export projects.