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Export Import Bank (EXIM)
Let’s learn more about Export Import Bank (EXIM). XIM bank is an apex institution that finances, facilitates and promotes exports. Its major function is to arrange loans/funds for exporters, either directly or through other commercial banks.
Export-Import Bank was established on January 1, 1982, for the purpose of financing, facilitating and promoting foreign trade of India. It extends finance to exporters of capital and manufactured goods, exporters of software and consultancy services and to overseas joint ventures and turnkey/construction projects abroad. The Bank is the principal financial institution in India for coordinating the work of institutions engaged in financing export and import trade.
Export-Import Bank of India (EXIM Bank) is a specialized financial institution, wholly owned by the Government of India, set up in 1982, for financing, facilitating, and promoting foreign trade of India. During the year, the Bank issued India’s first USD denominated Green bonds with a benchmark size of US$500 million.
Once our economy opened up post-liberalization and globalization, the import and export industry became a huge sector in our economy. Even today India is one of the largest exporters of agricultural goods. So to provide financial support to importers and exporters the government set up the EXIM Bank. It is an important and integrated part of our economy.
EXIM Bank extends Lines of Credit (LOCs) to overseas financial institutions, regional development banks, sovereign governments, and other entities overseas, to enable buyers in those countries to import developmental and infrastructure projects, equipment, goods, and services from India, on deferred credit terms. EXIM Bank has laid strong emphasis on enhancing project exports, the funding options for which have been enhanced with the introduction of the Buyer’s Credit-National Export Insurance Account (BC-NEIA) program. The Bank facilitates two-way technology transfer by financing import of technology into India, and investment abroad by Indian companies for setting up joint ventures, subsidiaries, or undertaking overseas acquisitions.
