Export finance institution Exim Bank today said it aims to boost project exports to over USD 50 billion from current USD 27 billion over the next five years through "innovative" initiatives and by leveraging increasing opportunities in Asia and Africa.
"Exim Bank has a strong belief in the capabilities of our project exporters' technical competence and capacity to control costs, and the bank endeavours to provide further impetus to these exports by constantly devising innovative financing programmes and products," Exim Bank Chairman and Managing Director Yaduvendra Mathur said here.
As of end-September, the bank said, project exports from the country stood at Rs 1,61,083 crore or close to USD 27 billion, supported by the institution and are under execution, in 78 countries across Asia, Africa and CIS by 112 domestic companies.
These projects have been supported by Exim Bank through a mix of funded and non-funded facilities.
Mathur said the bank has been taking several initiatives for constantly devising innovative financing programmes and products.
"With the initiatives taken by the bank, we believe we can boost the project exports from the current levels of USD 27 billion to over USD 50 billion in the next five years," he said, adding the global project export market is worth over USD 5 trillion.
Exim Bank's flagship programmes, such as lines of credit and buyers' credits, are designed to offer funding options to the overseas buyers to enable the exporters to access new markets in developing countries and increase exports of goods and services from India, and create jobs, Mathur said.
He further said that the bank, in collaboration with the African Development Bank, is also setting up a Project Development Company (PDC) in Africa to identify and develop infrastructure projects with the objective of providing the private sector an opportunity to invest in and implement such projects there.
"The PDC shall focus on infrastructure projects that have specific strategic interest to India. The PDC is expected to provide an entire gamut of project development expertise to identified projects," Mathur added.
