Exim Bank, India’s premier export finance institution, has set an ambitious target to raise funds of around $3.5 billion to $4 billion this year, as it seeks to support the country’s export-driven growth agenda. The funds will be used to finance the bank’s government-backed business and to support Indian exporters in expanding their global reach.
Harsha Bangari, Managing Director of Exim Bank, recently announced the bank’s fundraising plans for the current fiscal year, stating that the bank is in talks with various international investors to secure the required funding. The bank’s strong track record of supporting Indian exporters, coupled with its robust financial position, makes it an attractive investment opportunity for global investors.
Exim Bank’s net profit for the fiscal year 2022-2023 has seen a significant increase of 110% compared to the previous year, reaching INR 1,556 crore ($209 million). This impressive growth can be attributed to the bank’s successful execution of its business strategy and its ability to adapt to the rapidly changing global economic landscape.
The bank’s gross revenue for the fiscal year stood at INR 5,097 crore ($687 million), which is a testament to the bank’s strong financial position and its ability to generate substantial income from its operations. The bank’s total assets stood at INR 1,18,799 crore ($15.98 billion), with loans and advances of INR 81,172 crore ($10.94 billion).
Exim Bank has also raised significant resources during the fiscal year 2022-2023, including a foreign currency of $3.47 billion and resources worth INR 52,156 crore. These resources will be used to support the bank’s operations and to fund its ambitious growth plans.
The bank’s continued focus on supporting Indian exporters is critical to the country’s economic growth and development. Exim Bank plays a pivotal role in providing financial support to exporters and helping them navigate the complex global trade environment. The bank’s efforts have helped to increase India’s exports and promote the country’s economic growth.
Exim Bank has been actively supporting Indian exporters for over three decades, and its expertise and experience in the field have helped it become a trusted partner for exporters across a wide range of sectors. The bank provides a range of financial products and services, including export credit, guarantees, and lines of credit to Indian exporters.
In addition to its core business of supporting exports, Exim Bank is also exploring new growth opportunities in the renewable energy space. The bank is committed to promoting sustainable development and is actively supporting renewable energy projects in India. It has provided funding for several solar power projects and is exploring new opportunities in the wind energy sector.
Exim Bank’s focus on sustainability and environmental responsibility is in line with the global trend towards cleaner energy sources. The bank’s efforts to support renewable energy projects are expected to drive long-term value for its stakeholders and contribute to India’s ambitious renewable energy targets.
Exim Bank’s commitment to supporting India’s economic growth extends beyond its core business of supporting exports. The bank is also actively involved in promoting entrepreneurship and innovation in the country. It provides financial support to startups and small and medium-sized enterprises (SMEs) through its various programs and initiatives.
Exim Bank’s focus on promoting entrepreneurship and innovation is in line with the Indian government’s vision of creating a thriving startup ecosystem in the country. The bank’s efforts to support startups and SMEs are expected to drive job creation and economic growth in India.
In conclusion, Exim Bank’s strong financial performance and ambitious growth plans are a testament to its commitment to supporting Indian exporters and promoting the country’s economic growth. With its extensive experience in the field and its robust financial position, Exim Bank is well-positioned to achieve its fundraising targets and continue to support India’s exports and sustainable development.
