Export Import Bank of India (Exim Bank) today said it expects 10-15 per cent growth in its line of credit (LOC) portfolio in the current financial year.
"In 2017-18, the bank extended 12 lines of credit (LOCs) aggregating USD 6.11 billion to support export of projects, goods and services from India. The LOC portfolio is expected to grow by 10-15 per cent in the current financial year," Managing Director David Rasquinha said.
At current exchange rate, USD 6.11 billion comes to Rs 41,930 crore.
He said as on July 31, 2018 the bank had 262 LOCs, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.83 billion, available for financing exports from India.
The growth in LOCs in any period depends on a variety of factors, including the progress of projects overseas being funded under LOCs, and diplomatic priorities of the Government of India and the partner country, he said further.
Exim Bank is involved in a host of concessional finance programmes, mainly long-term in nature of which LOC is one of the main programmes.
As on date, Exim Bank, has an exposure to 62 developing and less developed countries in Africa, Asia, Latin America and the CIS regions, under this programme, for financing crucial infrastructure projects in sectors as diverse as power, roads, health systems, and information technology.
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