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The Export-Import Bank of India (Exim Bank) will be disbursing $100 million by way of project finance to COVID-19 vaccine makers in the country this fiscal

·         India Exim Bank has offered $150 million to the African Exim Bank and $100 million to Africa Finance Corporation.

·         They can use it for any imports from India.

·         It is a project for financing and promoting vaccine import from India.

·         Export-Import Bank of India Export-Import Bank of India is a wholly owned Govt. of India entity which was established in 1982.

·         HQ : New Delhi Aim: finance, facilitating and promoting foreign trade of India.

·         The EXIM bank extends Line of Credit (loC) to overseas financial establishments, regional development banks, sovereign governments and different entities abroad.

·         Thus the EXIM Banks enables buyers in those countries to import developmental and infrastructure, equipment’s, goods and services from India on deferred credit terms.

·         The bank also facilitates investment by Indian companies abroad for setting up joint ventures, subsidiaries or overseas acquisitions.

·         Functions of the EXIM Bank It finances the import and export of goods and services from India and countries other than India.

·         Provides refinancing services to banks and other financial institutes for their financing of foreign trade

·         The bank also provides technical and other assistance to importers and exporters.

·         Depending on the country of origin there are a lot of processes and procedures involved in the import-export of goods.

·         The EXIM bank will provide guidance and assistance in administrative matters as well.

·         Will also underwrite shares/debentures/stocks/bonds of companies engaged in foreign trade.

·         Will offer short-term loans or lines of credit to foreign banks and governments.

·         EXIM bank also can give business advisory services and professional data to Indian exporters in respect of multi-funded projects in foreign countries.

·         EXIM initiatives GRID Initiative (Grass Roots Initiative and Development),It is the financial backing to support grassroots initiatives / technologies , particularly those with export potential, and to assist artisans / producer teams / clusters / small businesses / NGOs in achieving a remunerative return on their product and promoting exports from these units.

·         Exim Bank currently has 233 credit lines (LOCs) in place, covering sixty two countries in africa,Asia, Latin America and the CIS, with approximately $22.86 billion in credit commitments available to fund exports from india.

·         The Government of India provides interest subsidies to SAARC countries for project exports through EXIM Bank of India.  

·         The EXIM Bank Project Development Fund to catalyse the Indian economic presence in Cambodia, Laos, Myanmar and Vietnam. Cooperation with the BRICS Bank, Exim Bank of India entered into anMoU on general cooperation with the New Development Bank (NDB) to make a mechanism for cooperation in accordance with national laws and rules, additionally to the transfer of skills and also the sharing of data among the signatories.

·         Exim Bank of India, under the BRICS Interbank Cooperation Framework, is that the nominative member development bank.