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<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s total merchandise exports are expected to grow by 33 per cent during the second quarter of <keyword id="5027223" type="General" weightage="20" keywordseo="fy22" source="Orion">FY22</keyword>, the <keyword id="402797" type="General" weightage="20" keywordseo="export-import-bank-of-india" source="Orion">Export-Import Bank of India</keyword> said on Friday. Accordingly, <keyword id="10407892" type="General" weightage="20" keywordseo="india-exim-bank" source="Orion">India Exim Bank</keyword> forecast total merchandise exports in Q2FY22 to grow to $98.45 billion from $74.02 billion reported for the corresponding quarter of the previous financial year. Besides, non-oil exports are expected to rise 28.3 per cent to $85.63 billion, as compared to $66.73 billion reported for the corresponding quarter of the last fiscal. "The rise in India's exports could be attributed largely to the low base effect, pick-up in growth in advanced economies and the resultant increase in global import demand," India Exim Bank said in a statement. "Increase in commodity prices have also contributed to the increase in India's exports," it added. The forecasts are based on India Exim Bank's Export Leading Index (ELI) model. These forecast are released by India Exim Bank on a quarterly basis, during the first week of June, September, December and March for the corresponding quarters. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ronnie-screwvalas-investment-firm-leads-10-million-round-in-lido-learning/articleshow/86093922.cms">Ronnie Screwvala’s investment firm leads $10 million round in Lido Learning</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/den-networks-hathway-cable-biocon-alembic-pharma-ujjivan-financial-services-eron-international-stocks-are-going-down/slidelist/86093519.cms">Den Networks, Biocon, Alembic Pharma and more -- here’s why these companies made no money to investors even in a bull run</a>

India's exports expected to grow by 33% during the second quarter

New Delhi, Feb 16 () The government has decided to pump Rs 1,300 crore into state-owned Export-Import Bank of India (Exim Bank) to fund its business growth.Last year, the government doubled its authorised capital from Rs 10,000 crore to Rs 20,000 crore."The (Rs 1,300 crore) provision is for Exim Bank as equity support/ subscription to increase the paid up capital of the bank to the level of its authorized capital," as per the Budget documents presented in Parliament earlier this month.This is Rs 350 crore higher than provision made by the government for the current fiscal. The government earmarked Rs 950 crore capital infusion for the bank.Exim Bank is the principal export credit agency in India and the infusion will give an impetus to new initiatives such as supporting Indian textile industries, likely changes in the Concessional Finance Scheme, likelihood of new letters of credit in future in view of the country's active foreign policy and strategic intent.Established in 1982, Exim Bank is the apex financial institution for financing, facilitating and promoting the country's international trade.The bank primarily lends for exports from India, including supporting overseas buyers and Indian suppliers for export of developmental and infrastructure projects, equipment, goods and services from India. DP BAL

Govt to infuse Rs 1,300 cr in Exim Bank next fiscal

Mumbai, Jan 3 () India has extended a line of credit of USD 75 million (over Rs 500 crore) to Cuba for financing solar parks.An agreement signed between Export-Import Bank of India (Exim Bank) and Banco Exterior De Cuba in July last year came into effect from December 12, the RBI said in a statement on Thursday.
 Banco Exterior De Cuba is a nominated agency of the Government of Cuba. 
"Exim Bank has entered into an agreement dated July 16, 2019 with Banco Exterior De Cuba, for making available to the latter, Government of India supported Line of Credit (LoC) of USD 75 million for the purpose of financing installation of 75 MW Photovoltaic Solar Parks in the Republic of Cuba," it said.
Under the LoC, The terminal utilisation period is 60 months after the scheduled completion date of the project.
As per the agreement, financing of export of eligible goods and services from India would be allowed subject to their being eligible for export under the Foreign Trade Policy.
Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75 per cent of the contract price can be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller from outside India, the statement added. KPM KPM ANU
ANU

India extends USD 75 mn line of credit for solar parks in Cuba

Mumbai, Jun 19 () Export-Import Bank of India (Exim Bank) on Friday said it has extended a line of credit (LOC) of USD 20.10 million to the government of Nicaragua for reconstruction of Aldo Chavarria Hospital. With signing of this agreement, Exim Bank, so far, has extended four LOCs to Nicaragua, on behalf of the Indian government, taking the total value to USD 87.63 million, a release said. Projects covered under the LOCs include supply of equipment for building two substations, construction of transmission lines, building new substation, expansion of the existing substations and reconstruction of a hospital. Post the signing of this LOC agreement, Exim Bank has now in place 261 LOCs, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.70 billion, available for financing exports from India. HV MKJ

Exim Bank extends USD 20.1 mn credit line to Nicaragua govt

Mumbai, Jun 12 () Export-Import Bank of India (Exim Bank) on Friday said it has extended a line of credit (LOC) worth USD 215.68 million to the Malawi government for drinking water supply schemes and other development projects. With the signing of this agreement, Exim Bank, so far, has extended five LOCs to Malawi, on behalf of the Indian government, taking the total value of LOCs extended to USD 395.68 million, a release said. Projects covered under the LOCs extended to Malawi includes supply of irrigation network, tobacco threshing plant, cotton processing facilities, green belt initiative, sugar processing equipment, fuel storage facility and construction of a new water supply system from Likhubula river in Mulanje to Blantyre. With the signing of this LOC, Exim Bank has now in place 260 LOCs, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.68 billion, available for financing exports from India. HV MKJ

Exim Bank extends USD 216-mn credit line to Malawi govt

Mumbai, Jan 22 () The Export-Import Bank of India (Exim Bank) on Wednesday said it has extended USD 35.80 million (about Rs 250 crore) line of credit to Suriname government to fund the country's rural electrification programme.
 The line of credit (LOC) is meant for financing rural electrification through solar DG hybrid PV systems in 50 remote villages of Suriname, the bank said in a statement.
 With the latest round of funding, the Indian government has till date extended nine LOCs to Suriname, totalling USD 124.98 million (about Rs 890 crore). 
 The projects covered under LOCs extended to Suriname include power, water supply, purchase of helicopters, and rehabilitation and upgradation of milk processing plant.
 With this agreement, Exim Bank has now in place 258 LOCs covering 64 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.48 billion available for financing exports from India. 
 Besides promoting India's exports, the bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets. HV RVK

Exim Bank extends USD 35.80 mn line of credit to Suriname for rural electrification

New Delhi, Jun 20 () Export-Import Bank of India (Exim Bank) will provide a line of credit of USD 20.10 million (about Rs 153.27 crore) for reconstruction of hospital building in Nicaragua. Exim Bank on behalf of the Indian government extended line of credit of USD 20.10 million for reconstruction of Aldo Chavarria Hospital to the Nicaragua government, it said in a release. The LOC agreement to this effect was signed on June 12, 2020, through exchange between Tarun Sharma, General Manager, Exim Bank, and Jose Adrian Chavarria, General Viceminister, Ministry of Finance and Public Credit, Government of Republic of Nicaragua. With the signing of this agreement for USD 20.10 million, Exim Bank, till date, has extended 4 (four) Lines of Credit to Nicaragua, on behalf of the Indian government. This will take the total value of LOCs to USD 87.63 million to the country, it said. KPM BAL BAL

Exim Bank provides USD 20 mn credit line to Nicaragua for rebuilding hospital

Mumbai, Dec 19 () Exim Bank has provided USD 42.5 million (about Rs 300 crore) line of credit (LOC) to Zimbabwe for upgradation of a thermal power plant and river project.
 An agreement had been signed between the governments of India and Zimbabwe in April 2019 for USD 23 million line of credit for financing renovation and upgradation of Bulawayo Thermal Power Plant at the revalidated/escalated project cost, RBI said in a notification on Thursday.
 A separate agreement of USD 19.5 million was signed for financing upgradation of phase-II of Deka Pumping Station and River Intake System in Zimbabwe.
 Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement, RBI said.
 For the thermal power plant project, out of the total credit by Exim Bank, goods, works and services of the value of at least 75 per cent of the contract price will be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India. 
 For the river project, goods, works and services of the value of at least 65 per cent of the contract will be supplied by Indian seller from India, and the remaining 35 per cent from outside India.
 For both the projects, the LOC is effective from November 26, 2019.
 Under the LOCs, the terminal utilization period is 60 months after the scheduled completion date of the project, RBI said. KPM RVK

Exim Bank provides USD 42.5 mn line of credit to Zimbabwe for thermal, river projects

<div class="KonaFilter image-container display-table"><div><div class="image">APObama signs the Ex-Im reauthorization into law back in 2012.</div></div></div>
House Majority Leader Eric Cantor's stunning loss in his Republican primary introduced a number of <a href="http://www.businessinsider.com/eric-cantor-loss-dave-brat-economy-debt-ceiling-2014-6" target="_blank">potential unpredictable macroeconomic events</a> into the 2014 calendar. But perhaps nothing stands to lose more than a bank that first came into existence in the New Deal era of the Franklin D. Roosevelt administration.
The movement toward the death of the Export-Import Bank, first targeted by conservative grassroots as a priority in 2012, has finally appeared to hit its stride. The bank provides direct loans, guarantees, and credit insurance to aid foreign purchasers in buying American-made goods. Its charter expires at the end of September, unless Congress acts to renew it.
Cantor was largely responsible in 2012 for brokering a deal to extend the Bank's charter and raise its lending authority to $140 billion. But on Sunday, incoming House Majority Leader Kevin McCarthy signaled a major shift when he called for the closure of the bank. 
"One of the biggest problems with government is they go and take hard-earned money so others do things the private sector can do," McCarthy, who voted for the Bank's reauthorization in 2012, told Fox News' Chris Wallace on Sunday.
"That's what the Ex-Im Bank does. The last authorization with the Ex-Im Bank directed the president and the Treasury secretary to wind down the Ex-Im Bank, negotiate with the other countries to wind them down so we have a level playing field."
When asked directly by Wallace if he thinks the bank should close, McCarthy said, "Yes, because it's something that the private sector can be able to do."
<h3>Background</h3>
The "Ex-Im Bank," as it is typically called, was established under a 1934 executive order from Roosevelt, as part of his desire to expand trade with the newly established Soviet Union and with Cuba. The bank became an independent entity in 1945. 
It is the official export agency of the United States. And its mission, according to its website, is to "assist in financing the export of U.S. goods and services to international markets." The Ex-Im Bank has been deeply involved in historically significant projects and transactions, including the constructions of the Pan-American highway and Burma Road.
Essentially, the Ex-Im Bank assists U.S. companies in their exports to provide them with an advantage against foreign companies, particularly if those foreign companies receive their own subsidies from their governments. This includes direct loans and loan guarantees to foreign buyers of U.S. goods and services, working capital guarantees, and export-credit insurance.
Some of the biggest U.S. beneficiaries of the bank include companies like Boeing, General Electric, and Caterpillar.
In its <a href="http://www.exim.gov/about/library/reports/annualreports/2013/" target="_blank">latest annual report</a>, the Ex-Im Bank said it was responsible for supporting up to 1.2 million jobs over the past five years. In 2013 alone, that number was 205,000, according to the bank. (The bank itself employs less than 500 people.)
Its reauthorization throughout history has not been controversial. Fourteen of the 16 times its reauthorization has come up for a vote, it has passed by either unanimous consent or voice vote in at least one chamber of Congress. 
But over the last two years, the bank has come under increasingly intense scrutiny because opponents have latched on to the cause the bank provides "corporate welfare." 
The Club for Growth, Heritage Action, and other conservative groups have launched campaigns calling for it to shut down. In the House, the powerful House Financial Services Committee Chair Rep. Jeb Hensarling (R-Texas) has led the charge against reauthorization. McCarthy, soon to be the No. 2 House Republican, became the most significant member of Congress to join the bandwagon. 
"We're starting to see the Republican Party as a whole not reflexively saying, 'If this is good for big business, I'm in favor of it,'" Dan Holler, the communications director for Heritage Action, told Business Insider on Monday.
The Tea Party-supported argument, one advocated by Heritage Action and others, centers around claims the Bank is a form of "crony capitalism" and "corporate welfare."
In many ways, it embodies the larger fundamental dispute within the Republican Party. Though many in the establishment view the bank as a good function of government, conservatives see it as an overreach. They compare it to Fannie Mae and Freddie Mac, the two entities that were taken over by the U.S. government in 2008 amid the financial crisis.
"We had this sea change in 2012 where people saw the Bank as this perfect example of everything that's wrong with Washington," Holler said, referring to the 93 votes against the Bank's reauthorization back then, the most since the administration of President Richard Nixon.
<div class="KonaFilter image-container display-table float_right"><div><div class="image">Jonathan Ernst/Reuters</div></div></div>"You can have big companies going to this Bank, which is backed by taxpayers, and using this Bank to help themselves. This isn't the proper role of the federal government. We're kind of on the hook here like Fannie Mae and Freddie Mac, if things go wrong."
Cantor's shocking loss and McCarthy's unexpected rise progressed the issue from a potentially bitter fight to one in which the Tea-Party types in the GOP seem to have the upper hand in the battle. 
<h3 class="p1">The campaign to save the bank</h3>
The White House and the Republican establishment-friendly Chamber of Commerce both pressed the case for the bank's renewal on Monday, one day after McCarthy's comments re-ignited the debate.
The National Association of Manufacturers has also been <a href="http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx" target="_blank">lobbying</a> on behalf of the bank, arguing manufacturing would be crushed by the bank's expiration. And on Monday, a group of more than 40 Republican members of Congress had signed off on a <a href="http://www.scribd.com/doc/230976412/Ex-Im-Letter-for-Signatures" target="_blank">letter</a> urging House leadership to take action to renew the Ex-Im Bank's charter.
There are 60 other countries that have credit export agencies, which supporters of the bank say would be more than happy to scoop up sales and jobs from U.S. companies by being willing to offer similar support. 
"What do we want to do? Give this business to the Europeans and the Chinese?" Tom Donohue, the president of the Chamber of Commerce, told reporters in a conference call on Monday. 
Added a spokesperson for Caterpillar in a statement: "For the U.S. to close the Ex-Im Bank in this environment is surrendering export markets and economic growth in the U.S."
The bank <a href="http://www.exim.gov/newsandevents/the-facts-about-ex-im-bank.cfm" target="_blank">says</a> it provided $27 billion to support an estimated $37.4 billion in U.S. export sales in fiscal year 2013, which helped sustain the more than 200,000 jobs. And it says it is a self-sustaining agency, claiming it has sent $1.6 billion back to the U.S. Treasury since 2008 in excess revenue. 
<h3>'No clue what they're talking about' </h3>
<div class="KonaFilter image-container display-table float_left"><div><div class="image">Facebook/ Turkish Airlines</div></div></div>One of the leading advocates for the bank is Tony Fratto, a former Bush administration White House and Treasury official who is now a partner at Hamilton Place Strategies. Fratto was described by a NAM official on Monday's conference call as one of a "dream team" of advocates for the bank, along with former House Majority Leader Dick Gephardt and former Mississippi Gov. Haley Barbour.
Fratto told Business Insider on Monday that about three-fourths of Ex-Im Bank critics have "no idea what they're talking about."
Why? The single biggest thing every critic gets wrong, Fratto said, is the claim McCarthy made Sunday - that the private sector can and will pick up the slack. That's because no one in the private sector is currently structured to do what the Ex-Im Bank does.
"That is flat-out wrong," Fratto said. "That will not happen. There is no private-sector response to what Ex-Im does. There are structural problems with our financial system and the needs of small and medium exporters. They will not do that business. Not because it's not good business, but because it's not their business. They can't do it."
The problem is twofold. Using the bank SunTrust as an example, Fratto said smaller banks don't have the expertise to do what the Ex-Im Bank does. It doesn't have enough knowledge of the global landscape to facilitate deals in countries as diverse as Venezuela, Nigeria, Turkey, and Vietnam at the same time. 
(For reference, the Ex-Im Bank's portfolio includes a range of 170 countries, and the Bank says about 90% of its transactions are to small businesses.)
The second problem, according to Fratto: The big banks and insurers that do have that expertise have no interest in facilitating the small transactions that are the bread-and-butter of the Ex-Im Bank.
"In no one's imagination is SunTrust going to come in and cover 40 countries just to do some trade finance deals. And it will never be profitable for Bank of America, or HSBC, or these other global firms who do possess the knowledge and reach and scope to do these one-off, little deals for some U.S. exporters," Fratto said.
<div class="KonaFilter image-container display-table float_right"><div><div class="image">AP</div></div></div>One real-world example cited by representatives from the Chamber and from NAM on the conference call Monday was FirmGreen Inc., which makes equipment used to purify biogas. Donohue said on the conference call that its CEO, Steven Wilburn, told lawmakers in April that his company lost a $57 million contract to a South Korean company because of the Ex-Im Bank's uncertain future.
"We are hearing from large and small companies alike who are realizing that the numbers of competitive offers on big projects and on small ones would fundamentally change if this type of financing is not available," Donohue said.
And the big beneficiaries of the bank, like Boeing, are worried about the possibility of its charter expiring. The company told Business Insider in a statement it would "be placed at a competitive disadvantage" to companies like Airbus, which has similar backing from export-credit agencies in France, Germany, and the United Kingdom.
"The airplane market is highly competitive, and every deal is won or lost by the slightest of margins. Any uncertainty in financing availability could unnecessarily tilt the field against Boeing, putting thousands of manufacturing jobs at risk," the company said in the statement.
In all, the vast majority of companies want the Ex-Im Bank to continue. Delta, which has been a corporate outlier on the issue, says it wants the charter to be renewed, even as it presses for reforms to be on more of a level playing field with Boeing.
<h3>What happens now? </h3>
Opponents of the bank are already declaring near-certain victory ahead of the Sept. 30 deadline. The incoming No. 2 House Republican, McCarthy, has now announced his opposition. A spokesman for House Speaker John Boehner told Business Insider he has made clear the debate should be left to members and, especially, the Financial Services Committee, which is chaired by Hensarling. 
"Folks laughed at me when I was talking in March and April that, yes, the Ex-Im Bank was going to expire this year," Heritage Action's Holler said. "And each and every month since, we've gotten more and more momentum. There's no doubt that in the past couple weeks, things have really accelerated. And you'd be hard-pressed to find somebody who's talking optimistically about the Bank being reauthorized."
About the only source of optimism left for backers is the fact the Ex-Im Bank supports more than 3,000 small businesses, which are included in every single district in the U.S. But on the contrary, there have been a number of recent Chamber-supported issues that haven't found their way through the House, including one of its biggest - immigration reform. 
When asked if there would be "consequences" for lawmakers who resisted extending the Ex-Im Bank's charter, Donahue demurred. And he knew it.
"I suppose you have to ask the voters. And if you think I ducked your question, you're exactly right," Donahue said.
For its part, a spokesperson from the Ex-Im Bank said it didn't have a reaction to McCarthy's comments, other than that it was still "optimistic that Congress will do what it has always done and reauthorize the Export-Import Bank."

Republicans Are Trying To Kill A Bank That's Been Around For 80 Years, And Big Business Is Freaking Out

<div class="KonaFilter image-container display-table"><div><div class="image">AP</div></div></div>Texas Republican Gov. Rick Perry on Friday urged Congress to reauthorize the Export-Import Bank's charter, marking a break from many congressional Republican leaders and top Republicans from his own state.
In a letter to congressional leaders and copied to the Texas congressional delegation, Perry said failure to reauthorize the bank would cost the U.S. jobs and drive up the cost of U.S. goods. Perry also said Texas, the largest exporting state in the nation, would see the biggest negative effect.
Congress is in the midst of an <a href="http://www.businessinsider.com/export-import-bank-reauthorization-fight-2014-6" target="_blank">increasingly heated debate about whether to reauthorize the bank's charter</a>, which expires at the end of September.
The fight has made unusual alliances - the White House, Democratic leaders, and many pro-business Republican leaders and groups support the charter's renewal, while <a href="http://www.businessinsider.com/ex-im-bank-victory-tea-party-2014-6" target="_blank">Tea Party-aligned politicians and groups and</a> some liberal Democratic lawmakers stand in opposition. There are rumblings the dispute could even <a href="http://www.businessinsider.com/ex-im-bank-government-shutdown-2014-6" target="_blank">lead as far as the second federal government shutdown in two years</a>.
Leading the push to close the bank has been Rep. Jeb Hensarling, a fellow Texas Republican. He is the chair of the powerful House Financial Services Committee.
Hensarling has called the Ex-Im Bank an example of "corporate welfare" and government-sponsored cronyism, but Perry's letter directly countered those points. The bank provides direct loans, guarantees, and credit insurance to aid foreign purchasers in buying American-made goods. 
Perry said a failure to reauthorize the bank's charter would put Texas' business at a competitive global disadvantage, providing 10 examples of companies in the agricultural, manufacturing, and technology sectors. 
"I understand some are concerned about the bank, but if there are ways to improve the program by making it more transparent, I would encourage you to do so as part of the reauthorization," Perry wrote. 
"To unilaterally disarm by not reauthorizing the Ex-Im Bank puts American companies at a disadvantage in their ability to compete in the global marketplace, will cost jobs, and will drive up prices for American-made goods."
Here's Perry's full letter:
<p style="margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"><a href="http://www.scribd.com/doc/231618113/Rick-Perry-Ex-Im-letter" title="View Rick Perry Ex-Im letter on Scribd">Rick Perry Ex-Im letter</a>

The Tea Party Is Trying To Kill The Export-Import Bank - And Rick Perry Is Trying To Save It

Mumbai, May 22 () The Reserve Bank on Friday announced a Rs 15,000-crore line of credit to the Export-Import Bank of India, to help the sagging foreign trade. The central bank said Export-Import Bank of India (EXIM Bank) depends on foreign currency borrowings for its operations and as a result of the COVID-19 pandemic, it is unable to raise the resources, due to which the facility is being extended. "It has been decided to extend a line of credit of Rs 15,000 crore to the EXIM Bank for a period of 90 days from the date of availment with rollover up to a maximum period of one year so as to enable it to avail a US dollar swap facility to meet its foreign exchange requirements," Reserve Bank of India Governor Shaktikanta Das said. He said the country's export-import trade has suffered because of external demand crippling owing to the pandemic and decline in import of essential goods and services. Among other measures, the Reserve Bank of India (RBI) has also decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing one year to 15 months, for disbursements made up to July 31, 2020, Das said. On the imports front, it has been decided to extend the time period for completion of remittances against normal imports into India (except in cases where amounts are withheld towards guarantee of performance) from six months to 12 months from the date of shipment for imports made on or before July 31, 2020, Das said. According to Das this will provide greater flexibility to importers in managing their operating cycles in a COVID-19 environment. As part of the developmental and regulatory policies, the RBI also announced help to Small Industries Development Bank of India (SIDBI) on the refinance front through the roll over of a three month, Rs 15,000-crore facility announced earlier. "In order to provide greater flexibility to SIDBI in its operations, it has been decided to roll over the facility at the end of the 90th day for another period of 90 days," Das said. For the financial markets, in view of the difficulties reported by the Foreign Portfolio Investors and custodians for adhering to the condition of investing at least 75 per cent of allotted limits are invested in three months, the RBI granted an additional three months to fulfil this requirement. AA DRR DRR

Reserve Bank extends Rs 15,000-cr credit line to EXIM Bank

Mumbai, Jun 25 () Export Import Bank of India (Exim Bank ) on Thursday said its profit after tax rose by 51 per cent to Rs 124 crore in financial year ended March 31, 2020. The development finance institution had reported a profit after tax of Rs 82 crore in 2018-19. "In the year gone by our business and financial performance have been encouraging. The loan portfolio has grown by about 6-7 per cent. We have looked strongly at building the loan assets," Exim Bank's Managing Director David Rasquinha told reporters. Its loan portfolio grew 6.23 per cent to Rs 99,446 crore in 2019-20 as against Rs 93,617 crore in the preceding financial year. Non-funded portfolio grew by around 13 per cent to Rs 15,869 crore in the year from Rs 14,096 crore in 2018-19. "The growth has come primarily from the project guarantees," he said. Gross non-performing ratio stood at 8.75 per cent while net NPA was at 1.77 per cent. In the year, the provision coverage ratio was up 400 basis points (bps) to 89 per cent. The capital to risk assets ratio was up 106 bps to 20.13 per cent. It raised foreign currency resources aggregating USD 1.91 billion equivalents in 2019-20. The bank will be looking at raising USD 1-2 billion from the overseas market in the current financial year, Rasquinha said. The bank extended 27 LoCs, aggregating USD 3.40 billion, to support export of projects, goods and services from India. It supported 38 project export contracts valued at USD 2.81 billion under its commercial window. HV ANU ANU

Exim Bank posts Rs 124 cr profit for FY20

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">AP Photo/Jay LaPreteRep. Joyce Beatty (D-Ohio).</div></div></div>Rep. Joyce Beatty (D-Ohio) is a member of Congress.If there were a government agency that helped small businesses grow, create jobs, and expand U.S. exports abroad, would you support it? And, if this agency didn't cost the federal government a dime, and instead actually made a profit that goes back to our government, would you support it even more? I think the answer to both questions easily is a resounding "yes!"Sadly, the agency I just described - the Export-Import Bank of the United States - is shuttered as of June 30, 2015, when Congress let its charter expire due to gridlock and inaction of Congressional Republicans. If you go to the Bank's website to put in an application for financing, like many businesses have in recent days, you will be greeted by a message saying that due to a lapse in Ex-Im Bank's authority the Bank is unable to process applications or engage in new business.This expiration of authority should come as no shock as some Congressional Republicans have been in full swing to diminish the Bank's ability to fulfill its mission of supporting American jobs through American exports. While the Bank has some money to continue operating for a short period of time, it currently is unable to provide new loans, leaving U.S. exporters lagging behind international competition, ultimately resulting in the creation of fewer American jobs.The 80-year-old Bank makes U.S. exports more competitive by extending lines of trade insurance credit to American companies that otherwise would be unavailable from traditional banks. That is why it is critical that our small businesses have access to this credit to be competitive with goods produced overseas. For small businesses, competing in the global marketplace is very difficult without the assistance of the Bank, because obtaining this line of credit in the marketplace would be nearly impossible.Many of the Ex-Im Banks's detractors claim that the Bank is corporate welfare and picks winner and losers. Nothing could be further from the truth. Nearly 90% of the Bank's transactions in 2014 directly supported small business.<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP/Matt RourkeWorkers help to assemble a helicopter at the AgustaWestland's aircraft manufacturing facility, which Sen. Bob Casey (D-Pennsylvania) said has successfully shipped exports through Export-Import Bank financing.</div></div></div>While operating without taxpayer dollars, in 2014, the Ex-Im Bank supported 164,000 export related U.S. jobs and generated a $675 million surplus for our coffers. Additionally, almost 90% of Ex-Im Bank's initiatives directly support small businesses, including 343 minority-owned businesses.In my Congressional District, the Third Congressional District of Ohio, 12 businesses used the Bank between 2009 and 2015, supporting $58 million of exports. One of these is a minority-owned business, American Isostatic Presses, Inc., that used the Bank to support nearly $16 million in export value since 2009. These exports helped create jobs and contributed to the growth of our local economy in Central Ohio.Since 2009, the Bank has approved more financing to support minority businesses than it did over the previous 16 years combined. Supporting the growth of small, women, and minority businesses at absolutely no cost to taxpayers should be an easy vote for Members of Congress.The failure to reauthorize the Ex-Im Bank's charter and the looming closure is a good example of why congressional elections matter. We need a Congress that supports common sense ideas, but the only way we can do that is through your vote. Show up and vote for common sense candidates who support common sense ideas and hardworking Americans. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/map-shows-how-religion-spread-around-the-world-2015-6">This animated map shows how religion spread across the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="F5aHR4dTob1y4-cHP5qNzXITGcq1vPVW" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Why saving the big bank that Republicans want to kill is a no-brainer

<div class="KonaFilter image-container"><div class="image">Mike Nudelman </div></div>The <a href="http://www.businessinsider.com/export-import-bank-reauthorization-fight-2014-6">fight over the reauthorization of the obscure Export-Import Bank</a> is the perfect opportunity for Democrats to take advantage of the growing rift in the Republican Party. This is a chance for liberals to let the two wings of the GOP cannibalize each other.
First, the facts about the Ex-Im Bank. It is arguably the most "Republican" of government agencies. Basically, it supports businesses who want to export goods.
The Ex-Im bank works in a way that nearly all other countries do, with lending and insurance services that fill the relatively small gaps left by the private financial services firms. The bank turns a profit and represents the broad consensus in this country that, one, exports help create jobs, and, two, helping companies compete in the global marketplace is better than fighting protectionist trade wars. The companies that turn to the Ex-Im bank for help are frequently either from Red States or run by the same conservative executives and boards of directors that decry high taxes, overbearing government, and uncertain regulations. Because of this, the biggest cheerleaders for the Ex-Im bank are the classic old school Republican types.
Considering the Ex-Im Bank's relatively simple functions and natural GOP appeal, one might think it would be uncontroversial. However, the bank is in danger of not having its charter reauthorized before its present enabling legislation expires on September 30th.
This is a big deal if you are one of the companies and workers who have benefitted from the bank or are counting on its services to sell your crops or your airplane. And there are a lot of them. Since 2009, the Ex-Im bank <a href="http://www.exim.gov/newsandevents/the-facts-about-ex-im-bank.cfm">has supported over 1.2 million private sector jobs</a> and financed more than $188 billion worth of exports.
Keeping the Ex-Im Bank running seems like an obvious no-brainer, but the fight over reauthorization has become another bloody battle in Washington. Even though the bank may seem like an odd target for your father's Republican party, It is low hanging fruit for the nihilist wing of today's GOP. It's small enough to actually eliminate the whole thing and it's obscure enough you can really make up any story you like about the imagined "corporate welfare" it represents. Perhaps best of all for conservatives in Congress, you can kill this agency by NOT passing a law, the specialty of the Tea Party. If nothing happens, Ex-Im won't be reauthorize, and the bank will die. Voila! The government is smaller!
So, as Tea Partiers try to bring the bank down, Democrats find themselves aligned in trying to save it with that quaint wing of the Republican Party that actually believes getting things done to improve our country is OK.
But more and more Democrats are torn. Maybe losing the Ex-Im bank will actually accelerate the fissure between the Tea Party and the money that sustains the national Republicans. Perhaps we have to let the village burn to the ground to save it.
The GOP money machine seemed to be genuinely scared when the Tea Partiers nearly caused economic crises over debt limit increases, hurricane relief and transportation contracts. Losing Eric Cantor and the inability to deal with immigration reform also seemed to shake up the Republican establishment's financial arm. But maybe they need to see real casualties that they care about to get them convinced that they need to turn off the fundraising spigot and bring congressional Republicans back in line. Perhaps the Ex-Im bank needs to die.
Democrats have always burdened ourselves with a sense of responsibility for keeping the government running. This refusal to let things grind to a halt has left us ill-equipped to fight as dirty as this new version of the Republican Party. We negotiate, cajole, and ultimately, compromise. President Obama long ago decided he wanted his political epitaph to be "He Got The Best Deal He Could."
So as we near the witching hour in another showdown maybe it's time we stopped trying to keep things afloat and gave up on helping the "good" Republicans who are trying to get the Tea Party gun away from their heads. Maybe the bloodletting hasn't been full enough yet.
Come on Tea Party. Go ahead and shoot.

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