Tag: vaccines

Exim Bank commits $100 million loan for Covid vaccines in FY 22

Banking & Finance

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Export-Import Bank of India (Exim Bank) has committed loans worth $100 million for domestic manufacturers of Covid-19 vaccines or related products.

“These loans are being extended to about half a dozen drug makers in the country during the present financial year,” N Ramesh, Deputy Managing Director, Exim Bank told newspersons here on Friday.

The loans for vaccines are also being extended to other countries. “Our vaccine portfolio in Africa is a significant one with a size of $250 million,” Ramesh said.

This will be an advantage for Indian firms as the financing mandates Africa to source vaccines and related products only from India.

Borrowings

The national export credit agency has already borrowed $2.25 billion through International bonds in 144A – Reg S format.

When asked on the possible size of borrowings for FY22, Ramesh said: “We will be calibrating our borrowings with international economic factors and domestic developments.”

The bank had earlier indicated borrowings to the tune of $3 billion in the current fiscal.

Also read: Exim Bank lists billion-dollar 10-year bond on AFRINEX

Exim Bank is targeting to achieve financing of $7 billion of project exports over next five years through funds received from Government of India, he said.

Earlier in September this year, the Centre had approved a corpus infusion of ₹1,650 crore National Export Insurance Account.

Credit growth

The bank expects a credit growth of 10 per cent this year, according to Ramesh. This will be driven by ‘good’ demand from EPC, textiles, pharma and petroleum sectors, among others, he added.

Its loan portfolio increased 4.43 per cent year-on-year to ₹1,03,851 crore as on March-end 2021.

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KVGB conducts vaccination camp for bankers

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A Covid vaccination camp for bankers was conducted at the head office of Karnataka Vikas Grameen Bank (KVGB) in Dharwad on Wednesday.

Also read: KVG Bank launches loan scheme for medical sector

Inaugurating the camp, P Gopi Krishna, Chairman of KVGB, said the bank employees and officers have done commendable job during the period arising out of Covid by extending uninterrupted service to the customers in general and villagers in particular. “The vaccine would boost their self-confidence and immunity,” he said.

More than 200 bank employees aged between 18 and 45 were vaccinated on Wednesday. The camp was organised in association with the Dharwad district administration and the Dharwad district district health office.

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Exim Bank raises $1 b via 10-year bond issue

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Export-Import Bank of India (India Exim Bank) on Tuesday said it has raised $1 billion via a 10-year bond issuance.

The coupon of 2.25 per cent is a record low for any 10-year bond issuance out of India and the issue was oversubscribed by more than 3.5 times, the financial institution said in a statement.

The funds will be used by the bank to support Indian project exports, overseas investment by way of long-term credit and its export lines of credit portfolio, it added.

David Rasquinha, Managing Director of India Exim Bank, said, “With the upsurge in GST numbers, improvement in GDP, and the recent approval of vaccines, the confidence in the India story is surging once again.

“With a strong market opening trade from India Exim Bank, many other Indian issuers are likely to follow suit to access the foreign currency bond market.”

Harsha Bangari, Deputy Managing Director, observed that India Exim Bank’s bond issuance is the only 10-year transaction by an Indian financial institution in the last one year.

The quasi-sovereign nature of the bank and the Emerging Market Bond Index Global (EMBIG) index eligibility of the bonds helped in the price tightening from the initial price guidance of CT10 (10-year US Treasury Bonds) + 185 basis points (bps) to the final CT10+145 bps, she added. One basis point is equal to one-hundredth of a percentage point.

In terms of geographic distribution, the bonds were distributed 55 per cent in Asia, 29 per cent in the US and 16 per cent in the EMEA (Europe, Middle East, Africa) region, India Exim Bank said.

In terms of distribution, the bonds were distributed to fund managers (around 68 per cent), sovereign wealth funds, central banks and insurance companies (17 per cent), banks (14 per cent) and private banks and others (1 per cent), it added.

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