Export-Import Bank of India (India Exim Bank) announced it has concluded a $100 mn loan agreement with Japan Bank for International Cooperation (JBIC), along with three Japanese private financial institutions, namely, MUFG Bank, Ltd., the Bank of Kyoto, Ltd., and the Hachijuni Bank, Ltd., on May 23, 2022, on the side-lines of the Quad Leaders' Summit.
The purpose of this facility is to support the Indian healthcare sector related to combating COVID-19, including but not limited to vaccine manufacturers, pharmaceutical companies, manufacturers of personal protective equipment, medical oxygen or other medical devices, hospitals, and other related activities, it said in a statement.
As a prelude and to better understand the market requirements of this sector, India Exim Bank along with JBIC organised a Roundtable in collaboration with the Pharmaceuticals Export Promotion Council of India (Pharmexcil) in July 2021, with participation from the CEOs of some of India’s largest healthcare and pharmaceutical companies.
To further spread awareness on the funding structures available for such companies in India, India Exim Bank and JBIC jointly organised another programme in collaboration with Pharmexcil in September 2021.
Through this facility, India Exim Bank and JBIC will jointly work towards expanding safe and effective manufacturing of COVID-19 vaccines and related pharmaceutical and healthcare products in India, it said.
India Exim Bank, established in 1982, is committed to promote India’s international trade and investment. The Bank offers Indian companies a comprehensive range of products and services, supported by analysis and research, with a view to enhancing their international competitiveness, the statement added.
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