Exim Bank targets to achieve financing of $7 billion of project exports over the next five years with the government announcing fund infusion of Rs 1,650 crore in the National Export Insurance Account (NEIA) to boost project exports.
The NEIA Trust, set up by the Ministry of Commerce and Industry, in March 2006, provides export credit insurance cover for promoting medium and long-term project exports from India.
The corpus infusion will enhance the project export possibility having cover by NEIA by about Rs 33,000 crore over the next five years (equivalent to $4.5 billion), the bank said in a statement.
"The capital infusion will help tap huge potential of project exports in focus markets. The Bank has currently supported 31 projects valued at $2.74 billion in 14 countries under the Buyer''s Credit under NEIA programme," it said.
The opportunity for Indian exporters remains significant given the fact that the project exporters have already developed substantial competitiveness in several sectors and the financing options provided by Export-Import Bank of India (Exim Bank) are well-recognised, it added.
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