Exim Bank targets USD 25 bn lines of credit in FY19: MD

Export Import Bank of India (Exim Bank) targets to disburse USD 25 billion loans in the current financial year, its managing director David Rashquinha said today.

"We aim lending USD 25 billion lines of credit for Exim Bank in the current financial year," Rashquinha told PTI here on the sidelines of an outreach programme for solar projects.

He said the bank is looking to maintain its growth rate at around 10-15 per cent in the current and the following fiscal year.

Speaking at the 'Business Outreach Programme For Solar Projects under India's Lines of Credit' organised by the Exim Bank, Ministry of External Affairs and the International Solar Alliance, he said the solar energy sector is growing at a rapid scale and technology can help devise better storage methods.

"As we have the economy of scale setting in, there is an increasing emphasis on storage so that energy can be stored and used later on when the generation is not possible," Rashqinha said.

He said the solar technology has grown rapidly over the last ten years from just a share of less than a per cent of global solar energy installed capacity of 0.8 per cent to over 14 per cent achieved in 2017.

"This exponential growth points to the potential of the solar sector. We are in a situation where the goal is very much is in sight and the finance is available. It is only will and push. As the special purpose vehicle of the government, Exim Bank looks forward to PPP and other facilities in solar sector," he added.

The programme saw participation from a number of destinations, including African countries who have interests in solar projects.

In 2017-18, Exim Bank approved loans aggregating Rs 978.26 billion, while disbursements were Rs 685.35 billion.