The Export Import Bank of India today said it would raise up to USD 3 billion from overseas market during the current fiscal to fund business growth.
“We intend to raise USD 2-3 billion from overseas market in tranches during 2014-15,” Exim Bank Chairman and Managing Director Yaduvendra Mathur told PTI.
Exim Bank signed a Memorandum of Understanding with Indian Council of Cultural Relations for setting up an ICCR-Exim Bank chair in Lagos Business School in the Nigerian capital to promote Indian financial management.
“This will help in spreading information about India’s capability in financial management, which would also serve to enhance and strengthen economic relations with Nigeria,” ICCR Director General Satish C Mehta said.
This is the first chair under ICCR which is sponsored by an institution, he said, adding that Exim Bank would provide Rs 20 lakh per year for three years for this.
As per the MoU, Mehta said, ICCR would send a teacher to the Lagos Business School for teaching Indian Financial Management.
This chair envisages strengthening of bilateral socio- economic cooperation and academic linkages between India and Nigeria. Promotion of such academic and intellectual activities forms an integral aspect of bilateral cooperation, he said.
Exim Bank earned net profit of Rs 710 crore in 2013-14.
The bank’s advances grew 16 per cent to 75,873 crore during the year, while total business grew 14 per cent to Rs 1.56 lakh crore.