by Sachin Murdeshwar

Mumbai: The Export-Import Bank of India (Exim Bank), India’s premier export finance institution, has signed an agreement for a long-term loan of Euro 150 million equivalent with tenor upto 20 years with the European Investment Bank (EIB).

The purpose of the EIB loan to Exim Bank is for supporting projects that contribute to climate change mitigation. The borrowings under this facility will enable Exim Bank to on-lend for energy projects, notably wind, solar photovoltaic, concentrated solar power, hydro-power, geothermal, biomass and efficient cogeneration.

The agreement to this effect was recently signed by Mr. T.C.A. Ranganathan, Chairman and Managing Director, Exim Bank and Ms Magdalena Alvarez Arza, Vice President, EIB. This is the second credit line extended by EIB to Exim Bank. EIB is the European Union’s major long-term lending institution with annual loan approvals exceeding US$ 80 billion. EIB is owned by the Member States of the European Union and carries the highest possible credit rating (AAA) on the money markets.

Exim Bank has been raising foreign currency resources from the international market, which constitute approximately 51 per cent of the Bank’s borrowings as on March 31, 2013. Exim Bank’s objective is to finance and promote India’s International Trade and Investment. The Bank offers to Indian companies a comprehensive range of finance, information and advisory services, supported by analysis and research, with a view to enhancing their international competitiveness. The Bank enjoys investment grade rating on par with the Indian sovereign from four international agencies viz. Baa3 from Moody’s, BBB- from Standard and Poor’s and Fitch and BBB+ from Japan Credit Rating Agency (JCRA).

Exim Bank seeks to leverage its strong financials and sovereign rating to raise foreign currency resources from international debt market through a variety of instruments and a diversified investor base, thereby enabling it to extend financial assistance to Indian exporting companies at competitive rates.

, tsoؗk 8k d to the public only in summer of 2011. The idyllic village of Turtuk where the group will be based for 8 days is home to a unique mix of cultures; their traditions deriving from Noorbakshiya Islam which is only found in this area. The inevitable clash of modernity with a centuries-old way of life provides a plethora of subjects for the keen photographer.

Commenting on the workshops, Varun Gupta, Founder, Travelling Lens said “We were blown away by the response to our Ladakh trips last year, so many people in India are turning to photography as a form of creative expression.”

He added “Travelling Lens has made it a tradition to embrace renowned photographers from around the world and bring them to India to help develop emerging talent.”

This year, Travelling Lens is introducing a scholarship for one deserving photographer. The scholarship will be provided based on a critical evaluation of the applicants work by an esteemed panel of photographers. The winner will get a trip to a Master Class Workshop with travel and accommodation as per the itinerary.