Exim Bank raises $1bn issuing sustainability bonds

CHENNAI: The Export Import Bank of India (Exim Bank) has raised $1 billion issuing 10-year Sustainability Bond under its Environmental Social Governance (ESG) Framework, the bank said.

According to the Exim Bank, the net proceeds of Sustainability Bond will be used towards eligible projects under the Bank's ESG Framework, including renewable energy; clean transportation; access to essential services and basic infrastructure; affordable housing; and sustainable water and wastewater management.

This issuance makes India Exim Bank the first Indian issuer to open the markets for dollar and sustainability bond issuances in 2023.

"This USD 1 bn issuance is testimony to our commitment towards sustainable financing both in India and partner developing countries, and to align ourselves with the global best practices," Harsha Bangari, Managing Director said.