The Export-Import Bank of India (India Exim Bank) concluded a $100 million loan agreement with Japan Bank for International Cooperation (JBIC), along with three Japanese private financial institutions, namely, MUFG Bank, the Bank of Kyoto and the Hachijuni Bank on 23rd May, 2022, on the sidelines of the Quad Leaders’ Summit. The purpose of this facility is to support the Indian healthcare sector related to combating COVID-19, including, but not limited to, vaccine manufacturers, pharma companies, manufacturers of Personal Protective Equipment (PPE), medical oxygen or other medical devices, hospitals and other related activities, a statement from Exim India Bank said.
As a prelude, and to better understand the market requirements of this sector, India Exim Bank, along with JBIC, organised a Roundtable in collaboration with the Pharmaceuticals Export Promotion Council of India (Pharmexcil) in July 2021, with participation from the CEOs of some of India’s largest healthcare and pharma companies. To further spread awareness on the funding structures available for such companies in India, India Exim Bank and JBIC jointly organised another programme in collaboration with Pharmexcil in September 2021, the statement further noted.
Through this facility, India Exim Bank and JBIC will jointly work towards expanding safe and effective manufacturing of COVID-19 vaccines and related pharma and healthcare products in India, according to the statement.