Mumbai, April 30: The Export-Import Bank of India (Exim Bank) is set to open a representative office in Bangladesh to identify more business opportunities and cash in on New Delhi's growing ties with Dhaka. The exposure of Exim Bank in Bangladesh stands at $9.5 billion.

Exim Bank, which was established in 1982, had a funded portfolio of Rs 1,08,300 crore as on December 31, 2016 and a non-funded portion of Rs 11,400 crore. Close to 55 per cent of its gross loan assets are located overseas.

"We are also looking to open a representative office in Bangladesh soon, only some paperwork is left after which the office will be opened... We have had a very good experience in Bangladesh on various fronts,'' David Rasquinha, managing director of Exim Bank, told The Telegraph.

Rasquinha hinted that while the office was likely to be opened by June, Exim Bank may put in more people in that location.

Exim had extended a term loan of $1.60 billion to Bangladesh India Friendship Power Company Pvt Ltd , a 50:50 joint venture between the Bangladesh Power Development Board and NTPC, to finance the 1320mw Maitree Super Thermal Power Project on a turnkey basis at Rampal district in Bangladesh.

The first unit (660mw) of the coal-fired project in the energy-hungry country is expected to be ready by 2019 and the second unit (also of 660mw) in the following year.

Recently, India also announced a new line of credit (LOC) of $5 billion to Bangladesh. This includes $4.5 billion for developmental projects and $500 million for defence. Projects under credit line of $4.5 billion could include those in the areas of port construction, railways, roads, airports, power & energy, telecommunications and shipping.

LOC is one of the financial products offered by Exim Bank. This is extended to overseas financial institutions, regional development banks, sovereign governments and other entities.

Exim Bank is planning to raise around $2 billion this fiscal.