The Export-Import Bank of India is planning to extend loans worth $150 million to the developing countries in Africa, Asia and Europe in six months.

"In the coming six months we will be signing more lines of credit amounting to $150 million with countries in Africa, Central Asia and the CIS region," Exim Bank chairman T C Venkat Subramanian told PTI in New Delhi.

In the fiscal year 2003-04, Exim Bank had extended $168 million through 12 credit lines to countries in Asia, Central Europe and Africa, he said.

Exim Bank will focus on project exports from India in the fiscal year 2004-05, Subramanian added.

The bank will also promote in a big way exports of agri products and services like health, education and entertainment in addition to technology and engineering services from India during this fiscal.

Currently, the bank has 28 lines of credit covering 51 countries with credit commitments totalling $53 million available for utilisation and they are at various stages of negotiations.

Exim Bank's loan sanctions aggregated Rs 9,266 crore (Rs 92.66 billion) last fiscal, which is 18 per cent higher than Rs 7,828 crore (Rs 78.28 billion) in the previous fiscal.

Disbursements of loans totalled Rs 6,957 crore (Rs 69.57 billion) in 2003-04, a growth of 31 per cent from Rs 5,320 crore (Rs 53.20 billion) in 2002-03.

Subramanian said the bank targets to disburse loans worth Rs 9,000 crore (Rs 90 billion) this fiscal.

In order to step up credit to exporters and importers, the bank plans to raise Rs 7,000 crore (Rs 70 billion) including $300 million from the international market.

The Reserve Bank of India has already given its approval for the external commercial borrowing of $300 million, Subramanian said.

Of the Rs 7,000 crore borrowings for 2004-05, he said 50 per cent would be in local currency and 50 per cent in dollar.

The bank will tap both domestic and international markets to raise funds with maturity period between 1-5 years.

The bank has set a target of 25 per cent growth in its lending operations for the financial year 2004-05, he said.

Disclosing plans for its lending operations, he said the bank will also encourage Indian companies to invest overseas to set up manufacturing or assembly units in potential markets like China, Central Asia and Eastern Europe as well as Africa.