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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank Signs US$ 30 MN LOC Pact With Government Of Sierra Leone
Exim Bank of India has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 30 million to Government of Sierra Leone for financing rehabilitation of existing facilities and addition of new infrastructure to supply potable water to six districts in Sierra Leone. The LOC Agreement to this effect was signed on Friday, February 19, 2010, by Mr. Prabhakar Dalal, Executive Director, Exim Bank and H.E. Dr. Samura M W Kamara, Minister of Finance and Economic Development, Government of Sierra Leone. Exim Bank will reimburse 100% of contract value to the Indian project exporter(s), upfront upon the shipment of goods/ provision of services.
This facility, extended at the behest of Government of India, is the second Line of Credit by Exim Bank to the West African country, Sierra Leone. The first LOC of US$ 15 mn is being utilized for development of commercial agriculture. In 2008-09, India's exports to Sierra Leone stood at US$ 49.2 mn. Major items of India's exports to Sierra Leone were non-basmati rice, pharmaceuticals products, electronic goods, iron & steel products, manufactures of metals, machinery instruments, poultry and plastic products. Metaliferrous ores and metal scrap are India's major items of imports from Sierra Leone.
Exim Bank has in place 130 Lines of Credit, covering over 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.37 bn, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India's exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.
For further information, please contact
Mr. Nadeem Panjetan,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in
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