Exim Bank Extends USD 20 MN LOC To Swaziland For The Purpose Of Financing Setting Up Of An Information Technology Park In Swaziland
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 20 mn to the Government of the Kingdom of Swaziland, for the purpose of financing setting up of an Information Technology Park in Swaziland. The LOC Agreement to this effect was signed in Mbabane, Swaziland on Wednesday, March 30, 2011, by Mr. Vinod Goel, Resident Representative on behalf of Exim Bank and H.E. Mr. Majozi V. Sithole, Minister of Finance, on behalf of the Government of the Kingdom of Swaziland.
This is the first ever LOC extended by Exim Bank to Swaziland, a landlocked country in Southern Africa, bordered to the north, south, and west by South Africa, and to the east by Mozambique. The main products exported from Swaziland are sugar, essential oils, perfumes, cosmetics, toiletries, textile and apparel, edible oil, machinery and instruments etc. The main items that India exports to Swaziland are pharmaceutical products, gems and jewellery, machinery and instruments, and electronic goods.
Under the LOCs, Exim Bank reimburses 100% of contract value to the Indian exporter, upfront upon the shipment of goods/ provision of services. With the signing of this LOC Agreement, Exim Bank has now in place 138 Lines of Credit, covering 72 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 6.65 billion, 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. David Rasquinha,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in
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