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Annual Report 2007-08
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Exim Bank Extends USD 30 Mn LOC To Mozambique To Finance Rural Electrification
Exim Bank's Chief General Manager Mr. Prabhakar Dalal signing the LOC Agreement of US$ 30 million for financing rural electrification projects in Mozambique with High Commissioner of the Republic of Mozambique in India on behalf of Government of Mozambique, H.E. Mr. Carlos Agostinho do Rosario in New Delhi on May 6, 2009.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 30 million to the Government of Mozambique, to finance rural electrification projects in the provinces of Gaza, Zambezia and Nampula. The LOC Agreement to this effect was signed in New Delhi, on Wednesday, May 6, 2009, by Mr. Prabhakar Dalal, Chief General Manager on behalf of Exim Bank, and H.E. Mr. Carlos Agostinho do Rosario, High Commissioner of the Republic of Mozambique in India on behalf of Government of Mozambique.
This is the fifth Line of Credit extended by Exim Bank to Mozambique, at the behest of Government of India, taking the total to US$ 115 million. The first LOC of US$ 20 million was extended to Mozambique in September 2004, which has been utilized to finance export of items like electricity equipment, water drilling machinery equipments, agro-inputs and drip irrigation, vegetable oil refining plant and machinery, oil storage tank, blending & filling, workshop machinery. The second LOC of US$ 20 million was extended to Mozambique in August 2006, for electrification project in Mozambique. The third LOC of US$ 20 million was extended to Mozambique in August 2008, for transfer of water drilling technology and equipment. The fourth LOC of US$ 25 million was extended to Mozambique in December 2008, for financing IT Park project which will comprise construction of a building and (a) an incubator facility, (b) research and learning center and (c) a technology park and administrative facility.
Under the LOCs, Exim Bank will reimburse 100% of contract value to the Indian exporter, upfront upon the shipment of goods. In 2007-08, India's exports to Mozambique stood at US$ 446 million, consisting primarily of petroleum products, primary and semi-finished iron and steel, non-basmati rice, pharmaceutical products, transport equipment, machinery and instruments, manufactures of metals, cotton yarn fabrics made-ups, plastic and linoleum products, and manmade yarn fabrics made-ups.
Exim Bank has now in place 116 Lines of Credit, covering 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 3.81 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. Prabhakar Dalal,
Chief 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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