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Annual Report 2007-08
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Exim Bank Extends USD 25 MN LOC To Mozambique To Finance Rural Electrification
Exim Bank's Resident Representative Mr. Vinod Goel signing the Line of Credit Agreement for US$ 25 million for financing rural electrification projects in Mozambique with National Director of Treasury, Ministry of Planning & Finance, Government of Mozambique, Dr. Antonio Fernando Laice in Maputo on July 5, 2010, in the presence of Hon'ble External Affairs Minister of India, Mr. S. M. Krishna.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 25 million to the Government of Mozambique, to finance rural electrification projects in the provinces of Cabo Delgado, Manica and Niassa Provinces, in Mozambique. The Agreement was signed during the visit of Hon'ble External Affairs Minister of India, to Maputo, Mozambique, on Monday, July 5, 2010, by Mr. Vinod Goel, Resident Representative on behalf of Exim Bank and Dr. Antonio Fernando Laice, National Director of Treasury, Ministry of Planning & Finance, on behalf of Government of Mozambique.
This is the sixth Line of Credit extended by Exim Bank to Mozambique, at the behest of Government of India, taking the total value of LOCs to US$ 140 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 & machinery and oil storage tank. The second LOC of US$ 20 million was dedicated for financing an electrification project in Mozambique. The third LOC of US$ 20 million was used for transfer of water drilling technology and associated equipment. The fourth LOC of US$ 25 million was extended to Mozambique in December 2008, for financing an IT Park project. The fifth LOC of US$ 30 million signed in May 2009, is being utilized for financing Rural Electrification Projects in the provinces of Inhambane, Gaza, Zambezia and Nampula.
Exim Bank has now in place 139 Lines of Credit, covering 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.60 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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