Our Services
- Export Credits
- Finance for Export Oriented Units
- Overseas Investment Finance
- Lines of Credit
- SME & Agri Finance
- Film Finance
- Rural Initiatives
- Export Services
Annual Report 2007-08
|
|
|
:: PRESS RELEASES |
Exim Bank Inks US$ 50 MN Pact With Zambia
For Financing A Power Project
Mr. Prabhakar Dalal, Executive Director, Export-Import Bank of India signing a Line of Credit Agreement for US$ 50 million with H.E. Dr. Situmbeko Musokotwane, Minister of Finance and National Planning, on behalf of Government of Zambia, in the presence of Hon’ble Vice President of India Shri Hamid Ansari and the Hon’ble Vice President of Zambia Mr. George Kunda, ministers, members of parliament and diplomats of the two countries.
Exim Bank of India has extended a Line of Credit (LOC) of US$ 50 million to the Government of Zambia for part-financing 120 MW Itezhi-Tezhi hydro power project in Zambia. The LOC Agreement to this effect was signed in Lusaka, Zambia on Wednesday, January 6, 2010, by Exim Bank's Executive Director Mr. Prabhakar Dalal and Zambia's Finance and National Planning Minister Dr. Situmbeko Musokotwane, in the presence of Hon'ble Vice President of India Shri Hamid Ansari and the Hon'ble Vice President of Zambia Mr. George Kunda, ministers, members of parliament and diplomats of the two countries (A photograph of the signing ceremony is attached).
Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of goods. The LOC will be used for financing at least 85% of total contract value through sourcing of goods and services from India. Zambia, located in Southern Africa and a Commonwealth country, has been the recipient of an earlier LOC of US$ 10 million which was utilized for import from India of buses, trucks and vocational tool kits. Exim Bank has also financed export of a cement plant, a sugar plant and other equipments to Zambia through a regional development bank for the COMESA region, known as PTA Bank. Major export items from India to Zambia are pharmaceutical products, machinery and instruments, electronic goods, manufactures of metals and rubber manufactured products.
Exim Bank has in place 127 Lines of Credit, covering over 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.26 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
|
|
