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Annual Report 2011-12
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:: PRESS RELEASES |
Exim Bank Inks Pact With Bangladesh
Mr. T.C.A. Ranganathan, Chairman & Managing Director of Export-Import Bank of India signing a Line of Credit Agreement for USD 1 billion with Mr. M. Musharraf Hossain Bhuiyan, Secretary, Economic Relations Department, Ministry of Finance, on behalf of Government of Bangladesh, in the presence of Hon'ble Finance Minister of India, Shri Pranab Mukherjee and Hon'ble Finance Minister of Bangladesh Shri Abul Maal Abdul Muhith.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 1 billion to the Government of Bangladesh, for financing goods and services including project exports from India into Bangladesh. The LOC Agreement to this effect was signed in Dhaka, Bangladesh on August 7, 2010, by Mr. T.C.A. Ranganathan, Chairman & Managing Director, on behalf of Exim Bank and Mr. M. Musharraf Hossain Bhuiyan, Secretary, Economic Relations Department, Ministry of Finance, on behalf of Government of Bangladesh, in the presence of Hon'ble Finance Minister of India, Shri Pranab Mukherjee and Hon'ble Finance Minister of Bangladesh Shri Abul Maal Abdul Muhith.
The USD 1 billion is the largest ever Exim Bank's GOI-supported LOC to any country. 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. India's exports to Bangladesh amounted to USD 2,430.9 mn in 2009-10. Major items in India's export basket to Bangladesh were cotton yarn fabrics & madeups, transport equipment, fresh vegetables, oil meals, cotton raw including waste and primary & semi-finished iron & steel. India's imports from Bangladesh stood at USD 254.5 mn in 2009-10. Major items imported by India from Bangladesh were madeup textile articles, jute raw, other textile yarn, fabrics, metaliferrous ores & metal scrap, cement, inorganic chemicals, fertiliser and leather.
Exim Bank has now in place 144 Lines of Credit, covering over 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 5.71 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
Ms. Geeta Poojary,
Deputy General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22162073/22172308,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in
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