- Export Credits
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Annual Report 2011-12
:: PRESS RELEASES
Exim Bank Extends LOC Of USD 100 MN To West African Regional Bank
Signing ceremony for Line of Credit of USD 100 million extended by Export-Import Bank of India to Ecowas Bank for Investment and Development (EBID), Togo, signed by Mr. T.C.A. Ranganathan, Chairman & Managing Director, on behalf of Exim Bank of India and Mr. Christian Adovelande, President, on behalf of Ecowas Bank for Investment and Development, in New Delhi, on Tuesday, November 9, 2010.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 100 million to Ecowas Bank for Investment and Development (EBID), a regional development bank set up by Economic Community for West African States (ECOWAS), for financing exports of various equipment, goods and services from India for public sector projects in 15 member countries of Ecowas Bank for Investment and Development in West African region viz. Benin, Burkina Faso, Cape Verde, Côte d'Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. The LOC Agreement to this effect was signed in New Delhi on Tuesday, November 9, 2010, by Mr. T.C.A. Ranganathan, Chairman & Managing Director, on behalf of Exim Bank and Mr. Christian Adovelande, President, on behalf of Ecowas Bank for Investment and Development.
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. Exim Bank earlier extended a GOI-supported Line of Credit of USD 250 million to Ecowas Bank for Investment and Development, for financing exports of various equipment, goods and services from India to 15 member countries of Ecowas Bank for Investment and Development in West African region. Project proposals aggregating USD 250 mn have been approved for projects in areas of transportation, electrification, railways, telecommunications, health, agriculture, in ten member countries of Ecowas Bank for Investment and Development.
India's trade with ECOWAS stood at USD 11.48 billion in 2009-10. India's exports to ECOWAS amounted to USD 2.79 billion in 2009-10 and India's imports from ECOWAS stood at USD 8.68 billion in 2009-10. India's major exports to ECOWAS region include pharmaceuticals & fine chemicals, machinery & instruments, transport equipment, electronic goods, cotton yarn fabrics, primary and semi-finished iron and steel. Important import items from ECOWAS include crude petroleum, inorganic chemicals, wood and wood products, metaliferrous ores & metal scrap, crude fertilizer, and transport equipment.
Exim Bank has now in place 129 Lines of Credit, covering over 71 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
Mr. Nadeem Panjetan,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22162073/22172310,