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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank Extends Line Of Credit To Lesotho
Mr. Prabhakar Dalal, Executive Director, Export-Import Bank of India signing a Line of Credit Agreement for US$ 4.7 million with H.E. Mr. Mohlabi K. Tsekoa, Minister of Foreign Affairs and International Relations of the Government of Lesotho in the presence of Shri Shashi Tharoor, Minister of State for External Affairs, in New Delhi on Tuesday, March 9, 2010.
Exim Bank of India has extended a Line of Credit (LOC) of US$ 4.7 million to the Government of Lesotho for financing setting up of a vocational training centre for empowerment of youth and women, in Lesotho. The LOC Agreement to this effect was signed in New Delhi, on Tuesday, March 9, 2010, by Exim Bank's Executive Director Mr. Prabhakar Dalal and Lesotho's Minister of Foreign Affairs and International Relations Mr. Mohlabi K. Tsekoa, in the presence of Shri Shashi Tharoor, Minister of State for External Affairs (A photograph of the signing ceremony is attached).
This is the second Line of Credit extended by Exim Bank to the Government of Lesotho. Exim Bank had earlier extended an LOC of US$ 5 mn to Lesotho, which has been utilized for importing of tractors, irrigation equipment, pump sets, generator sets and portable diesel engines from India. 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. Major export items from India to Lesotho are petroleum products, pharmaceutical products, cotton yarn fabrics madeups and machinery and instruments.
Exim Bank has in place 132 Lines of Credit, covering over 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.39 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
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) 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in
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