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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank Extends Us$ 67.40 Million LOC To Sri Lanka To Finance Railway Upgradation
Mr. Prabhakar Dalal, Executive Director Export-Import Bank of India exchanging a Line of Credit Agreement for US$ 67.40. million with Dr. P.B. Jayasundera, Secretary, Ministry of Finance and Planning, Government of Sri Lanka, in Colombo on Wednesday, March 10, 2010.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 67.40 million to Government of Sri Lanka, to finance upgradation of the Southern Railway Corridor from Colombo to Matara in Sri Lanka. The LOC Agreement to this effect was signed in Colombo on March 10, 2010, by Mr. Prabhakar Dalal, Executive Director on behalf of Exim Bank and Dr. P.B. Jayasundera, Secretary, Ministry of Finance and Planning on behalf of Government of Sri Lanka in the presence of Mr. Ashok Kantha, the High Commissioner of India in Colombo. (A photograph of the signing ceremony is attached)
The proceeds of the US$ 67.40 million credit line will be used to implement the second phase of the Railway Corridor project. The first phase of the project is being financed under an LOC of USD 100 mn extended to Government of Sri Lanka through Exim Bank in July 2008.
Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. Major export items from India to Sri Lanka are petroleum products, transport equipment, cotton yarn fabrics, sugar, pharmaceutical products, machinery & instruments, and primary & semi-finished iron & steel.
With the signing of this LOC Agreement, Exim Bank has now in place 133 Lines of Credit, covering 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments amounting to US$ 4.46 bn, available for utilization 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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