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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank Extends US$ 21.72 MN LOC To The Government Of Ghana
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 21.72 million to Government of Ghana. The LOC has been earmarked for financing improved fish harvesting and fish processing project and waste management equipment and management support project in Ghana. The LOC Agreement to this effect was signed in New Delhi, on Thursday May 06, 2010, by Mr. Prabhakar Dalal, Executive Director, on behalf of Exim Bank and H.E. Mr. Robert Tachie-Menson, High Commissioner of the Republic of Ghana to India, on behalf of Government of Ghana.
Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of goods / provision of services. The LOC will be used for financing at least 85% of total contract value through sourcing of goods and services from India.
Exim Bank already has in place four Lines of Credit aggregating US$ 127 mn to Government of Ghana. The earlier LOCs to Ghana were/are being utilized for rural electrification, agriculture, communication, transportation and construction projects and also for supply of trucks / buses. Main products exported from India to Ghana are: petroleum products, pharmaceuticals and fine chemicals, primary and semi-finished iron & steel, machinery & instruments, plastic & linoleum products, cotton yarn fabrics, non-ferrous metals and rubber manufactured products.
Exim Bank has in place 137 Lines of Credit, covering over 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.56 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
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