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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank Extends US$ 36 MN LOC To Government Of Mali
Exim Bank Chief General Manager Mr. Prabhakar Dalal signing a Line of Credit Agreement for US$ 36 million with Mali's Minister of Economy & Finance, Mr. Sanoussi Toure, in New Delhi, on Monday, October 12, 2009. Present on the occasion were Mali's Minister for External Affairs and International Co-operation and Minister for Mines, Energy & Water.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 36 million to the Government of the Republic of Mali. The LOC Agreement to this effect was signed in New Delhi, on Monday, October 12, 2009, by Exim Bank Chief General Manager Mr. Prabhakar Dalal and Malian Minister of Economy & Finance, Mr. Sanoussi Toure, in the presence of Mr. Moctor Ouane, Minister for External Affairs and International Co-operation and Mr. Mamadou Diarra, Minister for Mines, Energy & Water. This LOC will be utilized for financing completion of Mali-Ivory Coast interconnection link for integrating the national power grids of both the countries. Mali is in West Africa and is endowed with gold, cotton and minerals.
Exim Bank will reimburse 100% of contract value to Indian contractor(s), upfront upon the shipment of goods and rendering 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 amounting to US$ 122.62 million extended to the Government of Mali. These LOCs have been/are being utilized for rural electrification, acquisition of railway coaches & locomotives and setting up of agro machinery & tractor assembly plant in Mali as well as electricity transmission & distribution project from Cote d'Ivoire to Mali. Main products exported from India to Mali are: pharmaceutical products, machinery & instruments, cotton yarn fabric madeups, transport equipment and manmade yarn fabric madeups.
Exim Bank has in place 121 Lines of Credit, covering over 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.03 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. Prabhakar Dalal,
Chief 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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