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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank Extends A USD 100 Million Line Of Credit [LOC] To The Republic Of Mali
Mr. T.C.A. Ranganathan, Chairman and Managing Director of Exim Bank signing the Line of Credit [LOC] Agreement for USD 100 million for financing a power transmission project connecting Bamako and Sikasso via Bougouni in Mali, with H.E. Mr. Sambou WAGUE, Minister in Charge of Budget, Ministry of Economy & Finance, Government of the Republic of Mali, in the presence of Hon'ble Prime Minister of India Mr. Manmohan Singh and Hon'ble President of Mali Mr. Amadou Toumani Touré, in New Delhi, on January 11, 2012.
Export-Import Bank of India [Exim Bank] has extended a Line of Credit [LOC] of USD 100 million to the Government of the Republic of Mali, for financing a power transmission project connecting Bamako and Sikasso via Bougouni in Mali. The LOC Agreement to this effect was signed in New Delhi, on Wednesday, January 11, 2012, by Mr. T.C.A. Ranganathan, Chairman and Managing Director on behalf of Exim Bank and Mr. Sambou WAGUE, Minister in Charge of Budget, Ministry of Economy & Finance, on behalf of the Government of the Republic of Mali, in the presence of the Hon'ble Prime Minister Mr. Manmohan Singh and the Hon'ble President of Mali Mr. Amadou Toumani Touré.
This is the seventh Line of Credit extended by Exim Bank to the Government of the Republic of Mali, which is a landlocked nation in Western Africa, bordering Algeria on north, Niger on the east, Burkina Faso and Cote d'Ivoire on the south and Senegal and Mauritania on the West. Pharmaceutical products and manufactures of metals are the largest items exported by India to Mali in 2010-11. Other major exported items during the same year included machinery & instruments, transport equipment, inorganic/organic/agrochemicals, rubber manufactured products and cotton yarn fabric madeups. India's chief imports from Mali in 2010-11 consisted of electronic goods, metaliferrous ores and metal scrap, raw cotton and iron and steel. Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporter, upfront upon the shipment of goods/ provision of services.
With the signing of this LOC Agreement, Exim Bank has now in place 150 Lines of Credit, covering 73 countries in Africa, Asia, Latin America, Europe, the CIS and Oceania, with credit commitments of over USD 7.59 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
Ms. Geeta Poojary,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in
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