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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank To Assist Power Project In Rwanda
Mrs. Ravneet Kaur, Chairperson & Managing Director, Export-Import Bank of India exchanging a Line of Credit Agreement for US$ 60 million with H.E. Mr. John Rwangombwa, Minister of Finance and Economic Planning of the Government of Rwanda, in New Delhi on Thursday, January 14, 2010.
Exim Bank of India has extended a Line of Credit (LOC) of US$ 60 million (second and final tranche) to the Government of Rwanda for financing construction of Nyabarongo Hydro Power project in Rwanda. The LOC Agreement to this effect was signed in New Delhi, on Thursday, January 14, 2010, by Exim Bank's Chairperson & Managing Director Mrs. Ravneet Kaur and Rwanda's Finance and Economic Planning Minister H.E. Mr. John Rwangombwa, in the presence of diplomats of the two countries (A photograph of the signing ceremony is attached). Exim Bank had earlier extended an LOC of US$ 20 mn as first tranche to part-finance construction of Nyabarongo Hydro Power project in Rwanda. The project is being executed by Bharat Heavy Electricals Ltd. and Angelique International Ltd.
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. The Republic of Rwanda is a country located in the Great Lakes region of east-central Africa, bordered by Uganda, Burundi, the Democratic Republic of the Congo and Tanzania. Major export items from India to Rwanda are pharmaceutical products, electronic goods, paper and wood products, machinery and instruments, plastic and linoleum products and inorganic/organic agro chemicals.
Exim Bank has in place 128 Lines of Credit, covering over 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.32 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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