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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank Extends USD 13.095 Million LOC To Togo For Financing Farming And Cultivation Of Rice, Maize And Sorghum In Togo
Mr. T.C.A. Ranganathan, Chairman and Managing Director on behalf of Exim Bank concluding the Line of Credit Agreement for USD 13.095 million for financing farming and cultivation of Rice, Maize and Sorghum in Togo with H.E. Mr. Adji Otèth Ayassor, Minister of Economy and Finance, on behalf of the Government of the Republic of Togo, in New Delhi on January 12, 2012.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 13.095 million to the Government of the Republic of Togo, for financing farming and cultivation of Rice, Maize and Sorghum in Togo. The LOC Agreement to this effect was signed in New Delhi, India on Thursday, January 12, 2012, by Mr. T.C.A. Ranganathan, Chairman and Managing Director on behalf of Exim Bank and H.E. Mr. Adji Otèth Ayassor, Minister of Economy and Finance, on behalf of the Government of the Republic of Togo.
This is the second LOC extended by Exim Bank to Togo at the behest of the Government of India. The earlier LOC of USD 15 million has been extended to finance a rural electrification project in Togo. Togo is a small coastal West African nation, bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. The main items that India exports to Togo are manmade yarn fabrics, semi-finished iron and steel, machinery and instruments, pharmaceutical products and manufactured goods. The main items that India imports from Togo are crude fertilizer, metalliferrous ores and metal scrap, wood and wood products, cashew nuts and raw cotton.
Under the LOCs, Exim Bank reimburses 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 151 Lines of Credit, covering 73 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 7.60 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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