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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank Extends US$ 25 MN LOC To Government Of Madagascar
Mr. S. R. Rao, Executive Director of Export-Import Bank of India signing a Line of Credit Agreement for US$ 25 million with H.E. Mr. Panja Armand RAMANOELINA, Minister of Agriculture, on behalf of Government of Madagascar, at New Delhi on November 14, 2008.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 25 million to the Government of Madagascar. The LOC Agreement to this effect was signed in New Delhi, on Friday, November 14, 2008, by Mr. S. R. Rao, Executive Director, on behalf of Exim Bank and H.E. Mr. Panja Armand RAMANOELINA, Minister of Agriculture, Government of Madagascar. The LOC has been earmarked to finance two projects for rice productivity and fertilizer production in Madagascar. 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.
Madagascar is an island nation in the Indian Ocean off the southeastern coast of Africa. Main products exported from India to Madagascar are pharmaceutical products, iron and steel, non-basmati rice, cotton yarn fabrics madeups and paper & wood products.
Exim Bank has now in place 106 Lines of Credit, covering over 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 3.45 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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