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Annual Report 2007-08
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Exim Bank Extends US$ 100 MN LOC To Government Of Syria
Exim Bank General Manager Mr. Nadeem Panjetan signing a Line of Credit Agreement for US$ 100 million with Chairman of the State Planning Commission of Syria, Dr. Tayssir Raddawi, in Damascus, on Wednesday, October 7, 2009, in presence of India's Ambassador to Syria Mr. V. P. Haran.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 100 million to the Government of the Syrian Arab Republic. The LOC Agreement to this effect was signed in Damascus, on Wednesday, October 7, 2009, by Mr. Nadeem Panjetan, General Manager, on behalf of Exim Bank and Chairman of the State Planning Commission of Syria, Dr. Tayssir Raddawi, in the presence of India's Ambassador to Syria Mr. V. P. Haran. This LOC is the first of three tranches aggregating US$ 240 mn and has been earmarked for part financing Tishreen Thermal Power Project (2X 200 MW) to be executed by Bharat Heavy Electricals Ltd. (BHEL) in Syria. Exim Bank will reimburse 100% of contract value to BHEL, 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 a Line of Credit amounting to US$ 25 million extended to the Government of Syria. The LOC is being utilized for development and modernization of steel melting plant at Hama in Syria. Main products exported from India to Syria are: petroleum products, textiles, engineering goods, yarns, fabrics madeups, chemicals & related products and agricultural & allied products.
Exim Bank has in place 120 Lines of Credit, covering over 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 3.99 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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