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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank Extends US$ 15 MN LOC To Benin
Export-Import Bank of India has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 15 million to the Government of Benin. The LOC Agreement to this effect was signed in New Delhi, on Monday October 19, 2009, by Mr. Nadeem Panjetan, General Manager, on behalf of Exim Bank and Mr. Sedozan Jean-Claude APITHY, Ambassador of Benin to China (accredited to India), on behalf of Government of Benin. The LOC has been earmarked for financing purchase of railway equipment, agricultural equipment and feasibility study for setting up a cyber city in Benin. 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.
This is the first ever LOC extended by Exim Bank to Benin, located in the Gulf of Guinea in West Africa. India's merchandise exports to Benin have increased by over 60% to USD 247 mn in 2007-08 from US$ 151 mn in the previous year. Main products exported from India to Benin are: manufactures of metals, cotton yarn fabric madeups and manmade yarn fabric madeups.
Exim Bank has in place 123 Lines of Credit, covering over 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.07bn, 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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