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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank Extends US$ 29.5 MN LOC To Central African Republic
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 29.5 million to the Government of Central African Republic. The LOC Agreement to this effect was signed in Bangui, on Thursday, October 23, 2008, by Mr. O'Neil Rane, Resident Representative, on behalf of Exim Bank and H.E. Mr. Emmanuel BIZOT, Minister of Finance and Budget, Government of Central African Republic, in the presence of Mr. Dieudonne Kombo Yaya, Minister of Foreign Affairs of Central African Republic. The LOC has been earmarked to finance projects for setting up of a dry process cement plant and improvement of internal transport system in Central African Republic. 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.
Located in the heart of the African Continent, Central African Republic has important mineral deposits and exports significant amounts of these minerals including diamonds. Main products exported from India to Central African Republic are: pharmaceutical products, paper, plastic and linoleum products, machinery and instruments.
Exim Bank has in place 105 Lines of Credit, covering over 93 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 3.43 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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