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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank Extends Line Of Credit Of US$ 25 Million To Burkina Faso
Exim Bank's Executive Director Mr. S. R. Rao signing the LOC Agreement of
US$ 25 milion for financing a rural electrification project with In-Charge
of Embassy of Burkina Faso in New Delhi, Mr. Idriss Raoua Ouedraogo at the
5th CII-EXIM BANK conclave on India Africa Project Partnership held on March
22-24, 2009 in New Delhi, in the presence of Mr. Anand Sharma, Minister of
State for External Affairs and Minister for Information & Broadcasting,
Government of India, and H. E. Mr. Bedouma Alain Yoda, Minister for Foreign
Affairs & Regional Cooperation, Government of Burkina Faso.
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 Burkina Faso, to finance a rural electrification project in Burkina Faso. The LOC Agreement to this effect was signed in New Delhi, on Tuesday, March 24, 2009, by Mr. S. R. Rao, Executive Director on behalf of Exim Bank, and Mr. Idriss Raoua Ouedraogo, Counsellor and In-Charge of Embassy of Burkina Faso in New Delhi, on behalf of Government of Burkina Faso, in the presence of Mr. Anand Sharma, Minister of State for External Affairs and Minister for Information & Broadcasting, Government of India, and H. E. Mr. Bedouma Alain Yoda, Minister for Foreign Affairs & Regional Cooperation, Government of Burkina Faso. The Agreement was signed at the 5th CII-EXIM BANK conclave on India Africa Project Partnership held on March 22-24, 2009 in New Delhi, which was attended by over 400 delegates from Africa comprising Ministers, bureaucrats, bankers and businessmen and 300 delegates from India.
This Facility, extended at the behest of Government of India, is the second Line of Credit by Exim Bank to Burkina Faso. The first LOC of US$ 30.97 million is being utilised to finance acquisition of tractors, harvesters & agriculture processing equipment and construction of national post office. Under such LOCs, Exim Bank will reimburse 100% of contract value to the Indian exporter, upfront upon the shipment of goods.
Exim Bank has now in place 114 Lines of Credit, covering over 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 3.74 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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