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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank Extends Line Of Credit Of US$ 20 Million To ERITREA
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 20 million to the Government of Eritrea, to finance (i) multipurpose agricultural projects (US$ 10 mn); and (ii) multipurpose educational projects (US$ 10 mn) in Eritrea. The LOC Agreement to this effect was signed in New Delhi, on Monday, August 24, 2009, by Mr. Sunil Trikha, Chief General Manager & Regional Resident Representative, working at Exim Bank's Representative Office in New Delhi, on behalf of Exim Bank, and Mrs. Martha Woldeghiorghis Tedla, Director General, Ministry of Finance, Government of Eritrea. Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian project exporter(s), upfront upon the shipment of goods/ provision of services
This is the first ever LOC extended by Exim Bank to Eritrea located in Northeast Africa, more specifically in the Horn of Africa, and is bordered on the northeast and east by the Red Sea. Eritrean economy is largely based on agriculture, with 80% of the population involved in farming and herding. Main products exported from India to Eritrea are: sugar, pharmaceutical products, rubber-manufactured products, manufactures of metals, machinery and instruments and plastic & linoleum products.
Exim Bank has now in place 118 Lines of Credit, covering 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 3.87 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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