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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank And Lao PDR Ink Agreement
Exim Bank's Chairman and Managing Director Mr. T. C. Venkat Subramanian signing the LOC Agreement for USD 17.34 mn with the Finance Minister of Lao PDR Mr. Somdy Douangdy in Vientiane on Friday February 20, 2009.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 17.34 million to the Government of Lao PDR, to finance development of irrigation schemes in the Chamassack Province of Laos. The LOC Agreement to this effect was signed in Vientiane, Lao PDR, on Friday, February 20, 2009, by Mr. T.C. Venkat Subramanian, Chairman and Managing Director on behalf of Exim Bank and H.E. Mr. Somdy Douangdy, Minister of Finance, on behalf of Lao PDR, in the presence of India's Ambassador Mr. Suresh Goel and officials from India and Laos.
This Facility, extended at the behest of Government of India, as part of the ASEAN (Association of South-East Asian Nations) Initiative, is the second Line of Credit by Exim Bank to Lao PDR. The first LOC is being utilised to finance a transmission Line project, a hydropower project and a Rural Electrification Phase 2 project in Lao PDR. Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporter, upfront upon the shipment of goods.
Exim Bank has now in place 112 Lines of Credit, covering over 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 3.72 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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