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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank Inks Two Pacts With Angola For Financing An Industrial Park And A Textile Project
Mr. Prabhakar Dalal, Executive Director of Export-Import Bank of India signing Agreements with Mr. António da Costa Fernandes, Ambassador of the Republic of Angola in New Delhi on Monday, July 26, 2010, for two Lines of Credit of USD 30 million and USD 15 million for financing construction of an Industrial Park and Textile (Cotton Ginning and Spinning) Projects in Angola.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended Lines of Credit (LOCs) of US$ 30 million and US$ 15 million to the Government of Angola, for financing setting up of Industrial Park and for financing setting up of Textile Project (Cotton Ginning & Spinning), respectively, in Angola. The LOC Agreements to this effect were signed in New Delhi, on Monday 26, 2010, by Mr. Prabhakar Dalal, Executive Director, on behalf of Exim Bank and H.E. Mr. António da Costa Fernandes, Ambassador of the Republic of Angola in India, on behalf of Government of Angola.
Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of goods. The LOCs will be used for financing at least 85% of total contract value through sourcing of goods and services from India. Angola, located in Eastern Africa, has been the recipient of earlier LOCs of US$ 5 million, US$ 10 mn, US$ 40 mn and US$ 13 mn. The first LOC of US$ 5 million was extended to Angola in February 2004, which has been utilized to finance supply of pumpsets and accessories. The second LOC of US$ 40 million was dedicated for financing Railway Rehabilitation. The third LOC of US$ 10 million and the fourth LOC of US$ 13 million were utilized for financing supply of tractors.
Exim Bank has now in place 140 Lines of Credit, covering over 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.65 billion, 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. Nadeem Panjetan,
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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