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Annual Report 2011-12
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:: PRESS RELEASES |
Exim Bank To Assist Sugar Industry Rehabilitation In Ethiopia
Mr. T.C.A. Ranganathan, Chairman & Managing Director of Export-Import Bank of India (sitting left) signing a Line of Credit Agreement for USD 91 million with H.E. Ms. Genet Zewide, Ambassador of Ethiopia to India (sitting right), in the presence of Deputy Prime Minister of Ethiopia H.E. Mr. Hailemariam Desalegn (standing second from right) and Mr. Gurjit Singh, Joint Secretary, Ministry of External Affairs, Government of India (standing second from left).
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 91 million to the Government of Ethiopia, which is the fourth tranche of the total credit commitment of USD 640 million for financing sugar industry rehabilitation in Ethiopia.
The LOC Agreement to this effect was signed in New Delhi, on Friday February 18, 2011, by Mr. T.C.A. Ranganathan, Chairman & Managing Director, on behalf of Exim Bank and H.E. Ms. Genet Zewide, Ambassador of Ethiopia to India, on behalf of the Government of Ethiopia, in the presence of Deputy Prime Minister of Ethiopia H.E. Mr. Hailemariam Desalegn and Mr. Gurjit Singh, Joint Secretary, Ministry of External Affairs, Government of India. Exim Bank has earlier extended three LOCs, aggregating USD 501.54 million to finance sugar industry rehabilitation in Ethiopia.
Exim Bank will reimburse 100% of contract value to the Indian exporters, linked to the progress of the project (s). The LOC will be used for financing at least 75% of total contract value through sourcing of goods and services from India. Ethiopia, located in Eastern Africa, has also been the recipient of an earlier Line of Credit of USD 65 million extended for setting up an Electricity Transmission and Distribution Project in Ethiopia.
Exim Bank has now in place 135 Lines of Credit, covering over 71 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 6.58 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. David Rasquinha,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in
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