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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank Extends US$ 25 MN Credit Line To A Regional Bank In Africa
Mr. T C A Ranganathan, Chairman and Managing Director, Exim Bank and Dr. Michael M. Gondwe, President of PTA Bank, exchanging Agreement for a Line of Credit of US$ 25 million to Eastern and Southern African Trade and Development Bank (PTA Bank) signed in New Delhi on July 27, 2010.
Exim Bank of India has extended a Line of Credit (LOC) of US$ 25 million to Eastern and Southern African Trade and Development Bank (PTA Bank). The LOC Agreement to this effect was signed in New Delhi, on Tuesday, July 27, 2010, by Mr. T C A Ranganathan, Chairman and Managing Director, Exim Bank and Dr. Michael M. Gondwe, President of PTA Bank.
This is Exim Bank's tenth LOC to PTA Bank, which will be utilized for financing India's export of capital goods, equipment and services to 17 (seventeen) Eastern and Southern African member countries of PTA Bank. Under the LOC, Exim Bank will reimburse 90% of contract value, upfront upon the shipment of goods and rendering of services. The total value of LOCs extended by Exim Bank to PTA Bank, over the past few years, has amounted to US$ 105.51 million. The earlier LOCs have been utilized to finance export of a variety of items like sugar plant, cement plant, tissue paper plant, medical equipment and pharmaceutical products to member countries of PTA Bank.
PTA Bank is a regional development bank, established in 1985, pursuant to the Treaty for the Common Market for Eastern and Southern African States (COMESA). PTA Bank's member countries are Burundi, Comoros, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Tanzania, Uganda, Zambia and Zimbabwe. African Development Bank is also a member of PTA Bank, besides China, which is the only non-regional member. PTA Bank provides financial and technical assistance to promote economic and social development in member countries.
Exim Bank has now in place 141 Lines of Credit, covering over 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.675 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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