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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank Extends US$ 25 MN LOC To Democratic Republic Of Congo
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 25 million to the Government of Democratic Republic of Congo. The LOC Agreement to this effect was signed in New Delhi, on Thursday, August 27, 2009, by Mr. Sunil Trikha, Chief General Manager and Regional Resident Representative, on behalf of Exim Bank and H.E. Mr. Francois BALUMUENE, Ambassador to India, on behalf of Democratic Republic of Congo. The LOC has been earmarked for financing installation of hand pumps and submersible pumps in Democratic Republic of Congo. Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of goods. The LOC will be used for financing at least 85% of total contract value through sourcing of goods and services from India.
Exim Bank already has in place a Line of Credit amounting to US$ 33.5 million extended to the Government of Democratic Republic of Congo. The LOC is being utilized for setting up a cement plant, acquisition of buses and other equipments in Congo. Located in the Central Africa, with a small length of Atlantic coastline, Democratic Republic of Congo is the third largest country in Africa. Democratic Republic of Congo is the world's largest producer of cobalt ore, and a major producer of copper and industrial diamonds. Main products exported from India to Democratic Republic of Congo are: drugs, pharmaceuticals, fine chemicals, meat and preparations, primary and semi-finished iron and steel, cotton yarn fabrics and madeups and machinery and instruments.
Exim Bank has in place 119 Lines of Credit, covering over 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 3.89 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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