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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank Inks US$ 30 MN LOC Pact With
Government Of Côte D'ivoire
Mr. Prabhakar Dalal, Executive Director, Exim Bank of India and Mr. Zady Gbaka Richard, Ambassador of Côte d'Ivoire in India, at the signing ceremony of an Agreement for a Line of Credit of US$ 30 million to the Government of Côte d'Ivoire
Exim Bank of India has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 30 million to Government of Côte d'Ivoire for financing an electricity interconnection project between Cote d'Ivoire and Mali. The LOC Agreement to this effect was signed in New Delhi, on Wednesday, December 30, 2009, by Mr. Prabhakar Dalal, Executive Director, Exim Bank and Mr. Zady Gbaka Richard, Ambassador of Côte d'Ivoire in India. Exim Bank will reimburse 100% of contract value to the Indian project exporter(s), upfront upon the shipment of goods/ provision of services.
This is Exim Bank's third LOC to Government of Côte d'Ivoire. The earlier two LOCs to Côte d'Ivoire have been/are being utilised for renewal of urban transport system in Abidjan, IT and Biotechnology Park, fisheries processing plant, coconut fibre processing plant and agricultural projects in the field of vegetable oil extraction, fruits and vegetable chips production, production of cocoa, coffee etc.
Côte d'Ivoire, a west African country, is the world's largest producer and exporter of cocoa beans. Major export items from India to Côte d'Ivoire are transport equipment, manufactures of metals, meat and preparations, pharmaceutical products, cotton yarn fabric madeups and primary and semi-finished iron and steel.
Exim Bank has in place 126 Lines of Credit, covering over 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.21 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. 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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