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Annual Report 2011-12
:: PRESS RELEASES
Exim Bank Extends Line Of Credit Of US$ 35.20 MN To Cambodia
Export-Import Bank of India (Exim Bank) and the Government of the Kingdom of Cambodia have signed a Line of Credit (LOC) Agreement for US$ 35.20 mn during the State Visit of the Prime Minister of Cambodia. The LOC Agreement was signed on December 8, 2007, in New Delhi, by Mr. T.C. Venkat Subramanian, Chairman & Managing Director, on behalf of Exim Bank of India and H.E. Dr. Aun Porn Moniroth, Secretary of State, Ministry of Economy and Finance, on behalf of Cambodia, in the presence of the Prime Ministers of India and Cambodia.
This is the first Line of Credit extended by Exim Bank to Cambodia, at the behest of Government of India. The LOC will be utilised to finance the Stung Tasal Development Project, purchase of water pumps and construction of the electric transmission line between Kratie and Stung Treng Province. Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporter, upfront upon the shipment of goods. Besides promoting India's exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.
With the signing of this LOC Agreement, Exim Bank has now in place 85 Lines of Credit, covering over 80 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments amounting to US$ 2.8 bn, available for utilization for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters.
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,