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Annual Report 2011-12
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:: PRESS RELEASES |
Exim Bank Extends US$ 20 MN LOC To Niger
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 20 million to the Government of Niger. The LOC Agreement to this effect was signed in Washington D.C., on Saturday, October 11, 2008, on the sidelines of the Annual Meetings of the World Bank/ IMF, by Mr. N. Shankar, Executive Director, on behalf of Exim Bank and H.E. Mr. Ali Mahaman Lamine Zeine, Minister of Economy and Finance on behalf of Government of Niger. The LOC was signed in the presence of Mr. Dhanendra Kumar, World Bank's Executive Director for India and Mr. Louis Philippe Ong Seng, World Bank's Executive Director for Niger. The LOC has been earmarked to finance rehabilitation of six power stations, purchase of power transformers and erection of power-lines between various places in Niger. 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.
Niger, located in Western Africa, has been the recipient of an earlier Line of Credit of US$ 17 million extended by Exim Bank to the Government of Niger. The LOC is being utilized for financing acquisition of buses, trucks, tractors, motor pumps and flourmills from India. Main products exported from India to Niger are: cotton yarn fabrics, madeups, pharmaceuticals product and manmade yarn fabrics.
Exim Bank has in place 104 Lines of Credit, covering over 92 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 3.40 bn, available 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.
E-mail:eximloc@eximbankindia.in
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