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Annual Report 2011-12
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:: PRESS RELEASES |
Exim Bank Inks US$ 100 MN LOC Pact With
VNESHECONOMBANK Of Russia
Mrs. Ravneet Kaur, Chairperson and Managing Director, Exim Bank of India and Mr. Vladimir Dmitriev, Chairman of Vnesheconombank, signing an Agreement for a Line of Credit of US$ 100 million to the Russian State-owned 'Bank for Development and Foreign Economic Affairs of Russian Federation' (Vnesheconombank), in the presence of the Hon'ble Prime Minister of India Dr. Manmohan Singh and the President of Russian Federation Mr. Dmitry Medvedev, during the just concluded state visit of Indian Prime Minister to Russia.
Exim Bank of India has extended a Line of Credit (LOC) of US$ 100 million to the Russian State-owned 'Bank for Development and Foreign Economic Affairs of Russian Federation' (Vnesheconombank). The LOC Agreement to this effect was signed in Moscow, on Monday, December 7, 2009, by Mrs. Ravneet Kaur, Chairperson and Managing Director, Exim Bank and Mr. Vladimir Dmitriev, Chairman of Vnesheconombank, in the presence of the Hon'ble Prime Minister of India Dr. Manmohan Singh and the President of Russian Federation Mr. Dmitry Medvedev, during the just concluded state visit of Indian Prime Minister to Russia.
This is Exim Bank's second LOC to Vnesheconombank, which will be utilized for financing India's export of capital goods, equipment and services to Russia. Under the LOC, Exim Bank will reimburse 90% of contract value, upfront upon the shipment of goods and rendering of services.
Vnesheconombank, one of the oldest banks of Russia, performs three major functions, namely, (i) bank for development, (ii) agent for the government and (iii) supporter to the Russian financial system. Vnesheconombank, as a Bank for Development, finances various investment projects, supports small and medium businesses, promotes long term strategic relationship in the Russian region, provides export credit, investment and guarantee. As an agent for the Government, Vnesheconombank manages government debt in foreign & local currency, government financial assets and pension saving funds. Vnesheconombank, as a supporter to the Russian financial system, assists in stability of the financial system of Russia.
India has trade deficit with Russia, amounting to US$ 3.2 billion, during 2008-09. Major items of import from Russia to India were Manufactured fertilisers, iron & steel, petroleum crude, silver, non-ferrous metals, transport equipment, synthetic & reclaimed rubber, coal, coke & briquettes, newsprint and project goods. Major items exports from India to Russia were pharmaceutical products, transport equipment, tea, machinery & instruments, coffee, unmanufactured tobacco, cotton yarn fabrics & madeups, primary & semi-finished iron & steel, processed fruits & juices and RMG cotton and major items
Exim Bank has in place 125 Lines of Credit, covering over 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.18 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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