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Annual Report 2011-12
:: PRESS RELEASES
Exim Bank Extends USD 42 Million LOC To Cameroon For Cassava Plantation Project In Cameroon
Mr. T.C.A. Ranganathan, Chairman and Managing Director, on behalf of Exim Bank exchanging the Line of Credit Agreement for USD 42 million for financing Cassava Plantation Project in Cameroon with H.E. Mr. Emmanuel Nganou Djoumessi, Minister of Economy, Planning & Regional Development on behalf of the Government of Cameroon, in New Delhi on September 14, 2012.
Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 42 million to the Government of Cameroon, for financing Cassava Plantation Project in Cameroon. The LOC Agreement to this effect was signed in New Delhi, India on Friday, September 14, 2012, by Mr. T.C.A. Ranganathan, Chairman and Managing Director on behalf of Exim Bank and H.E. Mr. Emmanuel Nganou Djoumessi, Minister of Economy, Planning & Regional Development on behalf of the Government of Cameroon.
This is the second LOC extended by Exim Bank to Cameroon at the behest of the Government of India. The first LOC of USD 37.65 million was extended for financing (i) Maize Farm Plantation Project (USD 18.77 million) and (ii) Rice Farm Plantation Project (USD 18.88 million). Cameroon is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. The main items that India exports to Cameroon are pharmaceuticals and fine chemicals, transport equipment, plastic and linoleum products and inorganic chemicals. The main items that India imports from Cameroon are petroleum crude, wood and wood products, metaliferrous ores and scraps and iron and steel.
Under the LOCs, Exim Bank reimburses 100% of contract value to the Indian exporter, upfront upon the shipment of goods / provision of services. With the signing of this LOC Agreement, Exim Bank has now in place 156 Lines of Credit, covering 74 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 8.21 billion, 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
Ms. Geeta Poojary,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.