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Annual Report 2011-12
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:: PRESS RELEASES |
Exim Bank Extends Two Lines Of Credit Of USD 20 Million And USD 39.69 Million To The Government Of The Central African Republic
Mr. T.C.A. Ranganathan, Chairman and Managing Director on behalf of Exim Bank concluding the Line of Credit Agreements for USD 20 mn and USD 39.69 mn with H.E. Lieutenant General Antoine Gambi, Minister of Foreign Affairs and Central Africans Abroad, on behalf of the Government of the Central African Republic, on March 19, 2012, in the presence of the Hon'ble Minister of State for External Affairs, Mrs. Preneet Kaur; the Hon'ble Prime Minister of the Central African Republic, H.E. Mr. Faustin Archangel Touadera; and the Hon'ble Vice President of Zimbabwe, Mrs. Joice Mujuru; and the Additional Secretary, Eastern and Southern Africa Division, Ministry of External Affairs, Government of India, Shri Gurjit Singh, at the Special Plenary Session I "India - Africa : Partners in Progress", at the 8th CII-EXIM Bank Conclave on India-Africa Project Partnership, Hotel Taj Palace, New Delhi.
Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended two Lines of Credit (LOCs) of USD 20 million and USD 39.69 million to the Government of Central African Republic, for development of mining project and for two Hydro-electric Projects in Central African Republic respectively. The LOC Agreements to this effect were signed in New Delhi, India on Monday, March 19, 2012, by Mr. T.C.A. Ranganathan, Chairman and Managing Director on behalf of Exim Bank and Lieutenant General Antoine Gambi, Minister of Foreign Affairs and Central Africans Abroad, Government of the Central African Republic, in the presence of the Hon'ble Minister of State for External Affairs, Mrs. Preneet Kaur; the Hon'ble Prime Minister of the Central African Republic, H.E. Mr. Faustin Archangel Touadera; the Hon'ble Vice President of Zimbabwe, Mrs. Joice Mujuru; and the Additional Secretary, Eastern and Southern Africa Division, Ministry of External Affairs, Government of India, Shri Gurjit Singh, at the Special Plenary Session I "India - Africa : Partners in Progress", at the 8th CII-EXIM Bank Conclave on India-Africa Project Partnership, Hotel Taj Palace, New Delhi. The Central African Republic is the guest country at this year's Conclave, which was being attended by over 700 delegates from 40 African countries.
These are the second and third LOCs to the Government of the Central African Republic. Exim Bank had earlier extended an LOC to the Government of Central African Republic of value USD 29.50 million for setting up of a modern dry process cement plant and for supply of 100 buses for internal transport. The Central African Republic is a landlocked country in Central Africa, sharing borders with Chad in the north, Sudan in the north east, South Sudan in the east, the D.R. Congo and Republic of Congo in the south and Cameroon in the west. The Central African Republic covers a land area of about 623,000 square kms, and has an estimated population of 4.5 million, with GDP at an estimated USD 1.4 billion in 2010 and per capita GDP of USD 325.
Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. Major export items from India to Central African Republic are petroleum products, transport equipment, cotton yarn fabrics, sugar, pharmaceutical products, machinery & instruments, and primary & semi-finished iron & steel.
With the signing of these LOC Agreements, Exim Bank has now in place 155 Lines of Credit, covering 73 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 8.09 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,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in
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