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Annual Report 2011-12
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:: PRESS RELEASES |
Exim Bank Extends USD 27.50 MN LOC To The Senegal For Financing Rural Electrification Project In Senegal
Mr. Prabhakar Dalal, Executive Director on behalf of Exim Bank signing the Line of Credit Agreement for USD 27.50 mn for financing rural electrification projects in Senegal with H. E. Mr. Amadou Moustapha Diouf, its Ambassador to India, on behalf of the Government of Senegal, at the Seminar on Business Opportunities in African Development Bank Funded Projects being held in New Delhi on April 21, 2011.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 27.50 mn to the Government of Senegal, for financing rural electrification project in Senegal. The LOC Agreement to this effect was signed in New Delhi on Thursday, April 21, 2011, by Mr. Prabhakar Dalal, Executive Director on behalf of Exim Bank and H.E. Mr. Amadou Moustapha Diouf its Ambassador to India, on behalf of the Government of Senegal. The Agreement was signed at the Seminar on Business Opportunities in African Development Bank Funded Projects being held in New Delhi on April 21, 2011.
Exim Bank has, at the behest of and with the support of GOI, already extended eight Lines of Credit amounting to USD 117.95 million to the Government of Senegal. Earlier LOCs to Senegal were utilized for projects for development of urban transport infrastructure, irrigation systems, information & communication technology (ICT), women poverty alleviation, rural administration, railway infrastructure, agriculture, rural electrification and fishing industry, furniture and medical equipment, which have resulted in creation of basic infrastructure, generation of employment, enhancement of skills, increase in income of women in rural areas and overall development of Senegal.
The main products exported from India to Senegal were cotton yarn fabrics, madeups, machinery and instruments, primary and semi-finished iron and steel, meat and preparation, manmade yarn fabrics madeups and manufactures of metals. Major items imported by India from Senegal included inorganic chemicals, cashew nuts, metaliferrous ores and metal scrap and transport equipment.
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 139 Lines of Credit, covering 72 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 6.68 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
Mr. David Rasquinha,
Chief 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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