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Annual Report 2011-12
:: PRESS RELEASES
Exim Bank Extends USD 40.32 Million LOC To Chad For Financing Various Projects In Chad
Mr. T.C.A. Ranganathan, Chairman and Managing Director of Exim Bank concluding the Line of Credit Agreement for USD 40.32 million for financing various projects in Chad with H.E. Mr. Mahamat Ali Hassan, Minister of Economy, Planning and International Cooperation of the Government of Chad, in New Delhi on January 19, 2012.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 40.32 million to the Government of Chad, for financing four projects viz. (i) Compost Production Unit; (ii) Rural Electrification Project (solar energy); (iii) Production Unit for Live Stock Feed; and (iv) Extension of Spinning Mill (addition of weaving and processing capacities) in Chad. The LOC Agreement to this effect was signed in New Delhi, India on Thursday, January 19, 2012, by Mr. T.C.A. Ranganathan, Chairman and Managing Director on behalf of Exim Bank and H.E. Mr. Mahamat Ali Hassan, Minister of Economy, Planning and International Cooperation, on behalf of the Government of Chad.
This is the second LOC extended by Exim Bank to Chad at the behest of the Government of India. The earlier LOC of USD 50 million has been extended to setting up of cotton yarn plant, Steel billet plant and rolling mill, plant for assembly of agricultural equipment and bicycle plant. Chad is a landlocked country in Central Africa. It is bordered by Libya to the north, Sudan to the east, the Central African Republic to the south, Cameroon and Nigeria to the southwest, and Niger to the west. The main items that India exports to Chad are pharmaceutical and chemicals, transport equipment, machinery and instruments, and gems and jewellery. The main items that India imports from Chad are cotton raw and electronic goods.
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 152 Lines of Credit, covering 73 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 7.64 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.