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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank Inks US$ 21.80 MN LOC Pact With Government Of Mauritania
Mr. Prabhakar Dalal, Executive Director, Exim Bank of India and H.E. Mr. Sidi Ould Tah, Minister of Economic Affairs and Development, Government of Mauritania, at the signing ceremony of an Agreement for a Line of Credit of US$ 21.80 million to the Government of Mauritania
Exim Bank of India has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 21.80 million to Government of Mauritania for financing potable water project and agriculture development project. The LOC Agreement to this effect was signed in New Delhi, on Tuesday, February 9, 2010, by Mr. Prabhakar Dalal, Executive Director, Exim Bank and H.E. Mr. Sidi Ould Tah, Minister of Economic Affairs and Development, Government of Mauritania. Exim Bank will reimburse 100% of contract value to the Indian project exporter(s), upfront upon the shipment of goods/ provision of services.
This facility, extended at the behest of Government of India, is the first Line of Credit by Exim Bank to the West African country, Mauritania. Though, agriculture is the mainstay of Mauritanian economy, iron ore exports contribute half of the total exports of the country. In 2008-09, India's exports to Mauritania stood at US$ 35.6 mn. Major items of India's exports to Mauritania were cotton yarn fabrics and made-ups, pharmaceutical products, electronic goods, dyes intermediates & coal tar chemicals, paper/wood products and manufactures of metals. Metaliferrous ores and metal scrap are India's major items of imports from Mauritania.
Exim Bank has in place 129 Lines of Credit, covering over 95 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.34 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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