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Annual Report 2011-12
:: PRESS RELEASES
Exim Bank Extends US$ 42 MN LOC To Democratic Republic Of Congo
Mr. Nadeem Panjetan, General Manager, Export-Import Bank of India and H.E. Mr. Matata Ponyo Mapon, Minister of Finance of the Democratic Republic of Congo in Kinshasa at the signing ceremony of an Agreement for a Line of Credit of US$ 42 million to the Government of Democratic Republic of Congo for financing execution of Kakobola Hydroelectric Power Project in Democratic Republic of Congo.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 42 million to the Government of Democratic Republic of Congo. The LOC Agreement to this effect was signed in Kinshasa, on Thursday, August 05, 2010, by Mr. Nadeem Panjetan, General Manager, on behalf of Exim Bank and Mr. Matata Ponyo Mapon, Minister of Finance, on behalf of Democratic Republic of Congo in the presence of the Prime Minister, the Minister of External Affairs, Minister of Planning and Minister of Energy of Democratic Republic of Congo. India's Ambassador to Democratic Republic of Congo, Mr. D.N. Srivastava and Mr. Francois Balumeune, Democratic Republic Congo's Ambassador in New Delhi were also present at the occasion. The LOC has been earmarked for financing execution of Kakobola Hydroelectric Power Project in Democratic Republic of Congo. Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of goods. The LOC will be used for financing at least 85% of the total contract value through sourcing of goods and services from India.
Exim Bank already has in place two Lines of Credit aggregating US$ 58.50 million extended to the Government of Democratic Republic of Congo. The first LOC of US$ 33.50 million is being utilized for financing setting up a cement plant, acquisition of buses and other equipments in Democratic Republic of Congo. The second LOC of US$ 25 million is being utilised for procurement of hand pumps and submersible pumps. Located in the Central Africa, with a small length of Atlantic coastline, Democratic Republic of Congo is the third largest country in Africa. Main products exported from India to Democratic Republic of Congo are: pharmaceuticals, meat preparations, machinery and instruments, cotton yarn fabrics madeups, manufactures of metals, transport equipments, plastic and linoleum products, primary and semi-finished iron and steel and electronic goods.
Exim Bank has in place 143 Lines of Credit, covering over 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 4.71 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. Nadeem Panjetan,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22162073/22172310,