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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank Of India And Lao Pdr Ink Credit Agreement
Mr. S. R.Rao, Executive Director of Export-Import Bank of India signing a Line of Credit Agreement for US$ 33 million with H.E. Mr. Somdy Douangdy, Minister of Finance, on behalf of Government of Lao PDR, in the presence of Hon'ble Prime Minister of India, Dr. Manmohan Singh and the President of Lao PDR, H.E. Mr. Choummaly Sayasone, on August 27, 2008, during the State Visit of the President of Lao PDR to India.
Export-Import Bank of India (Exim Bank) and the Government of Lao People's Democratic Republic have signed a Line of Credit (LOC) Agreement for US$ 33 mn during the State Visit of the President of Lao PDR to India. The LOC Agreement was signed in New Delhi, on Wednesday, August 27, 2008, by Mr. S.R. Rao, Executive Director, on behalf of Exim Bank of India, and H.E. Mr. Somdy Douangdy, Minister of Finance, on behalf of Lao PDR, in the presence of Hon'ble Prime Minister of India, Dr. Manmohan Singh, and the President of Lao PDR, H.E. Mr. Choummaly Sayasone.
This Facility, extended at the behest of Government of India, is the first ever Line of Credit by Exim Bank to Lao PDR. The LOC will be utilised to finance the Paksong S/S-Jiangxai 115 kV double circuit Transmission Line project, Nam Song 7.5 MW Hydropower project and equipment for Rural Electrification Phase 2 project in Lao PDR. Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporter, upfront upon the shipment of goods. Besides promoting India's exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.
With the signing of this LOC Agreement, Exim Bank has now in place 101 Lines of Credit, covering over 90 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments amounting to US$ 3.32 bn, available for utilization for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters.
For further information, please contact
Mr. Prabhakar Dalal,
Chief 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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