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Annual Report 2011-12
:: PRESS RELEASES
Exim Bank Extends USD 18.08 Million LOC To Chad For Pharmaceutical Manufacturing Plant In Chad
Mr. T.C.A. Ranganathan, Chairman and Managing Director of Exim Bank exchanging the Line of Credit Agreement for USD 18.08 million for financing pharmaceutical manufacturing plant in Chad with H.E. Mr. Bedoumra Kordje, Minister of Economy, Planning and International Cooperation of the Government of Chad, in New Delhi on July 24, 2012.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 18.08 million to the Government of Chad, for financing pharmaceutical manufacturing plant in Chad. The LOC Agreement to this effect was signed in New Delhi, India on Tuesday, July 24, 2012, by Mr. T.C.A. Ranganathan, Chairman and Managing Director on behalf of Exim Bank and H.E. Mr. Bedoumra Kordje, Minister of Economy, Planning and International Cooperation, on behalf of the Government of Chad.
This is the third LOC extended by Exim Bank to Chad at the behest of the Government of India. The first 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. The second LOC of USD 40.32 million has been extended 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. 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 pharmaceuticals and chemicals, transport equipment, machinery & instruments and gems & jewellery. The main item that India imports from Chad is raw cotton.
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 155 Lines of Credit, covering 74 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 8.17 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.