Exim Bank extends LOC to Ghana for USD 25 mn

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Mumbai, Sep 4 (UNI) Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 25 million to the Government of Ghana.

The LOC Agreement was signed in New Delhi on September 2, 2008, by Mr S R Rao, Executive Director, on behalf of Exim Bank and Mr J Bentum-Williams, High Commissioner, Ghana High Commission in India on behalf of the Government of Ghana, Exim Bank said in a release here today.

The LOC has been earmarked for the purpose of financing ICT and Good Governance, Procurement of track materials, tools and equipments, wagons and spares, trucks and buses, foundry materials and Agro Processing Plant in Ghana. The Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of goods the release said.

Exim Bank already had in place three Lines of Credit aggregating to USD 102 million that have been extended to the Government of Ghana. The LOCs were utilised for projects including Rural electrification, Construction of seat of Government, Agriculture, Transportation and Communication equipment. Main products exported from India to Ghana include transport equipment, petroleum crude, pharmaceutical products, primary and semi-finished iron and steel, machinery and instruments, including those used to manufacture metals, plastic and linoleum products.

Exim Bank has in place 102 Lines of Credit, covering over 90 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 3.35 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters.

UNI VK SR AG1955

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