Exim Bank extends US$ 25 MN LOC to Senegal

Mumbai, Sep 23 (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 m to the Government of Senegal.

The LOC Agreement to this effect was signed in New Delhi last week by Mr Sunil Trikha, Chief General Manager&Regional Resident Representative, on behalf of Exim Bank and Mr Amadou Bocoum, Ambassador, Embassy of Senegal in India on behalf of the Government of Senegal.

The LOC has been earmarked for the purpose of financing Rural electrification project (USD 15 million), and fishing industry development project (USD 10 million) in Senegal. Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of goods, according to an EXIM Bank release here.

Exim Bank already has in place six Lines of Credit, aggregating USD 88 million, extended to Senegal. The LOCs were utilised for projects including procurement of railway coaches and locomotives, agricultural equipment and irrigation, Transportation, women poverty alleviation programme and IT training. Main products exported from India to Senegal include machinery and instruments, cotton yarn fabrics madeups, non-basmati rice, transport equipment, meat and preparations and manmade yarn fabrics madeups.

Exim Bank has in place 103 Lines of Credit, covering over 90 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 3.37 bn, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters.

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