Mumbai : Export-Import Bank of India [Exim Bank] has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 41.96 million to the Government of Senegal for setting up a Modern Abattoir, Meat processing Cold Storage, Rendering and Tannery Plant and Market Place in Senegal. The LOC Agreement to this effect was signed in New Delhi on Friday, December 6, 2013, by Mr. Anurag Jain, Chairman and Managing Director on behalf of Exim Bank and H.E. Mr. Amadou Moustapha DIOUF, Ambassador of Senegal to India, on behalf of the Government of Senegal in the presence of officials from the Ministry of External Affairs, Government of India.

This is the eleventh LOC extended by Exim Bank to the Government of Senegal. The earlier ten LOCs for value aggregating USD 164.45 million were extended to the Government of Senegal for financing purchase of agricultural machinery & equipment, supply of buses and spares, Irrigation project, Women Poverty Alleviation Programme & acquisition of vehicles, IT training project, acquisition of railway coaches and locomotives, Rural Electrification project & Fishing industry development, Medical equipments, furniture and Procurement of pumping equipment and crane trucks. Two other projects aggregating USD 25.62 million have been financed under the LOC of USD 250 million extended to the ECOWAS Bank for Investment and Development.

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 180 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 9.71 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.

Source : Sachin.Murdeshwar