Exim
Bank extends US$ 15 mn Credit Line to Senegal
Our
Corporate Bureau
15 December 2004
Export-Import
Bank of India (Exim Bank) has extended a line of credit
(LOC) of US$ 15 million to government of Senegal for
export of goods and services from India for development
of rural small and medium enterprises (SMEs) in that
country. It will also cover export of agricultural machinery
and equipment.
R
M V Raman, executive director, Exim Bank and Amadou
Bocoum, Senegalese ambassador to India, on behalf of
the government of Senegal, signed an agreement to this
effect in Mumbai, on December 10, 2004.
This
is the second major initiative of Exim Bank for promoting
trade between India and theWest African market. Exim
Bank has already in place a line of credit of $10 million
to the West African Development Bank (BOAD), which can
be utilised by the member countries of BOAD, including
Senegal. Exim Bank is also one of the non-African shareholders
in BOAD.
Under
the LOC to Senegal, Exim Bank would reimburse 100 per
cent of contract value to the Indian exporters, whose
contracts have been approved by both sides upon the
shipment of goods.
India's
exports to Senegal amounted to $26.69 million during
the year 2003-2004. Cotton yarn fabrics madeups, manufactures
of metals, plastic and linoleum products, pharmaceuticals
and fine chemicals, machinery and instruments and inorganic
/ organic / agrochemicals were the principal items in
India's export basket in the year 2003-04. The just
concluded LOC of $15 mn would give a boost to the Indo-Senegal
trade, as there is considerable demand in Senegal for
Indian equipment and technology.
Exim
Bank's LOCs afford a risk-free, non-recourse export
financing option to Indian exporters for which it has
a number of 
LOC
for promoting India's exports to countries in Africa,
Asia, Latin America, East Europe and Russia.
List
of reports on Exim Bank
List
of general reports on banks
