From: Biniam Tekle (biniamt@dehai.org)
Date: Wed Aug 26 2009 - 12:29:09 EDT
http://www.samaylive.com/news/exim-bank-extends-usd-20-mn-loc-to-eritrea/651218.html
Exim Bank extends USD 20 mn LoC to Eritrea
Tags: Mumbai Buzz up!vote now
Published by: Noor Khan
Published: Wed, 26 Aug 2009 at 20:23 IST
Mumbai, Aug 26 Export-Import Bank of India (Exim Bank) today said that
it has extended a USD 20 million Line of Credit (LoC) to the Eritrea
Government to finance agriculture and educational projects.
This is the first LoC extended by Exim Bank to Eritrea, a country in
the north-east of Africa.
"Exim Bank will reimburse 100 per cent contract value to the Indian
project exporter(s) upfront upon the shipment of goods / provision of
services," the bank said in a release here.
The Eritrean economy is agriculture-based with 80 per cent of the
population involved in farming and herding.
India exports sugar, pharmaceutical products, rubber-manufactured
products, machinery and instruments among others to Eritrea.
With Letter of Credit to Eritrea, Exim Bank has now 118 LoCs in place
covering 95 countries in Africa, Asia, Latin America, Europe and the
CIS with credit commitments of over USD 3.87 billion, the release
said.
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