Publish Date : 29-Dec-2012
Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 10 million to the Government of Seychelles for financing import of goods and services from India for specific projects funded by Development Bank of Seychelles. The LOC Agreement to this effect was signed in New Delhi on Tuesday, December 18, 2012, by Mr. T.C.A. Ranganathan, Chairman and Managing Director on behalf of Exim Bank and Mr. Pierre Laporte, Minister of Finance, Government of Seychelles, on behalf of the Government of Seychelles.
This is the third LOC extended by Exim Bank to Seychelles. The first LOC for USD 5 million was extended to Seychelles Marketing Board [SMB] on commercial terms and second LOC of USD 8 million was extended at the behest of the Government of India, taking the total value of LOCs extended to USD 23 million. The LOCs have supported supply of Vehicles, Medicines, Food items etc. Seychelles, is an island country in the Indian Ocean.
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 166 Lines of Credit, covering 74 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 8.65 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.
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