Mumbai: Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 2.50 million to the Government of the Republic of Madagascar for completion of unfinished fertilizer plant project covered under an earlier LOC of USD 25 million. The LOC Agreement to this effect was signed in Antananarivo, Madagascar on Thursday, June 29, 2017, in the presence of H.E. Mr. Rivo Rakotovao, Minister in charge of Agriculture, Government of the Republic of Madagascar and Mr. Subir Dutta, Indian Ambassador in Madagascar, by Mr. Tarun Sharma, General Manager, on behalf of Exim Bank and H.E. Mr. Rakotoarimanana François Marie Maurice Gervais, Minister of Finance and Budget, on behalf of the Government of the Republic of Madagascar,
With the signing of the above LOC Agreement for USD 2.50 million, Exim Bank, till date, has extended two Lines of Credit to the Government of the Republic of Madagascar, on behalf of the Government of India, taking the total value of LOCs extended to USD 27.50 million. Exim Bank had earlier extended an LOC of USD 25 mn to Government of the Republic of Madagascar for financing the fertilizer plant project in Madagascar.
With the signing of this LOC Agreement, Exim Bank has now in place 221 Lines of Credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 16.81 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.