Exim Bank Extends USD 62.95 Million LOC to the Republic of Senegal for Rice Self-Sufficiency Programme in the Republic Of Senegal

Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended an additional Line of Credit [LOC] of USD 62.95 million to the Government of the Republic of Senegal, for Rice self-sufficiency programme in the Republic of Senegal. The LOC Agreement to this effect was signed on Wednesday September 17, 2014, by Mr. David Rasquinha, Deputy Managing Director on behalf of Exim Bank and H.E. Mr. Amadou Moustapha DIOUF, Ambassador of the Republic of Senegal in India, on behalf of the Government of Republic of Senegal.

With the signing of the above LOC Agreement, Exim Bank, till date has extended twelve Lines of Credit to the Republic of Senegal, at the behest of the Government of India, taking the total value of LOCs extended to the Republic of Senegal to USD 269.36 million. The LOCs have supported export of items like agricultural machinery and equipment, buses and vans, medical equipments, equipments for rural electrification project, meat processing project, fisheries development project, IT training projects, Irrigation project.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. The Republic of Senegal is a country in West Africa. Exim Bank has now in place 196 Lines of Credit, covering over 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 10.77 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.