India 10 November 2016: Export-Import Bank of India [Exim Bank] has, on behalf of Government of India, extended a Line of Credit [LOC] of USD 10 million to the Government of Cooperative Republic of Guyana [Government of Guyana] for the purpose of financing the Construction and Supply of Passenger-Cargo Ferry Vessel and Associated Equipment. The LOC Agreement to this effect was signed in Georgetown, Guyana, on Wednesday, November 09, 2016, in the presence of H.E. Mr. V. Mahalingam, High Commissioner of India in Guyana and H.E. Mr. David Patterson, Hon’ble Minister of Public Infrastructure, Government of Guyana, by Mr. Winston Jordan, Hon’ble Minister of Finance, on behalf of the Government of Guyana and Mr. Sailesh Prasad, Resident Representative of Exim Bank’s Washington D.C. office, on behalf of Exim Bank.
With the signing of the above LOC Agreement for USD 10 million, Exim Bank, till date, has extended six Lines of Credit to the Government of Guyana, on behalf of the Government of India, taking the total value of LOCs extended to USD 88.38 million. Projects covered under the LOCs extended to the Government of Guyana include the construction of a Cricket stadium, supply and installation of traffic signaling systems, fixed and movable irrigation pumps, hospital and road linkage projects. Guyana, located in the Caribbean coast of South America, is surrounded by Suriname to the east, Brazil to the south, Venezuela to the west, and Atlantic Ocean to the north. Pharmaceuticals were India’s major export items, accounting for 26.2% of India’s total exports to Guyana in 2015-16. It was followed by iron and steel (16%), machinery and instruments (12.9%), articles of iron and steel (3.1%), and transport equipment (2.8%). Wood and articles of wood were India’s key import from Guyana, constituted 99% of India’s total imports from Guyana during 2015-16.
With the signing of this LOC Agreement, Exim Bank has now in place 213 Lines of Credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 15.87 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.
In the photograph (Left to Right):
1. Mr. David A. Patterson, Hon’ble Minister of Public Infrastructure, GOG
2. Mr. Winston Jordan, Hon’ble Minister of Finance, GOG
3. H.E. Shri V. Mahalingam, High Commissioner of India to Guyana
4. Shri Sailesh Prasad, Resident Representative, WRO
5. Shri S. M. Joshi, Second Secretary, Commerce & Head of Chancery, High Commission of India in Guyana.
Caption: Mr. Sailesh Prasad, Resident Representative, Washington D.C. Representative Office, Export-Import Bank of India, exchanging Line of Credit Agreement of USD 10 mn in Georgetown, Guyana, for financing the construction & supply of Passenger-Cargo Ferry Vessel from India to Guyana with Mr. Winston Jordan, Hon’ble Minister of Finance, Government of Guyana, in the presence of H.E. Mr. V. Mahalingam, High Commissioner of India in Guyana and H.E. Mr. David Patterson, Hon’ble Minister of Public Infrastructure, Government of Guyana.