India 28 November 2016: Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended an additional Line of Credit [LOC] of USD 24.54 million to the Government of the Republic of Ghana, for Sugarcane Development and Irrigation Project. The LOC Agreement to this effect was signed in Accra, Ghana on Tuesday, November 22, 2016, by H.E. Mr. Seth E Terkper, Minister of Finance and Economic Planning, on behalf of the Government of the Republic of Ghana and Mr. Pushpesh Tyagi, Resident Representative, Cote d’Ivoire, on behalf of Exim Bank.
With the signing of the above LOC Agreement, Exim Bank, till date has extended seven Lines of Credit to the Republic of Ghana, at the behest of the Government of India, taking the total value of LOCs extended to the Republic of Ghana to USD 208.26 million. The LOCs have supported export of items like railway corridors, agro processing plant, as also equipments and services for projects such as Rural Electrification, Construction of Presidential Office, Fish Processing Plant and Sugar Plant.
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. Exim Bank has now in place 215 Lines of Credit, covering over 63 countries in Africa, Asia, Latin America, the CIS and Oceania, with credit commitments of over USD 15.93 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.