India 24 November 2016: Mr. Pushpesh Tyagi, Resident Representative, Abidjan Representative Office, Export-Import Bank of India exchanging Buyer’s Credit Agreement under NEIA of USD 398.33 mn for Tema to Akosombo Railway Line Construction project in Ghana with H.E. Mr. Seth E Terkper, Minister of Finance and Economic Planning, Government of the Republic of Ghana, Accra.
Export-Import Bank of India [Exim Bank] has extended a Buyer’s Credit [BC] under National Export Insurance Account [NEIA] of USD 398.33 mn to the Government of Republic of Ghana for (a) Design and Construction of 84 km Railway Line between Tema and Akosombo in Ghana and (b) Design and Construction of Railway Heads at Tema and Akosomba. The BC-NEIA Agreement to this effect was signed in Accra, Ghana, on November 22, 2016, by H.E. Mr. Seth E Terkper, Minister of Finance and Economic Planning, on behalf of the Government of Republic of Ghana and Mr. Pushpesh Tyagi, Resident Representative in Cote d’ Ivoire, on behalf of Exim Bank.
BC-NEIA is a unique financing mechanism that provides a safe mode of nonrecourse financing option to Indian exporters and serves as an effective market entry tool to traditional as well as new markets in developing countries, which need deferred credit on medium or long term basis.
Exim Bank has till date sanctioned USD 2.84 bn for 22 projects valued USD 3.07 bn under the programme. Further, Exim Bank has also given in-principle commitments for supporting several projects, at the behest of leading Indian project exporters, in order to enable these Indian companies to submit bids / negotiate contracts with overseas project authorities. Besides promoting India’s exports, Exim Bank's BC-NEIA programme enables demonstration of Indian expertise and project execution capabilities in emerging markets.
Exim Bank has also extended seven (7) Government of India supported Lines of Credit (LOCs) to the Government of Republic of Ghana aggregating USD 208.26 mn for export of items like railway corridors, agro processing plant, as also, equipment and services for projects such as Rural Electrification, Construction of Presidential Office, Fish Processing Plant and Sugar Plant.