EXIM BANK EXTENDS CREDIT OF USD 35 MILLION TO THE GOVERNMENT OF THE REPUBLIC OF GUINEA

by Shrutee K/DNS

Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC)of USD 35 million to the Government of the Republic of Guinea, for Construction and Upgradation of Regional Hospitals at Kankan and Nzerekore in Guinea. The LOC Agreement to this effect was signed in New Delhi on Wednesday, September 9, 2015, by H.E. Mr. Alexandre CeceLoua, Ambassador of the Republic of Guinea in India, on behalf of the Government of Republic of Guinea and Mr. Tarun Sharma, Regional Head of Exim Bank’s New Delhi Office on behalf of Export-Import Bank of India.

This is the first LOC extended by Exim Bank to the Government of the Republic of Guinea.Republic of Guinea is located in West Africabordering the North Atlantic Ocean to its west and shares its northern border with Guinea-Bissau, Senegal and Mali and its southern border with Sierra Leone, Liberia and Côte d’Ivoire.

With the signing of this LOC Agreement, Exim Bank has now in place 199 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over USD 12.19 billion, available for financing exports from India. Under the LOCs, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. 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.