Saturday, December 15, 2007

Exim Bank extends $35.2 mn credit to Cambodia

MUMBAI: Export-Import Bank of India (EXIM) said it has extended a USD 35.2-million Line of Credit (LoC) to the Government of Cambodia for financing some of the latter's infrastructure projects.

The fund will be utilised to finance the Stung Tasal Development Project, purchase of the water pumps and for the construction of the electric transmission line between Kratie and Stung Treng Province in Cambodia, an Exim release said here.

Under the agreement, Exim Bank bank will reimburse 100 per cent contract value to the Indian exporter, upfront upon the shipment of goods, the bank said.

The pact was signed between Secretary of state, Ministry of Economy and Finance, Cambodia, Aun Porn Moniroth and Exim Bank's Chairman and Managing Director T C Venkat Subramanian.

With this, Exim Bank now has 85 LoCs in place, covering over 80 countries in Africa, Asia, Latin America and Europe, with credit commitments amounting to USD 2.8 billion.

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