The Hindu Business Line : Exim Bank extends $15-m LoC to Equatorial Guinea

THE Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LoC) of $15 million to the Government of Equatorial Guinea under the Team-9 initiative.

The credit has been earmarked for financing exports from India for a potable drinking water plant project.

Under the Team-9 initiative, the Government of India provides credit lines through Exim Bank to the member countries to finance setting up of various projects by Indian companies in those countries.

As per the terms of credit to Equatorial Guinea, Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront, upon the shipment of goods.

"India's trade level with Equatorial Guinea is currently low. India's main exports to the country in 2004-05 were primary and semi-finished iron and steel, meat and preparations, drugs and pharmaceuticals, and plastic and linoleum products. This LOC will pave the way for boosting trade with Equatorial Guinea substantially," said a release from Exim Bank.

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