The Hindu Business Line : Exim Bank extends LoC to Fiji Sugar

THE EXPORT-IMPORT Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LoC) of $50.40 million to the Fiji Sugar Corporation Ltd, Fiji Islands.

As per the agreement, Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upon the shipment of goods and services.

The LoC Agreement was signed in Fiji Islands on Monday by Mr Ross McDonald, Chairman, Fiji Sugar Corporation Ltd. and Ms Deepali Agrawal, Exim Bank's Resident Representative in Singapore.

Sugar processing accounts for one-third of industrial activity in Fiji. Sugar exports and a growing tourist industry are the major sources of foreign exchange for the country. Fiji's real gross domestic product is estimated to have grown by an estimated 3.6 per cent in 2004.

India's main exports to Fiji Islands are gems and jewellery, readymade garments, manmade yarn fabrics, manufactures of metals and drugs, pharmaceuticals and fine chemicals.

Exim Bank has in place a number of LoCs for promoting India's exports to countries in Africa, Asia, Latin America, East Europe and Russia.

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