** Sagar Sandesh print version ceases to be published from December 31, 2017. New look E-paper would be available from Jan. 1, 2018 onwards. free of cost.**

Exim Bank extends LOC of USD 500 million to the SBM (Mauritius) Infrastructure Development Company Ltd

Export-Import Bank of India [Exim Bank] has, on behalf of Government of India, extended a Line of Credit [LOC] of USD 500 million to the SBM [Mauritius] Infrastructure Company Ltd [SBMM] for the purpose of financing its participation through Redeemable Preference Shares in public sector entities to implement infrastructure or other projects in Mauritius. The LOC Agreement to this effect was signed in New Delhi, on Saturday, May 27, 2017, in the presence of H.E. Mr. Pravind Jugnauth, Hon’ble Prime Minister of the Republic of Mauritius, Mr. Nayen Koomar Ballah, Cabinet Secretary,Government of the Republic of Mauritius, Mr. Dharam Dev Manraj, Financial Secretary, Ministry of Finance and Economic Development, Government of the Republic of Mauritius and H.E. Mr. Jagdishwar Goburdhun, High Commissioner of Mauritius to India, by Mr. Lakshmana Lutchmenarraidoo, Director and Mr. Deeagarajen Manogaren Soondram, Director  on behalf of the SBMM, and Mr. David Rasquinha, Managing Director, on behalf of Exim Bank, says a release.

The above LOC for USD 500 million is Exim Bank’s first LOC to the SBMM, Mauritius. The Bank has earlier extended four Lines of Credit to the Government of Mauritius, on behalf of the Government of India aggregating USD 164.80 million, taking the total value of LOCs extended Mauritius to USD 664.80 million. Projects covered under the LOCs extended to Mauritius include the supply of specialised equipment and vehicles including offshore patrol vessel and waterjet fast attack craft. India’s main exports to Mauritius consist of mineral fuel waxes, petroleum products, articles of apparel and clothing accessories and cereals. On the other hand, India’s imports from Mauritius consists of iron and steel, optical, photographic cinematographic, medical or surgical instruments, aluminum and articles.

With the signing of this LOC Agreement, Exim Bank has now in place 219 Lines of Credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 16.60 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.


Copyright © 2017 PORT TO PORT - Shipping Services Portal ( Sagar Sandesh ). All rights reserved.

Follow Us