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.