Exim Bank of India extends $50 million credit line to Sudan
The Export-Import Bank of India (Exim Bank) has extended a Line of Credit (LOC) of $50 million to the Government of Sudan, to support India's export of equipment, goods and services to that country.
Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Under the LOC, importers in Sudan are required to make an advance payment of 10 percent of contract value to the Indian exporters. The balance would be reimbursed by Exim Bank to the Indian exporters, upfront upon the shipment of goods. The credit period available to the importers, through Government of Sudan, is up to eight years, inclusive of a suitable moratorium.
India's exports to Sudan amounted to $105.2 million during the year 2002-2003. Machinery and instrument, transport equipment, drugs, pharmaceuticals and fine chemicals were principal items in India's export basket to Sudan last year. — (menareport.com)
© 2004 Mena Report (www.menareport.com)