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Exim Bank extends $15 million 'line of credit' to Equatorial Guinea
Our Corporate Bureau
9 September 2005


Export-Import Bank of India (Exim Bank) has, at the behest of government of India, extended a 'line of credit' (LOC) of $15 million to the government of Equatorial Guinea under the Team-9 initiative. The LOC has been earmarked for financing exports from India for a potable drinking water plant project to Equatorial Guinea. The LOC agreement was recently signed by R M V Raman, executive director, Exim Bank and Jose Esono Micha, vice minister for foreign affairs, government of Equatorial Guinea.

Team-9 is aimed at developing a special co-operation model between India and eight countries of West Africa (Burkina Faso, Chad, Cote d'Ivoire, Equatorial Guinea, Ghana, Guinea Bissau, Mali and Senegal). Under the Team-9 initiative, the Indian government provides LOCs through Exim Bank to the member countries to finance setting up of various projects by Indian companies in those countries. Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of goods.

Equatorial Guinea's economy is dominated by the secondary sector, with the oil industry being the most significant. The contribution of the oil sector to the GDP was as high as 68.5 per cent in 2004. The discovery of large deposits of oil and gas in the 1990s has transformed Equatorial Guinea into Africa's fastest-growing economy, with a GDP growth of 33 per cent in 2004-05, and one of the main destinations of US investment in the continent. The boom in the oil industry has also provided a boost to the services sector. Massive foreign investment in the oil and gas sector, a sharp rise in oil exports and favourable terms of trade have contributed to its growth in GDP since 1996.

India's trade with Equatorial Guinea is currently low and India's main exports to the country during 2004-05 were primary and semi-finished iron and steel, meat products, drugs and pharmaceuticalssend this article to a friend and plastic and linoleum products. The LOC will pave the way for boosting India's trade with Equatorial Guinea, substantially.

Exim bank's net profit for the previous financial year was slotted at Rs258 crore.

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Exim Bank extends $15 million 'line of credit' to Equatorial Guinea