Indian Export-Import Bank To Fund Cameroon’s Maize, Rice PJTS
by admin on Jan.06, 2009, under Trade & Market
MUMBAI, Apr 23, 2009 (AsiaPulse via COMTEX) — The Export-Import Bank of India will extend 37.65 million dollars credit to Cameroon to enable it buy tractors and farm equipment for cultivation of rice and maize.
“Exim Bank, on behalf of the government, has extended a US$37.65 million line of credit (LOC) to the government of Cameroon,” the bank on Wednesday said in a statement.
The LOC agreement was signed on April 20, it said.
Under the Maize Farm Plantation project, valued at US$18.77 million, Cameroon will be able to buy 500 tractors, 500 water cooled irrigation pumps, maize shellers and post harvest equipment from India, officials of the bank said.
Cameroon would also utilise the money to import additional 500 tractors, harvesting machines and other farm equipment under the ‘Rice Farm Plantation Project’, they said.
Exim Bank will reimburse 100 per cent of the contract value to the Indian exporter, upfront upon the shipment of goods, the statement said.
India’s export to Cameroon was US$73 million in 2007-08 mainly comprising non-Basmati rice, pharma products, petroleum products and semi-finished iron and steel.
Exim Bank has credit commitments of over US$3.78 billion with ጳ LOCs in 94 countries for financing Indian exports.
(PTI)