Exim Bank extends second Buyer’s Credit of USD 15 mn under National Export Insurance Account [NEIA] in Latin America region to the Government of Republic Of Suriname

Jaipur, February 12, 2019:  Export-Import Bank of India [Exim Bank] has extended its second Buyer’s Credit under National Export Insurance Account [BC-NEIA] of USD 15 mn in Latin America Region to the Government of Republic of Suriname for financing the contract for design, manufacture, supply, supervision, installation and commissioning of 19 vertical axis pumps with spares in 10 locations in Suriname.  The project would be executed by Kirloskar Brothers Ltd., India. The BC-NEIA Agreement to this effect was signed in Paramaribo, Suriname, on January 29, 2019, by H.E. Mr. Gillmore Hoefdraad, The Minister of Finance, Government of the Republic of Suriname and Mr. Sailesh Prasad, Dy. General Manager &  Resident Representative-Americas, Washington DC, on behalf of Exim Bank, in the presence of H.E. Mr. Lekhram Soerdjan, Minister of Agriculture, Animal Husbandry and Fisheries of the Republic of Suriname and Mr. Mahender Singh Kanyal, Ambassador of India to Suriname.

The second BC-NEIA in the Latin America region would not only help increasing exports from India to LAC region but also provide opportunities for Indian exporters to explore the region further. It is a unique financing mechanism that provides a safe mode of nonrecourse financing option to Indian exporters and serves as an effective market entry tool to traditional as well as new markets in developing countries, which need deferred credit on medium or long term basis.

Exim Bank has till date sanctioned USD 2.61 bn for 23 projects valued USD 2.81 bn under the programme. Further, Exim Bank has also given in-principle commitments for supporting several projects, at the behest of leading Indian project exporters, in order to enable these Indian companies to submit bids / negotiate contracts with overseas project authorities.  Besides promoting India’s exports, Exim Bank’s BC-NEIA programme enables demonstration of Indian expertise and project execution capabilities in emerging markets.

Exim Bank, till date, has also extended 7 Lines of Credit to the Government of Republic of Suriname, on behalf of the Government of India aggregating USD 78.1 million. Projects covered under the LOCs extended to the Government of Suriname include inter-alia setting up of a transmission line, water supply project and supply of various equipment.