The Export and Import Bank of India has extended a US$150 m loan to Sri Lanka for facilitating Indian oil major ONGC's export of petroleum products to the island nation.
"A contract worth US$150m has been signed between Exim Bank and Ceylone Petroleum Corporation for export of petroleum products from India," Exim Bank
chairman T C Venkat Subramanian told.
Exim Bank extends LOCs to overseas financial entities, regional development banks, sovereign governments and other entities abroad and Indian exporters can obtain payment of eligible value from Exim Bank, without recourse to them, against negotiation of
shipping documents.
During the April-September period of 2004, as many as 128 Indian exporters have secured 232 contracts valued at Rs 3,995 crore in 49 countries with the support of Exim Bank.
In the year 2003-04, 96 Indian companies secured 164 project export contracts supported by Exim Bank valued at Rs 7,543 crore.
