Exim Bank extends buyer's credit of USD 8.64 mn to Suriname

Exim Bank has extended its first buyer's credit under the National Export Insurance Account of USD 8.64 million in the Latin America region to Suriname.

The credit is for financing the contract for supply of three pumps with allied accessories and services for Wageningen Pumping Station in Suriname to be executed by Kirloskar Brothers, an official release said.

"The first BC-NEIA in Latin America region would not only help increasing exports from India to LAC region, but provide opportunities for Indian exporters to explore the region further," Export-Import Bank of India (Exim Bank) stated in the release.

The Exim Bank of India has till date sanctioned USD 2.84 billion for 22 projects valued at USD 3.07 billion under the National Export Insurance Account (BC-NEIA).

The financing mechanism provides "a safe mode of non- recourse financing option" to Indian exporters and serves as a market entry tool to traditional as well as new markets in developing countries, which need deferred credit on a medium- or long-term basis.

According to the release, the bank has also extended five lines of credit aggregating USD 47.05 million to Suriname on behalf of the central government.

The projects covered under the LOCs include inter alia setting up of a transmission line, water supply project and supply of various equipment.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)