Exim Bank Extends USD 15 Million LOC to Benin for Tractor Assembly Plant and Farm Equipment Manufacturing Unit in Benin
Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of USD 15 million to the Government of Benin, for financing tractor assembly plant and farm equipment manufacturing unit in Benin. The LOC Agreement to this effect was signed in New Delhi, India on Thursday, August 23, 2012, by Mr. Sriram Subramaniam, Regional Head, Exim Bank’s New Delhi Regional Office on behalf of Exim Bank and H.E. Mr. André Sanra, Ambassador Extraordinary and Plenipotentiary of the Republic of Benin to India, on behalf of the Government of Benin. This is the second LOC extended by Exim Bank to Benin at the behest of the Government of India. The first LOC of USD 15 million has been extended for purchase of railway equipment, agricultural equipment and cyber city. Benin, located in West Africa, is surrounded by Togo to the west, by Nigeria to the east and by Burkina Faso and Niger to the north. The main items that India exports to Benin are manufactures of metals followed by pharmaceuticals & fine chemicals, manmade yarn fabrics made-ups, cotton yarn fabrics made-ups, machinery & instruments, transport equipment and miscellaneous processed items. The main items that India imports from Benin are metaliferrous ores and metal scrap. Under the LOCs, Exim Bank reimburses 100% of contract value to the Indian exporter, upfront upon the shipment of goods / provision of services. With the signing of this LOC Agreement, Exim Bank has now in place 156 Lines of Credit, covering 74 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 8.18 billion, available for financing exports from India. Exim Bank’s LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.
Exim Bank’s workshop in Jharkhand aims to improve export capability of rural artisans
Export-Import Bank of India (Exim Bank) has organised a workshop on quality control, branding and packaging in Ranchi, Jharkhand from August 1, 2012 to August 3, 2012. The three-day workshop, organised in association with Indian Institute of Packaging (IIP), aims to train around 80 artisans/master trainers from Jharcraft to enable them to understand the importance of packaging, branding and quality control for handicrafts and silk-based readymade garments. The workshop was inaugurated by Jharkhand’s Honourable Chief
Minister, Mr. Arjun Munda, Exim Bank’s Chairman and Managing Director Mr. T.C.A. Ranganathan and Jharcraft’s Managing Director Mr. Dhirendra Kumar. Jharcraft, a Ranchi based organization, is a Government of Jharkhand undertaking, established in the year 2006 as an organization to create new opportunities in the rural areas with an objective to raise household income level as an initiative of the Chief Minister of Jharkhand. Honourable Chief Minister of Jharkhand said, “Jharkhand has a rich tradition of tribal art and the Government of Jharkhand is committed to promote it institutions like Jharcraft. I am pleased that India’s premier export promotion agency, Exim Bank is taking active interest in sharing knowledge and innovative ideas through such workshops which will create a wider appeal and greater acceptance for unique tribal handicrafts of Jharkhand.” Jharcraft’s Managing Director Mr. Dhirendra Kumar said, “Jharcraft today has 70 Common Facility Centres and has revived 110 weavers society in the rural areas. We plan to put in place 100,000 Self Help Groups across Jharkhand involving approximately 8-10 lakhs people.” Exim Bank’s Chairman and Managing Director Mr. T.C.A. Ranganathan said, “Art is a fast-growing economic sector that holds great potential for developing countries that have rich traditions of paintings, handicraft, and other forms of creative talent. Good packaging plays a key marketing role in providing product information and establishing brand image and awareness. In recent years the marketing environment has become increasingly complex and competitive. Although advertising can be a highly effective means of communication for those consumers who are exposed to it, reaching the entire target market for most products is generally not a feasible prospect. Especially for artisans like handicraft manufacturers, who do not have the wherewithal to afford expensive advertising in different media, packaging of their products can play a great role in increasing sales.” The value of world exports of creative-industry goods and services grew at 14 per cent between 2002 and 2008 to reach $592 billion in 2008, up from $267 billion in 2002, according to UNCTAD. Though the volume of trade related to art products and services has seen a good growth, the share of developing economies in this trade has not been significant. India, with its rich repository of handicrafts, paintings and handloom products is poised to enhance its presence in the global creative industry sector. As India’s premier export facilitator, along with carrying out its role as a development agency, Exim Bank of India has been playing an active role in helping rural artisans. Under its Export Marketing Services Programme the Bank helps Indian exporting units in their globalisation efforts by assisting in locating overseas distributors/buyers/partners for their products and services across sectors like food processing, fruits & vegetables, textiles, handicrafts, etc.
About T.C.A Ranganathan
Mr. T.C.A. Ranganathan has been appointed as Chairman & Managing Director of Export-Import Bank of India (Exim Bank). Prior to this appointment, Mr. Ranganathan was Managing Director of State Bank of Bikaner and Jaipur. Mr. Ranganathan is a career banker with 35 years of experience with State Bank of India (SBI). He has held diverse assignments including, inter alia, Chief General Manager, International Operations; Head, Corporate Finance; Regional Controller of Branches. He was also member of the Technology Planning Group set up by SBI in early 2000 for introducing new technology and change management initiatives. He was also the North India Head of SBI Capital Markets Ltd. and also General Manager, Mid-Corporate Group, New Delhi Region. In 2005, he opened the first branch of SBI in Shanghai, making SBI the first Indian Bank to commence operations in China. He has also subsequently been the Chief General Manager of the Bank’s Gujarat operations during the period when State Bank of Saurashtra was getting integrated into the main Bank during 2009 after the financial merger. Mr. Ranganathan holds a Masters degree in Economics from Delhi School of Economics, and has also attended Executive Development Programs at Wharton, and IIM, Lucknow.