India interested in trade with Andean Group

(Caracas, April 22, 1994).—The president of EXIMBANK of India, Tarjani Vakil, today made an official visit to CAF to analyze in depth the potential for trade between the Asian nation and the countries of the Andean Group.

As part of the growing process of interdependence and globalization, CAF is offering decisive financial support for trade of the Andean countries with the rest of the world, in an effort to increase regional participation in the benefits of the world economy.

In the late 1992, CAF President & CEO Enrique García signed an agreement under which EXIMBANK of India granted CAF a US$10 million line of credit.

The credit facility will be used to finance up to 85% of the FOB value of the commercial contract or proforma invoice of goods and services originating in India imported by Andean businesses.

Eeligible products under the agreement include heavy machinery for agriculture; vehicles and transport equipment; automotive parts; motorcycles and bicycles; equipment for chemical and pharmaceutical industries; machinery for textile, sugar and construction industries; x-ray equipment; food processing plants; air conditioning; domestic appliances and tools, among many others.