Mumbai Port Trust witnesses the ceremonious flag-off of Ashok Leyland vehicles and spare parts shipment to Zimbabwe, on 28th June, 2015. The company has been awarded the contract for supply of 633 vehicles and spare parts to the Ministry of Tourism and Hospitality Industry, Government of Zimbabwe. Under the contract, Ashok Leyland Ltd. will also provide training to the buyer's technical staff in operation and maintenance of the products.
The initiative is reportedly being financed by Exim Bank under its Buyer’s Credit (BC) under National Export Insurance Account (NEIA) to the extent of USD 49.92 mn extended to Ministry of Finance and Economic Development, Government of Zimbabwe. These vehicles will be utilized by the Ministry for Tourism and Hospitality activities, especially for promotion of domestic tourism, and supporting international tourism, disaster management, anti-poaching activities, peace missions and other related purposes.
The event was honored with the presence of Exim Bank’s Chairman and Managing Director, Mr. Yaduvendra Mathur, Deputy Managing Director, Mr. David Rasquinha and General Manager, Harsha Bangari in the presence of officials from Ashok Leyland Ltd., and authorities from Shipping Line, Port authorities’ etc. At the event, Exim Bank’s Chairman and Managing Director, Mr. Yaduvendra Mathur mentioned that Exim Bank’s BC-NEIA programme is an unique financing mechanism that provides a safe mode of non-recourse financing option to Indian exporters and serves as an effective market entry tool to traditional as well as new markets in developing countries. The Programme is aimed to serve India’s national interest of export promotion and furthering the nation’s economic objectives. The current supply of vehicles to Zimbabwe will enhance the bilateral ties between India and Zimbabwe.
