For the first time Exim Bank extends USD 20 mn LoC to Eritrea….
Published by: Noor khan
Published: Wed, 26 Aug 2009 at 20:23 IST
Mumbai, Aug 26 Export-Import Bank of India (Exim Bank) today said that it has extended a USD 20 million Line of Credit (LoC) to the Eritrea Government to finance agriculture and educational projects.
This is the first LoC extended by Exim Bank to Eritrea, a country in the north-east of Africa.
“Exim Bank will reimburse 100 per cent contract value to the Indian project exporter(s) upfront upon the shipment of goods / provision of services,” the bank said in a release here.
The Eritrean economy is agriculture-based with 80 per cent of the population involved in farming and herding.
India exports sugar, pharmaceutical products, rubber-manufactured products, machinery and instruments among others to Eritrea.
With Letter of Credit to Eritrea, Exim Bank has now 118 LoCs in place covering 95 countries in Africa, Asia, Latin America, Europe and the CIS with credit commitments of over USD 3.87 billion, the release said.