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Export-Import (Exim) Bank of India, at the behest of the Government of India, has extended a total Line of Credit (LoC) of $19 million to the Government of Senegal in West Africa and $10 million to the Government of Seychelles, an island in the Indian Ocean.
The credit will be used for financing fisheries development project in Senegal and import of goods and services from India for specific projects funded by Development Bank of Seychelles.
With the signing of this LoC agreement, Exim Bank has now in place 167 Lines of Credit, covering 74 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over $8.67 billion, available for financing exports from India.
This is the third LoC extended by Exim Bank to the Government of Seychelles and the tenth to Senegal.
Under the LoCs, Exim Bank reimburses 100 per cent of contract value to the Indian exporter, upfront upon the shipment of goods / provision of services.
beena.parmar@thehindu.co.in
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