Export-Import Bank of India (Exim Bank) has, at the behest of the Government of India, extended a Line of Credit (LOC) of $82 million to the Government of the Democratic Republic of Congo for financing completion of the Ketende hydroelectric project.

The LOC Agreement was signed in New Delhi by Yaduvendra Mathur, Chairman & Managing Director, Exim Bank, and François Balumuene Nkuna, Ambassador of the Democratic Republic of Congo in India.

Exim Bank had earlier extended a LOC of $168 million to the Government of the Democratic Republic of Congo for financing the Katende power project in July 2011.

With the signing of the LOC agreement, Exim Bank, till date, has extended five lines of credit to Democratic Republic of Congo, taking the total value of LOCs extended to $350.50 million.

The major items in India’s export basket to the West African country are pharmaceuticals & fine chemicals, transport equipment, machinery and instruments, manufactures of metals, meat and preparations, primary and semi-finished iron and steel.

Under the LOC, Exim Bank will reimburse 100 per cent of the contract value to the Indian exporter upfront upon the shipment of goods/ provision of services.

(This article was published on July 3, 2014)
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