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Export-Import Bank of India has, at the behest of the Government of India, extended a Line of Credit of $89.90 million to the Government of Republic of Congo, for development of transportation system in the Republic of Congo.
Under the line of credit, Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services.
The Agreement was signed in New Delhi, India by Yaduvendra Mathur, Chairman & Managing Director, Exim Bank and Félix NGOMA, Ambassador of the Republic of Congo in India. This is the second line of credit to the Government of the Republic of Congo.
With the signing of this Agreement, Exim Bank has now in place 188 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over $10.30 billion, available for financing exports from India.
Exim Bank had earlier extended $70 million LOC to the Government of Republic of Congo, for financing a rural electrification project. The Republic of Congo is located in Central Africa bordered by Gabon, Cameroon, the Central African Republic, the Democratic Republic of Congo and Angolan exclave of Cabinda.
Major export items from India to Republic of Congo are meat and preparations, pharmaceutical products, transport equipment, machinery and instruments, iron and steel.
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