Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended two additional Lines of Credit (LOCs) aggregating $82 million to the Government of the Republic of Togo.
One LOC, worth $30 million, is for financing rural electrification project to cover 150 localities in Togo and the other LOC, worth $52 million, is to the Government of Togo for setting up of 161 KV power transmission line in Togo.
The LOC Agreements to this effect were signed in New Delhi by Yaduvendra Mathur, Chairman & Managing Director, on behalf of Exim Bank and Adji Otèth AYASSOR, Minister of Economy and Finance, on behalf of the Government of the Republic of Togo.
With the signing of the above two LOC Agreements aggregating $82 million, Exim Bank, till date, has extended four Lines of Credit to Togo, taking the total value of LOCs extended to $110.095 million.
Under the LOC, Exim Bank will reimburse 100 per cent of contract value to the Indian exporter, upfront upon the shipment of goods/ provision of services.
With the signing of this LOC Agreements, Exim Bank has now in place 192 Lines of Credit, covering 75 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over $10.53 billion, available for financing exports from India.