Money & Banking

Exim Bank extends $791-m lines of credit in Dec quarter

Mumbai | Updated on February 14, 2011

The Export-Import Bank of India extended four lines of credit aggregating $791 million to the Governments of Sri Lanka, Ethiopia, Kenya and a West-Africa based regional development bank in the October-December 2010 quarter.

The financial institution extended a $416 million LOC to the Government of Sri Lanka to finance track-laying by IRCON, a turnkey infrastructure-construction company promoted by the Central Government (Ministry of Railways), in three sectors, according to Exim Bank's report on LOCs.

The Government of Ethiopia has been given a $213 million LOC (the third tranche of the total credit commitment of $640 million) by Exim for financing the rehabilitation of the sugar industry. Regional Development Bank ECOWAS (Economic Community of West African States) Bank for Investment and Development (EBID) has been extended an LOC of $100 million. This is to finance exports of various equipments, goods and services from India to 15 member countries of EBID.

Exim Bank has given a $61.6 million LOC to the Government of Kenya for financing power transmission lines in the African country.

Published on February 14, 2011

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