Exim Bank extends line of credits with Burundi

MUMBAI: The Exim Bank today said it has extended two lines of credit (LOCs) aggregating USD 4.39 million with Burundi in Southeast Africa.

A bulk of the money will be primarily used for farm mechanisation and also involves a small amount for a study on an integrated food processing complex in Burundi, the bank said in a statement.

The LOC agreement was signed by the bank's general manager Geeta Poojary and Burundi's minister for finance and economic development planning Tabu Abdallah Manirakiza.

The total value of LOCs extended to the country goes to USD 84.39 million with the signage of this agreement.

Exim Bank will reimburse 100 per cent of the contract value to the Indian exporters upon the shipment of the goods, it said.

The signing of this agreement takes the total number of such lines of credit extended by Exim Bank to 186 with credit commitments of over USD 10.20 billion to 75 countries, it added.