Exim Bank extends two line of credits worth $ 82 million to Togo

MUMBAI: Export-Import Bank today said it has extended two line of credit (LOCs) worth $ 82 million to the Government of Togo.

Under the agreement, Exim Bank has extended $ 30 million for financing rural electrification project to cover 150 localities in Togo and $ 52 million for setting up of 161 KV power transmission line in the country, the bank said in a release.

With the signing of these two LOC agreements, the bank has so far extended four LOC to Togo, taking the total value of LOC to $ 110.095 million.

The first LOC of $ 15 million was extended to Togo in July 2011 for financing the rural electrification project in Togo.

The second LOC of $ 13.095 million was extended in December 2011 for financing farming and cultivation of rice, maize and sorghum in Togo.

Togo is a western African country bordered by Ghana to the west, Benin to the east and Burkina Faso to the north.