Exim Bank extends two lines of credit worth $144.44 million to Congo

MUMBAI: Export-Import Bank of India ( Exim Bank) today said it has extended two lines of credit (LoCs) worth USD 144.442 million to Congo, for power distribution and transmission projects.

The bank has given USD 34.50 million for financing development of power distribution project in Bandundu Province in the country, the bank said in a release.

The bank has extended another LoC worth USD 109.94 million for transmission and distribution project in Kasai province of Congo for evacuation of electricity from Ketende Hydroelectric Power project in the country.

The LoC agreements were signed in Abidjan, Cote d'Ivoire during the 50th annual meeting of the African Development Bank on May 28, by Exim Bank's CMD Yaduvendra Mathur and Congo's Minister of Finance Yav Mulang.

Exim Bank had earlier extended five LoCs aggregating to USD 350.50 million to Congo.

With the signing of these two LoC agreements, the bank has now in place 196 LoCs, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 12.02 billion, available for financing exports from the country.