Exim Bank provides $30 million loan to Togo

MUMBAI: Export-Import Bank of India will provide a line of credit of $30 million to the West African nation Togo for financing goods and services towards a rural electrification project.

"Export-Import Bank of India ( Exim Bank) has entered into an Agreement with Togo for making available to the latter, a Line of Credit (LOC) of $30 million for financing eligible goods, machinery, equipment and services including consultancy services from India," the Reserve Bank said today.

RBI said the financing of rural electrification project will cover 150 localities in Togo.

Of the total credit under the agreement, goods and services including consultancy worth at least 75 per cent of the contract price shall be supplied from India, and the rest may be procured from outside India.

LOC gives borrowers the freedom to draw the loan amount at as and when required.