Exim Bank extends $62.95 million Line of Credit to Senegal

MUMBAI: The Export Import Bank of India today said it has extended a $62.95 million Line of Credit (LOC) to Republic of Senegal for a rice self-sufficiency programme.

Under the LOC, which are generally aimed at pushing the country's exports, Exim Bank will reimburse 100 per cent of the contract value to the Indian exporter of the goods, upfront upon the shipment of the goods, it said.

With the signing of this LOC, that took place in New Delhi yesterday, the total amount committed by the Exim Bank for LOCs involving Senegal touched $269.36 million through 12 LOCs.

The LOCs involved agricultural machinery and equipment, buses and vans, medical equipments, equipments for rural electrification project, meat processing project, fisheries development project, IT training projects and Irrigation project, the bank said.

The Exim Bank has now 196 LOCs covering 75 countries with credit commitments of over $10.77 billion, which are available for financing exports from the country.