Exim Bank lends $268 million to Tanzania to extend water pipeline

NEW DELHI: Export-Import (Exim) Bank has extended a line of credit of $268.35 million to Tanzania for financing extension of Lake Victoria pipeline.

" Exim Bank has, at the behest of the government, extended additional Line of Credit (LOC) to Tanzania, of $268.35 million for financing the extension of Lake Victoria pipeline to Tabora, Igunga and Nzega in Tanzania," the bank said in a statement.

With this agreement, Exim Bank has now in place 198 LOCs, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over $12.10 billion, available for financing exports from India.

Further, Exim Bank has also extended buyer's credit under National Export Insurance Account (NEIA) of $29.61 million to Tanzania to finance supply of 777 vehicles from India.

It will also cover financing of spares and training in operation and maintenance to the Department of Police Force, Ministry of Home Affairs, Tanzania.

Till date, the bank has sanctioned an aggregate amount of $2.33 billion for 19 projects valued $3.75 billion under the BC-NEIA.