Exim Bank extends $ 100-million credit to Nigeria

MUMBAI: Exim Bank today said it has extended $ 100 million in line of credit to Nigeria for building energy projects, which will eventually help boost Indian exports.

The projects to be financed under the arrangement are supply and commissioning of transmission lines, distribution transformers for 96 communities, solar mini-grid electrification and solar street lighting, including a sub-station, and a 26-mw gas-based plant.

An agreement on extending the line of credit was signed between Exim Bank Chairman and Managing Director Yaduvendra Mathur and Ngozi Okonjo-Iweala, Nigeria's Coordinating Minister for Economy on Thursday, the state-run export finance agency said in release here.

Under the pact, Exim Bank will reimburse 100 per cent of the contract value to the Indian exporters upfront upon shipment or provision of services, it said.

At present, the major items of exports from India to the key African country include transport equipment, drugs, machinery and instruments, non-basmati rice, electronic goods and metal items.