Exim loans $44 mn to Senegal, Niger

Exim has extended loans worth $44 mn to the Govts of Senegal and Niger to finance import of goods and services from India.

Export and Import Bank of India has extended loans worth $44 million to the governments of Senegal and Niger to finance import of goods and services from India.

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Exim Bank has extended a Line of Credit (LoC) of $27 million to Senegal for export of equipment for irrigation projects to the West African nation while $17 million is meant for financing export of transport equipment to Niger, the premier export financing agency said in a release.

The loan to Senegal and Niger are the behest of Government of India to promote export of projects by Indian companies to the African countries to boost trade ties.

Under the LOCs, Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of goods, it said.