Exim Bank extends $55 mn credit line to the Republic of Congo

 Export-Import Bank of India (Exim Bank) has, at the behest of the Indian government, extended a Line of Credit (LoC) of $55 million to the Republic of Congo government, for setting up a greenfield 600 tpd rotary kiln cement plant project in the Republic of Congo.

This is the third LoC to the  Congo. Exim Bank had earlier extended two LoCs to the Congo, one valued $70 million for financing a rural electrification project and another valued $89.90 million for development of transport system. Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services.

Major export items from India to the Republic of Congo are rice (non-basmati), tea, spirit and beverages, power loom fabrics, pharmaceuticals, meat products, household articles of steel, bicycles among others.

With the signing of this LoC agreement, Exim Bank has now in place 192 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over $11.64 billion, available for financing exports from India.