Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended a Line of Credit [LOC] of USD 24.50 million to the Government of the Republic of Senegal, for Up-gradation and Rehabilitation of Health Care System in Senegal. The LOC Agreement to this effect was signed on Monday August 20, 2018, by Meena Verma, General Manager on behalf of Exim Bank and El Hadji Ibou Boye, Ambassador of the Republic of Senegal in India, on behalf of the Government of Republic of Senegal.
With the signing of the above LOC Agreement, Exim Bank, till date has extended fourteen Lines of Credit to the Republic of Senegal, at the behest of the Government of India, taking the total value of LOCs extended to the Republic of Senegal to USD 319.86 million. The LOCs have supported export of equipments and services for projects in areas such as rural electrification, meat processing, fisheries development, IT training and Irrigation.
Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon shipment of goods. The LOC will be used for sourcing of goods and services from India. Exim Bank has now in place 236 Lines of Credit, covering over 62 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over USD 23.07 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.
