Exim Bank inks $30 mn LOC pact with West African country

At the behest of the central government, Exim Bank of India has extended a $30 million Line of Credit (LOC) to government of Cote d'lvoire, a West African country, for financing an electricity interconnection project between Cote d'lvoire and Mali.

The LOC agreement was signed in New Delhi by Exim Bank Executive Director Prabhakar Dalal and ambassador of Cote d'lvoire in India Zady Gbaka Richard.

Exim Bank will reimburse 100 per cent of contract value to the Indian project exporters, upfront upon the shipment of goods/provision of services, a company statement said here.

This was Exim Bank’s third LOC to government of Cote d'lvoire. The earlier two LOCs have been utilised for renewal of urban transport system in Abidjan, IT and biotechnology park, fisheries processing plant, coconut fibre processing plant and agricultural projects in the field of vegetable oil extraction, fruits and vegetable chips production, production of cocoa, coffee etc, it said.

Cote d'lvoire is the world's largest producer and exporter of cocoa beans. Major export items from India to Cote d'lvoire are transport equipment, manufactures of metals, meat and preparations, pharmaceutical products, cotton yarn fabric made ups and primary and semi-finished iron and steel.