EXIM Bank extends $35 mn line of credit to Guinea

Export-Import Bank of India (EXIM Bank) on Friday said it has extended a Line of Credit (LOC) of $35 million to the west African nation of Guinea.

The money accounting from the LOC - which entails Guinea to draw the approved amount at any point of time - will be used for construction and upgradation of regional hospitals at Kankan and Nzerekore - the largest and second-largest cities in that country.

In a statement, the bank said the LOC was approved at the behest of the Indian government and features as the first LOC extended to Guinea.

"With the signing of this agreement, EXIM Bank has now in place 199 LOC covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS with credit commitments of over $12.19 billion," it said.