India's Exim Bank support for Senegal's rice sufficiency project

The Export Import Bank of India (Exim Bank) has offered Senegal $62.95 million through letters of credit (LoCs) to support a rice self-sufficiency programme, deputy managing direct of the bank, David Rasquinha has said.

With the latest offer, Exim Bank has so far offered Senegal a total of $269.36 million to support various projects through the LoCs. Under the LoCs, Exim Bank will reimburse 100 percent of contract value to the Indian exporters, upfront upon shipment of goods. The LoCs will be used for sourcing of goods and services from India.

In a press release, Rasquinha said the bank has used the LoCs in the past to support export of items like agricultural machinery and equipment, buses and vans, medical equipment and equipment for rural electrification project.

Other projects that have been supported so far include a meat processing project, fisheries development project, IT training projects and an irrigation project.

With the latest LoC to Senegal, Exim Bank says it has provided 196 projects similar support to over 75 countries in Africa, Asia, Latin America, Europe and the Commonwealth of Independent States (CIS), with credit commitments of over $10.77 billion, available for financing exports from India.

(Francis Kokutse can be contacted at fkokutse@gmail.com)