Exim Bank inks pact for $45 mn loan to Kenya

Exim Bank has extended a loan of USD 44.95 million to Kenya for a textile factory and development of small and medium enterprises.
The loan, known as line of credit, has been granted on behalf of the Indian government.
The Export-Import Bank of India said in a press release that it has "extended Lines of Credit to the Government of of USD 29.95 million and USD 15 million for financing the upgrade of Rift Valley Textile Factory (RIVATEX East Africa Ltd) and for development of various small and medium enterprises in Kenya respectively".
The loan agreements were signed in Nairobi, Kenya on Monday, by Exim Bank CMD Yaduvendra Mathur and Henry K Rotich, Cabinet Secretary, The National Treasury, Kenya in the presence of Prime Minister Narendra Modi and the Kenyian President Uhuru Kenyatta.

With this loan agreement, Exim Bank has now placed 207 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 14.95 billion.
These credit are used to finance exports from India.
Under the LOCs, Exim Bank will reimburse 100 per cent of contract value to the Indian exporters.
Besides promoting India's exports, Exim Bank loans enable demonstration of Indian expertise and project execution capabilities in emerging markets.