Exim extends $200 mn credit to Senegal

Export-Import Bank of India (Exim) today said it has extended USD 200 million (around Rs 1,350 crore) worth buyer's credit (BC) to Senegal for construction of a 225 kV power transmission line.
The government-run principal financial institution extended the credit under National Export Insurance Account (NEIA).
The funds will be used to construct a transmission line for Tambacounda-Kolda-Ziguinchor link and extensions and rehabilitation of networks in the region in the African country, the bank said in a statement here.
The agreement was signed by Exim Bank CMD Yaduvendra Mathur and Ambassador of Senegal in India Elhadj Ibou Boye.
BC-NEIA is a unique financing mechanism that provides a safe mode of non-recourse financing option to Indian exporters and serves as an effective market entry tool to traditional as well as new markets in developing countries, which need deferred credit on medium or long term basis.

Exim Bank has till date sanctioned USD 2.07 billion for 19 projects valued at USD 2.37 billion under the programme.