Exim Bank Extends Line of Credit of USD 55 Million to the Government of the Republic of Congo

Export-Import Bank of India [Exim Bank] has, at the behest of the Government of India, extended a Line of Credit [LOC] of USD 55 million to the Government of the Republic of Congo, for setting up a Greenfield 600 tpd rotary Kiln Cement Plant Project in the Republic of Congo. The LOC Agreement to this effect was signed in New Delhi, India on Wednesday, February 25, 2015, by Mr. Yaduvendra Mathur, Chairman & Managing Director on behalf of Exim Bank and H.E. Mr. Félix NGOMA, Ambassador of the Republic of Congo in India.

This is the third LOC to the Government of the Republic of Congo. Exim Bank had earlier extended two LOCs to the Government of the Republic of Congo, valued USD 70 million for financing a Rural Electrification Project and USD 89.90 million for Development of Transport System. The Republic of Congo is located in Central Africa bordered by Gabon, Cameroon, the Central African Republic, the Democratic Republic of Congo and Angolan exclave of Cabinda.

Under the LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. Major export items from India to the Republic of Congo are rice [non-basmati], tea, spirit and beverages, power loom fabrics, pharmaceuticals, meat products, household articles of steel, bicycles, etc.

With the signing of this LOC Agreement, Exim Bank has now in place 192 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 11.64 billion, available for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.