Exim Bank extends $ 41.6 mn credit to Comoros

The Export Import (Exim) Bank  said that it has extended a line of credit worth USD 41.60 million to the island nation of Comoros, located off the African coast, to install an 18-mw power project in the capital city of Moroni.

Under the agreement, the Exim Bank will reimburse 100 per cent of contract value to Indian exporters upfront upon shipment of goods or after providing the services, the bank said in a statement.

This is the first LoC extended by Exim Bank to Comoros and takes the total to 169 LoCs, covering 76 countries with credit commitments of over USD 9.106 billion.

An agreement was signed between Exim Bank Executive Director David Rasquinha and Comorosian Vice-president in charge of finance Mohamed Ali Soilihi in New Delhi.


Source: Economictimes