Export-Import Bank of India (Exim Bank), today said that it has extended a Line of Credit (LoC) of $10 million to the Government of Gambia.
The LoC agreement was signed in New Delhi by Exim Bank's Chief General Manager & Regional Resident Representative, Sunil Trikha and Gambia's Ambassador, Mambury Njie, a press release issued here stated.
The LoC has been earmarked to finance construction of Government of Gambia's National Assembly building complex.
Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of goods, the release said.
The LoC will be used for financing at least 85 per cent of total contract value through sourcing of goods and services from India.
Gambia has been the recipient of an earlier Line of Credit of $6.70 million extended by Exim Bank.
