Export-Import Bank of India has extended a USD 55 million line of credit (LoC) to the Republic of Congo to set up a greenfield 600 tpd rotary kiln cement plant.
This is the third LoC from the government to the Central African nation. Earlier, it was given USD 70 million for financing a rural electrification project and USD 89.90 million for developing a transport system.
Under the LoC, Exim Bank will reimburse 100 per cent of the contract value to Indian exporters, upfront upon the shipment of equipment and goods/provision of services.
Major exports to Congo include non-Basmati rice, tea, spirits & beverages, powerloom fabrics, pharmaceuticals, meat products, household steel articles and bicycles, among others.
With the signing of this LoC, the Exim Bank has now in place 192 LoCs worth over USD 11.64 billion, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments available for financing exports from here.
