Export-Import Bank of India (Exim Bank) today said it has extended two additional lines of credit (LoCs) worth USD 45 million to the Gambia government for financing various projects.
The bank has provided USD 22.5 million each for financing electrification expansion project and for financing replacement of asbestos waterpipes with UPVC pipes in the greater Banjul Area in Gambia, a release said.
Under the LoC, Exim Bank is set to reimburse 100 per cent of the contract value to the country's exporters upfront, upon shipment of goods.
The LoC would be used to source goods and services from the country, the Exim Bank said.
The LoC was signed today by Exim Bank Deputy Managing Director Debasish Mallick and Gambia's Minister of Finance and Economic Affairs Kebba S Touray.
With these two LoCs, the Exim Bank has extended five LoCs to Gambia so far, taking the total value to USD 78.58 million.
Gambia is located in West Africa, and is surrounded by Senegal and a short coastline on the Atlantic Ocean in the west.
