On 18th February 2021, the Export-Import (Exim) Bank, government of India, extended a Line of Credit(LOC) of 15 million USD (around Rs. 109.11 crore) to the government of the Republic of Sierra Leone.
The agreement to this effect was signed by Saroj Khuntia, General Manager, Exim Bank, and Jacob Jusu Saffa, Finance Minister, Government of Republic of Sierra Leone on 5th February 2021.
Features of LOC:
i.The LOC will be used for the expansion of the projects for the rehabilitation of existing potable water facilities in 4 communities of Sierra Leone.
ii.This will also be used for the implementation of the projects by Indian companies which will benefit more than 1 lakh residents of those 4 communities.
i.With this LOC the Exim bank has signed a total of 5 LOC’s worth 168 million USD to the Republic of Sierra Leone.
ii.These extended LOC’s cover the projects of various sectors like power, agriculture and potable water.
Other LOC’s of Exim Bank:
As of now the Exim Bank has around 267 LOC’s in place, covering around 62 countries of Africa, Asia, Latin America and Commonwealth of Independent States(CIS) with a credit commitment of 26.59 billion USD which is available for financing exports from India.
Recent Related News:
On 12th October 2020, The Export-Import(Exim) Bank of India has extended a 400 million USD (around Rs.2933 crore) line of credit(LoC) to the Republic of Maldives for the Greater Malé connectivity project. The LoC was signed by Nirmit Ved, The General Manager of Exim Bank and Ibrahim Ameer, Finance Minister, Government of Republic of Maldives in Malé, Maldives.
About Sierra Leone:
President – Julius Maada Bio
Currency– Sierra Leonean Leone
About Export-Import Bank of India (Exim Bank):
Managing Director– David Rasquinha
Headquarter– Mumbai, Maharashtra
Regulated by – Reserve Bank of India
Established in– 1982