(June 16, 2011, MUMBAI) - The Export-Import Bank of India (Exim Bank) has entered into an agreement with Ethiopia for extending a USD 91 million line of credit to finance exports and consultancy services for development of the sugar industry in the East African nation.
The Line of Credit (LoC) is effective from May 21 this year and the date of execution of the agreement is February 18, the Reserve Bank said in a statement.
" Exim Bank has concluded an agreement dated February 18, 2011, with the government of Ethiopia making available to the latter a LOC of USD 91 million for financing eligible goods and services, including consultancy services, machinery and equipment from India for the purpose of financing development of the sugar industry in Ethiopia," it said.
Out of the total credit provided under this agreement, at least 75 per cent of the goods and services, including consultancy services, have to be sourced from India.
The latest agreement comes a day after the Exim Bank announced the signing of a similar soft loan pact with Tanzania. The bank is extending a USD 36.65 million line of credit to Tanzania for financing the purchase of 723 vehicles under the India-Africa Fund.
" Exim Bank has concluded an agreement dated February 18, 2011, with the government of Ethiopia making available to the latter a LOC of USD 91 million for financing eligible goods and services, including consultancy services, machinery and equipment from India for the purpose of financing development of the sugar industry in Ethiopia," it said.
Out of the total credit provided under this agreement, at least 75 per cent of the goods and services, including consultancy services, have to be sourced from India.
The latest agreement comes a day after the Exim Bank announced the signing of a similar soft loan pact with Tanzania. The bank is extending a USD 36.65 million line of credit to Tanzania for financing the purchase of 723 vehicles under the India-Africa Fund.
Source: The Economic Times
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