Exim Bank extends USD 5 million LOC to Neximbank

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Mumbai, Sep 18 (UNI) Export-Import Bank of India (EXIM) has extended a Line of Credit (LOC) of USD 5 million to the Nigerian Export Import Bank (Neximbank).

This would be used to finance export of capital and engineering goods, industrial manufactures, consumer durables, commodities and services from India to Nigeria, the bank said in a release.

The agreement was signed in Accra, Ghana, on the sidelines of the annual general meeting of African Export-Import Bank (Afreximbank).

Under the agreement, importers based in Nigeria will make advance payment of 10 per cent of contract value while Exim bank will provide credit for 90 per cent to Nexim bank.

The agreement was signed between Exim Bank CMD T C Venkat Subramanian and Neximbank CEO A Baba Yusuf Ahmed.

UNI

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