EXIM Bank extends USD 10 Million LOC to Gambia

Mumbai, Aug 12 (UNI) Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of USD 10 million to the Government of Gambia.

The LOC Agreement to this effect was recently signed in New Delhi, India, by Mr Sunil Trikha, Chief General Manager&Regional Resident Representative, on behalf of Exim Bank and Mr Mambury Njie, Ambassador of Gambia, in West Africa who is based in United Arab Emirates and accredited to India, on behalf of Government of Gambia, the release issued by EXIM Bank said here today.

The LOC has been earmarked to finance construction of Government of Gambia's National Assembly Building Complex. Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of goods. The LOC will be used for financing at least 85 per cent of total contract value through sourcing of goods and services from India.

Gambia, located in West Africa, off the Atlantic coast, has been the recipient of an earlier Line of Credit of USD 6.70 million extended by Exim Bank to the Government of Gambia.

UNI AR SR AG2052