Mumbai, May 14, 2018 : Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 500 million [for Water Supply Scheme in 23 Towns in Tanzania] to the Government of the Republic of Tanzania. The LOC Agreement to this effect was signed in New Delhi on Thursday, May 10, 2018, by Mr. David Rasquinha, Managing Director, on behalf of Exim Bank and Ms. Amina Kh. Shaaban, Deputy Permanent Secretary, Ministry of Finance and Planning, on behalf of the Government of the Republic of Tanzania.
With the signing of the above LOC Agreement for USD 500 million, Exim Bank, till date, has extended 6 (Six) Lines of Credit to the Government of the Republic of Tanzania, on behalf of the Government of India, taking the total value of LOCs extended to USD 1.1 billion. Projects covered under the LOCs extended to the Government of the Republic of Tanzania include supply of tractors, pumps & equipment, financing purchase of vehicles, extension of Lake Victoria pipeline to Tabora, Igunga & Nzega, Rehabilitation & improving water supply system in Zanzibar, and water supply schemes in Dar-es-Salaam.
With the signing of this LOC Agreement, Exim Bank has now in place 225 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 22.4 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets