India’s Exim Bank to extend $450 m loan to Sudan

Nov 13, 2005 (MUMBAI) — India’s Export-Import Bank is likely to provide $450 mn loan to Sudan shortly to support Indian exports for setting up a power plant and other goods and services, the Indian news agency PTI reported .

“Exim Bank will extend a Line of Credit (LoC) of $350 mn to Sudan in next 2-3 weeks for a power generation project to be implemented by Bharat Heavy Electricals Limited (Bhel),” a top Exim Bank executive said on Sunday.

It is a 10-15 years term loan being given by the bank at the behest of the Government of India, he said.

The Public bank will charge 0.75 to 1 per cent more than London inter-bank offered rate (Libor) as the country falls in the Heavily Indebted Poor Countries (HIPC) category.

The premier export financing bank is also likely to extend another LoC worth $100 mn to Sudan for importing goods and services from India which is yet to be finalised.

Government through Exim Bank is extending LoCs under the New Partnership for Africa’s Development (NEPAD) initiative to countries in Africa to finance setting up of various projects by Indian companies in those countries.

(PTI/ST)