Indian bank to offer US$48m credit to Sudan
Feb 16, 2007 (NEW DELHI) — The Indian Exim Bank has signed an agreement to offer US $48 million worth credit to Sudan for funding solar electrification, railway and other projects.
“The bank is also planning to come up with seven new line of credits by April, which would be worth US$300 million,” Exim Bank Chief General Manager Prabhakar Dalal said.
This will be government to government line of credit (LOC), but routed through the bank, he said adding that it is likely to come up by April, the Indian PTI reported.
Out of the US$48 million credit for Sudan, US$15 million would be used for financing export of agricultural inputs for Sudanese banks and another US$15 million for technical and laboratory equipments to higher educational institutions, said Dalal.
Other credit lines would be for Mauritius, Myanmar, Vietnam, Lao PDR and Mozambique; he said adding credit to Sudan is sponsored by Indian government.
This new line of credit to Sudan is the fourth one, with the bank extending the previous one of US $41.9 million in January, 2006 for power transmission and sub-station project.
“The purpose of extending line of credits is to promote Indian exports and long-term economic relations with these countries,” Dalal said.
Currently, the bank with nine domestic and five overseas offices has extended 43 government to government line of credits worth US $1.92 billion to African, Asian, Latin American and ex-Soviet Union countries.
(ST)