NEW DELHI: Export-Import Bank of India (Exim Bank) announced on Wednesday that it had signed a $ 10.40 million (Rs 75.99 crore) loan agreement with Eswatini (Swaziland) on behalf of the Indian government.
The bank said in a statement that Exim Bank, on behalf of the Indian government, has granted a line of credit (LoC) of $ 10.40 million to the government of the Kingdom of Eswatini (Swaziland) for the construction of a disaster recovery site.
With the signing of this agreement, Exim Bank has so far extended three LoCs to Eswatini, bringing the total value to USD 68.30 million. Exim Bank said the Indian government’s soft loan to Eswatini covers projects in sectors such as information technology, disaster management and agriculture.
With the signing of this latest agreement, Exim Bank now has 270 LoCs, covering 62 countries in Africa, Asia, Latin America and the CIS (Commonwealth of Independent States), with credit commitments of approximately 26.75 billion USD, available for export financing. from India, he said.
The lender said that in addition to promoting Indian exports, Exim Bank’s letters of credit help demonstrate Indian expertise and project execution capabilities in emerging markets.