Exim Bank extends $168 mn LOC to Congo

India will be financing the construction of a hydro-electric project in the Democratic Republic of Congo. Export-Import Bank of India has extended a Line of Credit (LOC) of $168 million to the DR Congo for financing Ketende Hydro-electric Project in the African country. The LOC agreement to this effect was signed in Kananga,DR Congo by TCA Ranganathan,Chairman and Managing Director on behalf of Exim Bank and Matata Ponyo Mapon,  Minister of Finance,DR Congo.

This is the fourth Line of Credit extended by Exim Bank to Congo at the behest of Government of India,taking the total value of LOCs extended to $ 268.50 million. The LOCs have supported export of items like setting up a cement plant,acquisition of buses and acquisition of equipment for Societé Miniere de Bakwanga (MIBA),installation of hand pumps and submersible pumps,execution of Kakobola Hydroelectric Power Project in Congo.

Under the LOC,Exim Bank will reimburse 100 per cent of contract value to the Indian exporter.