Mumbai July 04, 2019: Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 161.36 million to the Government of the Republic of Burundi for Construction of a Parliament building in Gitega (USD 102.27 mn) and Ministerial buildings in Burundi (USD 59.09 mn). The LOC Agreement to this effect was signed in New Delhi on Tuesday, July 2, 2019, by Ms. Meena Verma, General Manager, on behalf of Export-Import Bank of India (Exim Bank) and H.E. Dr. Domitien Ndihokubwayo, Minister of Finance, Budget and Economic Development Cooperation, on behalf of the Government of the Republic of Burundi.
With the signing of the above LOC Agreement for USD 161.36 million, Exim Bank, till date, has extended four Lines of Credit to the Government of Burundi, on behalf of the Government of India, taking the total value of LOCs extended to USD 283.74 million. Projects covered under the LOCs extended to the Government of Burundi includes Hydro Electric Project, Farm Mechanization and Integrated Food Processing Complex.
With the signing of this LOC Agreement, Exim Bank has now in place 250 Lines of Credit, covering 63 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25 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.