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EXIM Bank extends $10 mln credit to Senegal
MUMBAI: Export-Import Bank of India (EXIM) has extended a line of credit of USD 10 million to Senegal, under the Team-9 initiative.
Team-9 envisages a special cooperation model between India and eight countries of West Africa where the Centre, through Exim Bank, provides loans to the African nations, a release issued stated.
Under the letter of credit to Senegal, Exim Bank would reimburse 100 per cent of contract value to the Indian exporters upfront, upon the shipment of goods.
Effectively, Exim Bank's line of credit offers a risk-free, non-recourse export financing option to Indian exporters.
The line of credit of USD 10 million has been earmarked for financing IT training project in Senegal.
Exim Bank has already extended five lines of credit amounting to USD 78 million to Senegal. Overall, the bank has in place 76 lines of credit covering over 80 countries across different regions with credit commitments worth USD 2.3 billion.
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Le Sénégal dans le Web!
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