India's EXIM bank LOC to Tanzania extends to USD 1.1billion

In another push towards a sustainable India-Africa partnership the Export-Import Bank of India (Exim Bank) has, on behalf of the Government of India, extended a Line of Credit (LOC) to the Government of the Republic of Tanzania to the tune of USD 500 million for the purpose of strengthening the Water Supply Scheme in 23 Towns. The LOC Agreement  was signed by Mr.David Rasquinha, Managing irector, on behalf of Exim Bank and Ms. Amina Kh. Shaaban, Deputy Permanent Secretary, Ministry of Finance and Planning, on behalf of the Government of the Republic of Tanzania in New Delhi.

The Exim Bank, till date, has extended 6 Lines of Credit to the Government of the Republic of Tanzania, on behalf of the Government of India, taking the total value of LOCs to USD 1.1billion. The projects covered under the LOCs extended to the Government of the Republic of Tanzania include supply of tractors, pumps & equipment, financing purchase of vehicles, Important large scale projects like extension of Lake Victoria pipeline to Tabora, Igunga & Nzega, long term rehabilitation & improving water supply system in Zanzibar, and water supply schemes in Dar-es-Salaam.

With the signing of this LOC Agreement, Exim Bank has now in place 225 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of more than USD 22.4 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.

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